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BUSINESS
October 16, 2013 | By Walter Hamilton
Alleged wrongdoing by stockbrokers is routinely erased from public records, making it difficult for investors to check the past conduct of financial advisors, according to a new study. The report found that stockbrokers almost always succeed in getting negative information removed from a database known as BrokerCheck. BrokerCheck is intended to protect investors against unscrupulous brokers. It lists brokers' complaints from customers and investigations by regulators. BrokerCheck is operated by the Financial Industry Regulatory Authority, an oversight organization operated by the securities industry.
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BUSINESS
October 16, 2013 | By Walter Hamilton
Alleged wrongdoing by stockbrokers is routinely erased from public records, making it difficult for investors to check the past conduct of financial advisors, according to a new study. The report found that stockbrokers almost always succeed in getting negative information removed from a database known as BrokerCheck. BrokerCheck is intended to protect investors against unscrupulous brokers. It lists brokers' complaints from customers and investigations by regulators. BrokerCheck is operated by the Financial Industry Regulatory Authority, an oversight organization operated by the securities industry.
BUSINESS
December 25, 2008 | Ronald D. White
Crude oil's crazy ride this year continued to test new extremes on a shortened trading day Wednesday as the price fell more than 9% to $35.35 a barrel, its lowest close in more than four years. So far, the price of oil has plunged nearly 76% after reaching a record high of $147.27 in July. Commodities traders were responding to more bad economic news Wednesday, analysts said, as government reports showed that unemployment rose and consumer spending fell.
NEWS
July 30, 1999 | J.R. MOEHRINGER, TIMES STAFF WRITER
A day trader apparently upset over big financial losses opened fire on fellow investors and office workers Thursday afternoon, officials said, killing nine people and wounding 12, then eluded a manhunt for six hours before killing himself. The search for the suspect led police to a second grim discovery: Days ago, they said, the man had killed his wife and two children and left them in his apartment.
CALIFORNIA | LOCAL
June 29, 1990
A retired stockbroker was sentenced Thursday in U.S. District Court in Los Angeles to two years in prison for defrauding an elderly multimillionaire who for years ignored stock accounts worth up to $16 million. Judge Edward Rafeedie also ordered Willard R. Walls Jr. of Huntington Beach to return $503,000 to the estate of Everett Reiten, who died last year in Wisconsin after spending much of his life in Long Beach.
BUSINESS
April 29, 2004 | From Reuters
Ten stockbrokers at a now-defunct securities firm were accused Wednesday in a racketeering indictment of defrauding hundreds of customers out of millions of dollars, authorities said. The brokers, who once worked for LCP Capital Corp. in Manhattan, were paid millions of dollars in cash bribes by stock promoters to pump up the prices of 14 stocks, Manhattan Dist. Atty. Robert Morgenthau said.
BUSINESS
February 21, 1997
Federal securities regulators fined two Orange County stockbrokers for separate violations, barring one of them from the industry and suspending the other for 90 days. Tibor Robert Komoroczy of Laguna Niguel, who was barred, was accused of making trades in customers' accounts without their authorization or consent. The National Assn. of Securities Dealers also fined him $40,000 and required him to pay $168,000 in restitution.
BUSINESS
September 10, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
This year, the annual convention of state securities regulators will be in keeping with the austere spirit of the 1990s. When the regulators meet in Orlando, Fla., in two weeks, there will be none of the lavish soirees, free liquor, food and entertainment that were furnished to past conferences by big Wall Street brokerages--the firms that the regulators are charged with regulating. The board of the North American Securities Administrators Assn.
BUSINESS
December 14, 1988 | From the Washington Post
How gloomy are stockbrokers? They're so gloomy, said Hardwick Simmons, head of retail operations for Shearson Lehman Hutton, that "the biggest confidence problem we have is with our own people, not with our investors." Simmons, the new chairman of the Securities Industry Assn., was describing the difficulty of motivating brokers to stay in touch with clients at a time when many of those clients have lost all interest in stocks.
BUSINESS
May 15, 2007 | From Bloomberg News
The Securities and Exchange Commission said Monday that it wouldn't fight a court decision that would place new restrictions on Wall Street brokers overseeing about $300 billion in clients' money. In March, a federal appeals court overturned SEC regulations permitting brokers to offer some fee-based services without adhering to stiffer customer-protection requirements other investment advisors have to follow.
BUSINESS
February 7, 2007 | Walter Hamilton, Times Staff Writer
Underscoring the growing clout of hedge funds, federal regulators are seeking to determine whether Wall Street stock brokerages routinely leak sensitive trading information to people running these investment vehicles.
BUSINESS
January 10, 2007 | From Bloomberg News
Former Putnam Investments Chief Executive Lawrence Lasser agreed to a $75,000 fine to settle Securities and Exchange Commission allegations that he oversaw improper payments to brokers. Boston-based Putnam compensated brokers, who in return, provided "heightened visibility" in selling Putnam's mutual funds to clients, the SEC said Tuesday. Lasser knew of the arrangements with brokers and failed to adequately disclose them to Putnam's board, the SEC said.
BUSINESS
November 22, 2006 | From Reuters
Five former New York Stock Exchange specialists won't be prosecuted for making illegal trades, leaving just one case outstanding from the 15 men originally charged in the case. Michael Garcia, the U.S. attorney for New York, said in a statement that after assessing evidence in the five cases awaiting trial, "the government has concluded that the continued prosecutions in these cases are not in the interests of justice."
CALIFORNIA | LOCAL
September 1, 2006 | John Spano, Times Staff Writer
A wealthy brokerage house executive was convicted Thursday of murder for the shooting death of his wife, who was having an affair with a gym trainer. Jurors in Pasadena deliberated two days before finding 51-year-old Richard Robert Russo guilty of the first-degree murder of his wife, Carmen, 42, last summer. Because Russo pleaded insanity, the trial is in two parts; the jury will return Wednesday to consider the insanity plea.
BUSINESS
August 24, 2006 | From Reuters
Merrill Lynch & Co. is asking an arbitration panel to excuse it from employing a former broker who successfully sued the company for $2.2 million. Merrill claims it fulfilled its obligations to the former broker, Hydie Sumner, by offering her an associate director position in Oakland, a job it claims she specifically requested but has refused. Sumner, who worked at Merrill from 1991 to 1997, has been seeking admission to the company's Management Assessment Center.
NEWS
July 25, 1992 | SCOT J. PALTROW, TIMES STAFF WRITER
The Securities and Exchange Commission has begun an inquiry into whether several of Wall Street's biggest investment houses are failing to weed out stockbrokers who repeatedly cheat individual investors. Seven brokerage firms confirmed Friday that they have received official letters of inquiry from the SEC, which took the action following a series of stories in The Times earlier this month on abuses in the retail brokerage industry.
BUSINESS
February 14, 1997 | Times Staff and Wire Reports
Six stockbrokers and promoters have pleaded guilty to charges of bribery, racketeering, securities fraud and other criminal counts in an ongoing national investigation of bribery in the securities industry. The six guilty pleas were unsealed Thursday in Las Vegas, where the U.S. Attorney's office, the Securities and Exchange Commission and other agencies are working on a case of broker bribery that involves dozens of stockbrokers.
BUSINESS
August 2, 2006 | From Bloomberg News and Reuters
Robert Scavone, a former manager at stock trading firm Van der Moolen Specialists, was acquitted Tuesday of defrauding investors at the New York Stock Exchange in a verdict that was returned in less than an hour. U.S. prosecutors in New York claimed that Scavone earned $190,000 in illegal profit and saved Van der Moolen $330,000 in expenses by trading for the firm's own account ahead of clients.
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