November 30, 1990|By Suzy Hagstrom of The Sentinel Staff
Stuart-James Co. Inc., a afflicted allowance specializing in penny stocks, shut bottomward its Orlando annex Thursday amidst ascent authoritative pressures.
Through a flurry of blast calls and letters, the Florida comptroller’s appointment this anniversary blocked the efforts of addition brokerage, Chatfield Dean & Co. Inc., to booty over Stuart-James’ operations in the state.
Such an accretion in Florida would be actionable because of Chatfield Dean’s declared authoritative problems in added states, Terence McElroy, an bureau spokesman, said Thursday. The comptroller’s appointment has taken no antidotal activity adjoin Chatfield Dean and is evaluating the situation, he said.
Chatfield Dean planned to booty ascendancy of Stuart-James’ branches in Boca Raton, Clearwater and Tampa, and eight added cities nationwide. Afore it began closing the bearding offices Thursday, Stuart-James had about 10 Florida branches to serve an estimated 11,000 investors. Stuart-James admiral would not animadversion Thursday.
Both brokerages are based in the Denver area, which has become accepted as the nation’s penny banal capital. Typically costing beneath than $5 a share, penny stocks are advised chancy investments.
As allotment of its attack adjoin penny banal specialists, the Balance and Exchange Commission aftermost year accused Stuart-James of ambidexterity investors. The audition is appointed to resume in January. The allowance afresh appear affairs to abjure from the balance business by 1991.
Chatfield Dean does not barter penny stocks, said Sanford Greenberg, the brokerage’s president, but instead emphasizes alternate funds and bourgeois investments. Afore founding Chatfield Dean in 1982, Greenberg formed for Blinder, Robinson & Co. Inc., addition penny banal specialist in the Denver area, which forth with Stuart-James is accused of ambidexterity investors.
Chatfield Dean did not fabricated any advance affairs in Florida Thursday, Greenberg said, alike admitting he thinks the allowance has a appropriate to access Stuart-James’ operations. ”We’re aggravating to accept the accompaniment of Florida’s position afore we move forward,” he said.
The comptroller’s appointment opposes a alliance amid the two brokerages because Chatfield Dean has authoritative problems in added states, including Idaho, Illinois, Maine, Maryland and Missouri, McElroy said.
For example, Massachusetts accused the allowance of affairs actionable balance through actionable brokers. Similar allegations civic prompted the Florida comptroller’s appointment to accelerate a letter to Chatfield Dean Oct. 12 allurement the allowance to abandonment its Florida license, McElroy said.
”I am afraid by these statements,” Greenberg said. ”All of our allowance licenses are in acceptable standing. Our authoritative history would authority up to any scrutiny.”
Chatfield Dean is accountant to advertise balance in 39 states, including Florida, Greenberg said. Although it has no offices in the state, the allowance has served Florida investors from its Englewood, Colo., headquarters, he said.
Five Moments To Remember From Stock Broker Resume Examples | Stock Broker Resume Examples – stock broker resume examples
| Welcome for you to my website, within this time We’ll explain to you concerning stock broker resume examples