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BUSINESS
July 10, 1985
The New York-based investment banking firm said its affiliate, OS International Inc., and First Commercial Bureau Friendship Corp. of Peking have signed agreements on the $150-million investment. Plans call for development of a 25-story luxury hotel on Peking's main thoroughfare. The first five floors of the hotel will be used as a new "friendship store" for foreigners. Construction will take two years, the announcement said. Shearson Lehman Bros.
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BUSINESS
August 16, 1995 | Times Staff and Wire Reports
Lehman Bros. Agrees to Pay $850,000 Fine: The major Wall Street investment bank agreed to pay the civil fine to settle charges that it made improper bids for securities of its former parent, American Express Co. Lehman, without admitting or denying the allegations, settled Securities and Exchange Commission administrative charges concerning bids for money market preferred stock issued by American Express between 1984 and 1990, the SEC said. American Express wasn't charged with wrongdoing.
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BUSINESS
September 26, 1986
In addition to the New York brokerage, the commission censured Stein Roe & Farnham, a Chicago investment advisory firm. The commission charged that the two firms had failed "to have reasonably supervised" four employees who allegedly engaged in a scheme to defraud clients of both companies, including union pension and welfare funds. The firms signed consent decrees settling the charges without admitting or denying any wrongdoing.
BUSINESS
October 14, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
A former Shearson Lehman Bros. broker and a former compliance officer for the firm have been acquitted of federal criminal charges involving alleged forgery of a client's signature. Charles M. Lewis, 63, a longtime broker in Manhattan often quoted as an authority on the stock market, and Edward Coyle, 36, former compliance officer in Lewis' branch office, were found not guilty on all counts by a jury here late Tuesday.
BUSINESS
January 26, 1988 | BILL SING, Times Staff Writer
Merrill Lynch & Co. on Monday reported a 98% drop in fourth-quarter earnings, while Shearson Lehman Bros. posted a $95-million loss for the period, becoming the first of a parade of major securities firms expected to announce poor earnings or losses stemming from the October market crash and subsequent industry slowdown. Merrill Lynch, the nation's largest brokerage, said it earned $3.5 million in the quarter ended Dec. 31, down sharply from $182.8 million in the year-ago final quarter.
BUSINESS
February 27, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Creditors of bankrupt First Capital Holdings charged Wednesday in a federal lawsuit that Shearson Lehman Bros. and some First Capital officials conspired to enrich themselves at the expense of the company's shareholders and lenders. The suit, filed in U.S. District Court in Los Angeles, seeks $300 million in damages from Shearson, the New York brokerage giant, and First Capital, the parent of First Capital Life Insurance Co. and Fidelity Banker's Life Insurance Co.
BUSINESS
January 26, 1993 | VICTOR F. ZONANA, TIMES STAFF WRITER
Amid a swirl of corporate intrigue fueled by strong personalities and weak financial performance, American Express Co. said Monday that its president, Harvey Golub, will succeed James D. Robinson III as chief executive but that Robinson will stay on as chairman. Also, in a surprising development, Robinson will take charge of the company's Shearson Lehman Bros. unit, the company said.
BUSINESS
June 8, 1993 | JACK SEARLES
North Coast Executive Center, the Oxnard office building with the curved, green-glass facade, has changed its name, hired a new management company and attracted a major new tenant. Henceforth, the 110,000-square-foot structure, which was completed in 1991 as the county's commercial real estate market sank into recession, will be known as 1000 Town Center Drive. In another move, the building's owner, NCEC Realty Inc., a subsidiary of Citicorp, has named the Voit Cos.
BUSINESS
May 11, 1993 | From Times Staff and Wire Reports
Smith Barney Lays Off 1,500: Primerica Corp.'s Smith Barney brokerage said it expects to lay off up to 1,500 people because of its merger with Shearson Lehman Bros. Inc. The two companies announced in March that Primerica would buy Shearson, which is owned by American Express Co., and merge it with Smith Barney. A spokesman said in New York that the layoffs would be in a range of 1,200 to 1,500.
BUSINESS
April 14, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
Charles M. Lewis, once a top-producing Shearson Lehman Bros. broker and an often-quoted commentator on the stock market, was indicted Tuesday by a federal grand jury on charges of conspiring to defraud a former customer through forgery. The indictment, returned in Manhattan, charges that the 63-year-old ex-broker conspired with a Shearson compliance officer to forge the customer's signature on a document.
BUSINESS
April 2, 1993 | From Bloomberg Business News
Shearson Lehman Bros. Holdings Inc. agreed to settle several civil lawsuits that stemmed from illegal insider trading by former Shearson employee Dennis Levine. The civil suits were filed by Litton Industries Inc. and Hercules Inc. in 1986, after Levine pleaded guilty to charges of insider trading filed by the Securities and Exchange Commission. Levine, accused of earning $12.
BUSINESS
March 10, 1993 | LINDA GRANT, TIMES STAFF WRITER
Primerica Corp.--headed by Sanford I. Weill, one of Wall Street's most prolific deal makers--is negotiating to acquire the brokerage business of American Express' Shearson Lehman Bros., the companies said Tuesday. The deal--which would combine Primerica's Smith Barney, Harris Upham subsidiary with Shearson's domestic retail brokerage and asset-management business--would create a Wall Street powerhouse with 11,400 brokers and nearly 500 branches.
BUSINESS
January 29, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
In the first case of its kind, a federal grand jury in New York indicted a former Shearson Lehman Bros. official Thursday on charges that he knowingly used a forged document in an attempt to discredit a customer who had filed a complaint against Shearson. The case highlights the problem of document forgery, which some experts say is commonplace in the brokerage industry and could lead to investors being denied full compensation for losses incurred as a result of brokerage wrongdoing.
BUSINESS
January 26, 1993 | VICTOR F. ZONANA, TIMES STAFF WRITER
Amid a swirl of corporate intrigue fueled by strong personalities and weak financial performance, American Express Co. said Monday that its president, Harvey Golub, will succeed James D. Robinson III as chief executive but that Robinson will stay on as chairman. Also, in a surprising development, Robinson will take charge of the company's Shearson Lehman Bros. unit, the company said.
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