The Banksters

0x3…6f4

ERC721

The Securities and Exchange Commission and the New York Stock Exchange today announced joint actions against SG Cowen Securities Corporation and Lehman Brothers, Inc. for failing to supervise Frank D. Gruttadauria, a former branch office manager and broker. Beginning in 1987, while employed at a series of broker- dealers, Gruttadauria misappropriated over $115 million from his customers. He stole approximately $47 million of this total during the 27-month period that SG Cowen employed him and $21.5 million during the 15-month period that Lehman Brothers employed him. Gruttadauria also sent his victims falsified account statements that vastly inflated the holdings in their accounts, and diverted the genuine statements for most of these victims. When Gruttadauria surrendered to authorities in February 2002, these statements showed that the accounts of Gruttadauria's victims had a total of over $285 million, when they actually had less than $2 million. Gruttadauria is serving a seven-year jail term. As part of the joint actions, SG Cowen will pay penalties of $5 million and Lehman Brothers will pay $2.5 million, split equally between the SEC and the NYSE

Name

1270

Owner

0xd5a9C4a92dDE274e126f82b215Fccb511147Cd8e

ID#1270

Rarity

MID:50%