October 5, 2004 |
SG Cowen & Co. and 17 other brokerages agreed to pay about $1.2 million to settle allegations that they failed to report orders, the industry's self-regulatory group said Monday. New York-based SG Cowen, a unit of France's Societe Generale bank, will pay $800,000 to settle claims that it failed to report about 50 million orders to the NASD's auditing system over four years. The other firms will pay about $400,000 for similar violations, said the NASD, formerly known as the National Assn.
September 24, 2004 |
In a potential milestone in the Enron Corp. scandal, brokerage firm Lehman Bros. Holdings Inc. has agreed to pay $222.5 million to resolve a lawsuit filed by investors over its role as an underwriter for the onetime energy giant, people familiar with the settlement said. New York-based Lehman, accused of misleading investors in Enron debt offerings stretching back to 1998, wouldn't admit wrongdoing under the settlement, the sources said.
September 15, 2004 |
Brokerage Charles Schwab & Co. has agreed to pay a $350,000 civil fine to settle federal regulators' allegations that it illegally allowed certain customers to change mutual fund trade orders after the market's close. The settlement with the Securities and Exchange Commission announced Tuesday makes Schwab the first major discount brokerage to be penalized in the mutual fund trading scandal.
July 29, 2004 |
Charles Schwab Corp. said Wednesday that it planned to close 53 more branches and that it had laid off an additional 245 workers, beginning an upheaval that the brokerage firm telegraphed last week when it abruptly changed CEOs. The office closures represent 16% of Schwab's 339 branches across the country. The retreat will leave Schwab with fewer than 290 branches, down from about 400 three years ago.
CALIFORNIA | LOCAL
June 22, 2004 |
Donald W. Crowell, head of the independent investment brokerage Crowell, Weedon & Co. in Los Angeles since 1967, died Sunday at Huntington Memorial Hospital in Pasadena after a long illness. He was 69. Founded in 1932 by Crowell's father, Warren, and George Weedon, Crowell Weedon is one of the oldest and largest stock brokerages on the West Coast. The firm has nine customer offices, all in Southern California, and its 20,000 clients hold about $7 billion in assets.
February 18, 2004 |
Investors sent stocks sharply higher Tuesday as Cingular Wireless' $41-billion winning bid for AT&T Wireless Services set an upbeat tone on Wall Street, suggesting that corporate America is loosening its pocketbook strings. There also was encouraging economic news from the Federal Reserve, which reported a rebound in production at the nation's factories, mines and utilities last month. The 0.8% rise in industrial production matched forecasts and was welcome after a flat reading in December.
February 11, 2004 |
Charles Schwab Corp. said Tuesday that it would overhauling its services to individual investors to win more business from customers with $100,000 to $1 million in assets. "There is a glaring blind spot in serving that group," Chief Executive David Pottruck said at a briefing in New York. "Investors will have the ability to pay for the services they want and won't have to pay for the things they don't want."
December 16, 2003 |
In an effort to stop regulators from ordering an even broader overhaul of its business, the mutual fund industry proposed reforms Monday that could lead to lower costs for investors. The Investment Company Institute, the fund industry's main trade group, urged the Securities and Exchange Commission to toughen rules governing deals that many fund companies strike with the brokerage firms that market their funds and execute their stock trades.
August 4, 2003 |
New York Atty. Gen. Eliot Spitzer has asked Merrill Lynch & Co. for details of payments by the company to an outside consultant, as part of Spitzer's questioning into whether the giant brokerage firm tried to organize a media campaign to discredit the attorney general. Spitzer's office has asked Merrill for information and documents about the work done by Cambridge Group, a Chicago-based management-consulting firm, and its founder, Rick Kash, said Darren Dopp, a Spitzer spokesman.
April 29, 2003 |
One of the biggest scandals in Wall Street history reached an important watershed Monday when securities regulators announced a sweeping legal settlement that will change the way brokerage firms do business and require their stock analysts to tell the truth. The accord, reached with 10 major firms after months of painstaking negotiations, calls for the industry to pay $1.4 billion and implement various reforms to restore investors' shaken trust in Wall Street.