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Bear Stearns Loses $3.9 Million Customer Case
Arbitrators at the Pacific Stock Exchange found that Bear Stearns and former broker Preston Hammer made unauthorized trades, and that Hammer attempted to conceal his actions by faxing fictitious statements to the client.
The panel declined to find the branch office manager liable, but did fault Bear Stearns for having inadequate supervisory policies and procedures.
The client lost $2.5 million in addition to incurring a $67,000 margin debit balance.
Source: Registered Representative, May 2000
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Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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