Investments

by Hartley Bernstein

Bank Of America Investment The SEC holds Raymond James Financial Services accountable for the conduct of a crooked broker and his wife.

The Broker Confirmation Letter serves several purposes. It allows the personal representative to verify the existence of investment accounts held by an investment firm. It also helps determine the exact ownership of the investments. If the investments are held jointly with another individual, or if the investments are held by a trust, the investments may or may not be subject to probate. Therefore, it is important for the personal representative to be able to identify the types of investments owned by the decedent and in whose name the investments are held.

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EC of the European Parliament and of the Council of March 3rd, compensation schemes, Investors Compensation Fund (ICF) was established in Bulgaria. The Fund guarantees payment of compensation to the clients of an investment intermediary ( Securities Broker) by the raised money in the Fund, in the cases where the investment intermediary ( Securities Broker) is not able to pay its liabilities to the client, due to reasons directly linked to its financial condition.

Banc Of America Investment Oct 9, 2004 (AXcess News) New York - A former Raymond James Financial Services broker teamed with his wife in a scheme that defrauded investors out of approximately $16.5 million - and the Securities and Exchange Commission is holding the brokerage firm and two of its former principals responsible.

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Banking Investment The Securities and Exchange Commission has charged Florida-based brokerage firm, Raymond James Financial Services, with fraud based upon the conduct of one of its former brokers, Dennis Herula. The SEC says that between November 1999 and March 2000, Herula and his cohorts, including his wife, an attorney named Mary Lee Capalbo Herula, fraudulently induced investors to deposit about $44.5 million in an account held at Raymond James in the name of Brite Business Corporation.According to the SEC, investors were assured that they were participating in a no-risk investment that would yield high returns as a result of a sophisticated trading program. Herula, acting in his capacity as a Raymond James registered representative, allegedly used Raymond James' facilities and letterhead to carry out the scheme. In at least one case, Herula promised a return of 120% within a three month period.In the end, investors realized none of the promised returns. Instead, most of the funds were transferred to an account at Raymond James controlled by Mrs. Capalbo Herula, and over $16.5 million was dissipated.

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Investment Solution Strategic Regulators allege that Raymond James, J. Stephen Putnam, the firm's former president and chief operating officer, and David Ullom, Herula's former branch manager, enabled the scheme to proceed by ignoring obvious warning signs and failing to properly supervise the broker. In particular, Raymond James effectively partnered with Brite Business in a "balance sheet enhancement program" designed to embellish the appearance of the Brite Business financial statements. Under this scheme, Brite Business purchased Treasury bills on margin using investor funds held in the Raymond James

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Bank Investment The purported purpose of the program was to create the appearance that Brite Business had a robust balance sheet that would support its bids on third-world development projects. Despite some misgivings, Putnam and Ullom went along with the arrangement, capturing almost $1.8 million in fees and margin interest for Raymond James.

Alternative Investment The SEC Order alleges that Putnam and Ullom failed to take timely steps to halt Herula's activities and in fact facilitated the illegal activities by approving transfers from Brite Business to Herula's wife. The Commission previously brought fraud charges against Herula and others in connection with the Brite Business scheme on April 1, 2002. A Rhode Island federal court froze Herula's assets and subsequently granted the Commission's request for a default judgment against Herula on Oct. 17, 2002.

Online Investment Services Herula is presently in federal prison in Colorado awaiting trial on related criminal charges.Source:

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