Word: broker
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Dates: during 1960-1969
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Syndicate Specialist. A Manhattan-born Quaker, Helmsley grew up in The Bronx, joined the firm he now heads after leaving high school at 16. Rising from office boy to rent collector to building manager to broker, he performed so well that his name went on the company's title before he was 30. Later, as a specialist in syndicate purchasing, Helmsley joined with Lawrence Wien, a Manhattan lawyer and investor, and began putting together his realty domain. The Empire State Building, which they bought in 1961 for $65 million, is the crown jewel, but their widespread holdings include shopping...
...guilty of failing to "exercise proper and adequate supervision" over its San Francisco branch. The committee ruled that Harris, Upham be fined $50,000 and that the San Francisco office manager, Arthur R. Mejia, be suspended for five days and fined $5,000. In addition, Asa V. Wilder, the broker who handled Mrs. Hecht's account and who has since left the firm, was fined $10,000 and had his registration revoked. Harris, Upham has 30 days to appeal the decision to the N.A.S.D. board...
...that the SEC complaint accused Merrill Lynch of accepting a payoff for its stock tip to big investors. This consisted in part of "give-ups" on shares subsequently traded by the 15 institutions, the SEC charged. A give-up is a practice by which a large investor orders the broker executing a transaction to split his commission with other brokers, in this case with Merrill Lynch. Give-ups have long been under SEC fire. The agency contends that such fee splitting means that brokers' commissions are unduly large on big-volume deals. In their battle to fend off more...
Stretching the Rule. The SEC's current effort to force the exchanges to pare their commissions began only this year, but the drive to erase insiders' advantages in the stock market started long ago. The agency established in 1961, in the Cady, Roberts case, that a broker who buys or sells stock on the basis of inside information commits fraud. Such police work intensified after Lawyer Manuel F. Cohen, an austere career civil servant, took over as SEC chairman in 1964. In the Merrill Lynch case, the SEC contends that not only the inside-tip giver is acting...
...hearings, probably in Manhattan. If he and the commission uphold the accusations, Merrill Lynch could face penalties ranging from a wrist-tap censure to permanent revocation of its license to do business. The institutions would be subject to milder punishment. They could, for example, be barred from operating as broker-dealers, or lose their registration as investment advisers. But, except for Dreyfus Corp., which operates the well-known Dreyfus & Co. brokerage firm, almost none of them engage in such activities. In any case, the SEC's verdict can be appealed all the way to the U.S. Supreme Court. Considering...