
The Securities and Exchange Commission today filed a civil action against Robertson Stephens Inc., a San Francisco-based brokerage firm and investment bank, relating to the firm's allocation of shares in Initial Public Offerings (IPOs) during 1999 and 2000. In its complaint, the Commission alleges that Robertson Stephen wrongfully obtained millions of dollars from over 100 customers by allocating shares of "hot" IPOs to these customers and receiving, in return, profits - in the form of excessive commissions or markdowns - made by these customers on their IPO stock. For more info visit https://www.sec.gov/news/press/2003-3.htm