Brokers Investment Corp

Brokers Investment Corp. in Woodland Hills was terrific at raising money. What the Securities and Exchange Commission would like to know is what happened to it all. From 1989 to mid-1992, high-pressured salesmen at Brokers Investment raised $109 million by reading scripts on cold-calls made to thousands of investors from coast to coast, the SEC said.

After a six-month investigation, a federal court-appointed officer agreed with the Securities and Exchange Commission's earlier allegations that the defunct Woodland Hills-based Brokers Investment Corp. engaged in a fraudulent Ponzi scheme and that much of the money it raised never went into various businesses as promised. In a 72-page report filed this month in federal court in Los Angeles, Special Officer Robert A. Baker also detailed widespread misuse of investors' funds by officers of U.S.

Norman D. Shubert and Daniel H. Steinberg, accused by the Securities and Exchange Commission in a complaint filed in federal court last spring of running a huge boiler-room operation in Woodland Hills, have agreed to a federal order that bars them from the brokerage industry for life. The SEC order prohibits Shubert and Steinberg, both Calabasas residents, from "association with any broker, dealer, municipal securities dealer, investment adviser or investment company."

Norman D. Shubert and Daniel H. Steinberg, accused by the Securities and Exchange Commission in a complaint filed in federal court last spring of running a huge boiler-room operation in Woodland Hills, have agreed to a federal order that bars them from the brokerage industry for life. The SEC order prohibits Shubert and Steinberg, both Calabasas residents, from "association with any broker, dealer, municipal securities dealer, investment adviser or investment company."

After a six-month investigation, a federal court-appointed officer agreed with the Securities and Exchange Commission's earlier allegations that the defunct Woodland Hills-based Brokers Investment Corp. engaged in a fraudulent Ponzi scheme and that much of the money it raised never went into various businesses as promised. In a 72-page report filed this month in federal court in Los Angeles, Special Officer Robert A. Baker also detailed widespread misuse of investors' funds by officers of U.S.

Brokers Investment Corp. was terrific at raising money. What the Securities and Exchange Commission would like to know is what happened to it all. From 1989 to mid-1992, the Woodland Hills company's high-pressure salesmen raised $109 million by reading scripts on cold calls made to thousands of investors from coast to coast, the SEC said. Investors were lured with talk of potential profits of up to 32% a year from deals in telecommunications, fiber optics and automated teller machines.

Systems Lease Fund Ltd., a start-up partnership in Woodland Hills that plans to acquire and lease telecommunications systems, hopes to raise up to $12 million with an initial public offering of 1,920 limited partnership units. In registering the securities with the Securities and Exchange Commission, Systems Lease said the units would be priced at $6,250 each and offered through Brokers Investment Corp., a securities firm that is an affiliate of Systems Lease.

The Securities and Exchange Commission on Friday accused a Los Angeles brokerage firm, Brokers Investment Corp., and nine other defendants of defrauding investors of at least $48 million through "boiler-room" sales. Nearly all the defendants simultaneously signed a consent decree, under which they neither admitted nor denied wrongdoing, agreeing to various injunctions and to repay any "ill-gotten gains," said Sylvia M. Scott, an SEC assistant regional administrator.

Brokers Investment Corp. was terrific at raising money. What the Securities and Exchange Commission would like to know is what happened to it all. From 1989 to mid-1992, the Woodland Hills company's high-pressure salesmen raised $109 million by reading scripts on cold calls made to thousands of investors from coast to coast, the SEC said. Investors were lured with talk of potential profits of up to 32% a year from deals in telecommunications, fiber optics and automated teller machines.

Brokers Investment Corp. in Woodland Hills was terrific at raising money. What the Securities and Exchange Commission would like to know is what happened to it all. From 1989 to mid-1992, high-pressured salesmen at Brokers Investment raised $109 million by reading scripts on cold-calls made to thousands of investors from coast to coast, the SEC said.

Philip Ernst was the first to catch a wave in the finals of the surfing contest, and he rode it flawlessly, knees flexed, feet shifting beautifully on the white and red laminated surfboard, eyes fixed on the frothing wave as it rolled high and curled powerfully toward the beach. Yet there was something a bit unusual about this surfing contest. It was nothing you could put your finger on, just a permeating feeling that something was not right.

The allegations by the Securities and Exchange Commission last week that First Pension Corp. in Irvine may have stolen or misappropriated as much as $124 million from its investors have heightened financial experts' concerns about such "direct participation" programs. * Q: What did First Pension Corp. allegedly do wrong? A: Before it declared bankruptcy last month, First Pension functioned as a pension fund administrator, setting up IRAs, Keoghs and other types of retirement accounts.