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Bear Stearns Loses $3.9 Million Customer Case
Arbitrators at the Pacific Stock Exchange found that Bear Stearns and former broker Preston Hammer made unauthorized trades, and that Hammer attempted to conceal his actions by faxing fictitious statements to the client.
The panel declined to find the branch office manager liable, but did fault Bear Stearns for having inadequate supervisory policies and procedures.
The client lost $2.5 million in addition to incurring a $67,000 margin debit balance.
Source: Registered Representative, May 2000
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