Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Merrill Demotes Manager of Fired Brokers Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 19, 2006

Merrill Demotes Manager of Fired Brokers

by: Marie Glancy

Merrill Lynch has demoted a regional manager whose staff formerly included three brokers since fired over a mutual fund trading scandal.

Andy Williams, who had been regional managing director for northern New Jersey, was removed from his post last week, reports Dow Jones Newswires. A source said he has been given options for remaining with the company, including the choice of taking up a post as financial advisor.

Neither Williams nor Merrill Lynch commented for the story.

Williams managed the northern New Jersey region at the time Merrill hired "the CBS Group," three brokers that were fired in 2003 after regulators and Merrill Lynch itself alleged they had helped Millennium Partners, a hedge fund, to market time mutual fund trades. The practice is not strictly illegal, and the brokers have maintained that they were scapegoats in the case. The Wall Street Journal reported last month that Williams sought to allow continued market timing when the company's compliance officials raised objections.

Last December, the NYSE ordered Merrill to pay the CBS Group almost $15 million for defamation. Merrill has appealed this decision. Meanwhile, Merrill fined Williams and Curtis Brown, who was the brokers' immediate boss, a combined $250,000 after firing the brokers. That case is also awaiting appeal.

 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use