Blog
Bear Stearns Seizes Most of Fund
July 27, 2007
Putting another nail in the coffin of the troubled High-Grade Structured Credit Strategies hedge fund, lenders at Bear Stearns Cos. have seized most of the fund’s collateral following its failure to meet a recent margin call. Bear’s move, which according to someone close to the situation came after more than a week of waiting for […]
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Trader Pleads Guilty In Inside-Information Case
June 26, 2007
A former hedge-fund trader pleaded guilty to criminal charges involving a scheme to trade on inside information about analysts’ ratings changes at UBS AG’s securities unit before the changes became public knowledge. Mark E. Lenowitz, who formerly traded equity securities on behalf of Chelsey Capital in New York and was a partner at Q Capital […]
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NASD has told Brookstreet Securities to close customer accounts
June 22, 2007
Losses on mortgage-backed securities have forced an Irvine brokerage firm to begin shutting down its operations, people close to the company said Thursday. At least some of the losses were said to be incurred by clients of the brokerage, Brookstreet Securities. Because of the losses, brokerage regulator NASD told Brookstreet this week to limit its […]
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Brookstreet closes down, 100 laid off
June 21, 2007
Brookstreet Securities Corp., an Irvine broker-dealer, has shut its doors, laid off 100 local employees and liquidated its assets because it is unable to meet margin calls on complex securities called collateralized mortgage obligations, the company’s spokeswoman Julie Mains told Register reporter John Gittelsohn today. An email sent to employees summed up the situation as […]
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NASD Charges Morgan Stanley DW with Repeatedly Failing to Provide Emails to Arbitration Claimants and Regulators
December 19, 2006
Firm Also Charged with Falsely Claiming that Millions of Emails in its Possession Had Been Lost in 9-11 Terrorist Attacks NASD announced today that it has charged Morgan Stanley DW, Inc. with routinely failing to provide emails to claimants in arbitration proceedings as well as to regulators – and with falsely claiming that millions of […]
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