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E F Hutton Group Inc

BUSINESS
May 2, 1990 | HENRY WEINSTEIN, TIMES STAFF WRITER
A federal judge in Los Angeles Tuesday sentenced a Malibu man to 16 years in federal prison and ordered him to pay $2.6 million in restitution to six financial institutions he was convicted of defrauding. U.S. District Judge Consuelo B. Marshall imposed the stiff sentence on Michael Saul Scherzer, 46. "It is an appropriate sentence for one of the worst recidivists whom we've prosecuted in the bank fraud area," said Terree A. Bowers, chief of the major frauds section of the U.S.
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NEWS
June 21, 1988 | Associated Press
A jury on Monday cleared former Atty. Gen. Griffin B. Bell in a civil suit that charged him with libeling a former E. F. Hutton brokerage manager in a 1985 report about the company's check-kiting practices. The U.S. District Court panel found that Bell, who had been hired by Hutton to investigate the scheme after the company pleaded guilty to mail and wire fraud charges, had not defamed John Pearce. Pearce, who managed Hutton branches in Bethesda, Md., and in St.
BUSINESS
November 24, 1987 | PAUL RICHTER, Times Staff Writer
Securities giants E. F. Hutton Group and Shearson Lehman Bros. began merger talks Monday, just hours after Hutton disclosed that it had received unsolicited "indications of interest" from an unspecified number of suitors about buying all or a portion of the company. Hutton, dogged by weak earnings and legal problems in recent years, disclosed early Monday morning that it had been approached about the possible acquisition.
BUSINESS
June 29, 1988 | Associated Press
E. F. Hutton & Co. has been fined $400,000 and censured by the New York Stock Exchange in connection with the firm's 1985 check overdraft scandal, the NYSE announced Tuesday. Two former Hutton officers, President George L. Ball and Executive Vice President Thomas P. Lynch, the company's chief financial officer, also were censured, the NYSE said in a statement. A censure is one of the mildest forms of sanctions the exchange can impose on members.
NEWS
December 3, 1987 | PAUL RICHTER and DEBRA WHITEFIELD, Times Staff Writers
E. F. Hutton Group is expected to announce today that it has agreed to be acquired by Shearson Lehman Bros. in a $1-billion cash-and-securities deal that would create the nation's largest securities firm. Hutton has accepted an offer worth $30 a share barely a week after its waning financial strength and clouded prospects forced it to consider a buyout, industry officials said. The merger would be the largest ever among U.S.
BUSINESS
February 17, 1990 | From Reuters
The Federal Deposit Insurance Corp., the agency that insures deposits at banks, said Friday that it brought a $516-million lawsuit against Drexel Burnham Lambert, E. F. Hutton and others over the failure of a Texas thrift. The suit, filed in federal court, stems from an alleged fraud scheme that the FDIC claims led to the demise of the Guaranty Federal Savings & Loan Assn. in Dallas, the sixth-largest thrift in Texas.
BUSINESS
May 7, 1988 | PAUL RICHTER, Times Staff Writer
E. F. Hutton & Co. was charged Friday with three criminal felony counts in connection with an alleged scheme by Hutton brokers in Providence, R.I., to launder more than $532,000 for Rhode Island organized crime figures and others in 1982 and 1983. The brokerage, now part of the huge Shearson Lehman Hutton investment firm, was charged with two counts of failing to file currency-transaction reports and one count of causing another firm to fail to file such reports.
BUSINESS
December 15, 1987 | Associated Press
Merrill Lynch & Co. said Monday that it would lay off an unspecified number of employees, reduce commissions and freeze some salaries next year as part of a cost-cutting restructuring. Officials of the giant investment firm declined to state how many employees could lose their jobs or how much money it could save by the cutbacks. Separately, E. F.
BUSINESS
June 29, 1987
Arnold H. Phelan, executive vice president of E. F. Hutton & Co. futures division, has stepped down temporarily because of a reported link to a money-laundering operation that was part of the Mafia-run "Pizza Connection" heroin and cocaine ring, the brokerage said. Phelan's attorney, Howard Schneider, said Phelan was confident he had done nothing wrong and that he expected to be back on the job shortly.
BUSINESS
July 17, 1987 | Associated Press
You know you're in trouble when the boss mails you a coloring book and some crayons. That's precisely the message that E. F. Hutton & Co. is trying to get across. 'We're no longer the nicest house on the block," says the "Hutton Coloring Book," which is being mailed to 18,500 employees. "We're not even close. In fact, we're in big trouble." "A coloring book is a very simple and participatory means for different levels of people to all get the same message," said Jerry C.
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