The Holder Memorandum of 16 June 1999 is the equivalent of a “get out of jail free” card for all practitioners of financial fraud, with naked short sellers being the largest group of Wall Street criminals who are not only stealing money at the trillion dollar level, but also destroying innovation and individual entrepreneurs. The Department of Justice — until it overturns the Holder Memorandum and also applies federal RICO to all forms of inter-state financial crime, is complicit in this massive crime against humanity and the Republic. This should be a priority to our President, Donald J. Trump.
The National Association of Securities Dealers fined Morgan Stanley & Co. $1 million and suspended and fined seven traders for allegedly manipulating in 1995 the price of 10 stocks that are part of the Nasdaq 100 Index.
The decision was issued Monday, following five days of hearings last June and July before the NASD’s market-regulation committee. That committee, made up of members of the securities industry, was convened after Morgan Stanley contested an NASD Regulation complaint on the matter issued Oct. 25, 1996.
Thirty brokerage firms, including some of the biggest and most trusted names on Wall Street, agreed yesterday to pay about $900 million to end a civil suit contending they schemed with one another for years to fix prices on the Nasdaq stock market.
Lawyers for the plaintiffs in the class-action lawsuit, which represented tens of thousands of investors, called it the biggest settlement ever of a price-fixing lawsuit.
This is an appeal in a stock market manipulation case. Paul Russo, Barbara Hosman, and William Petrokansky appeal from judgments of conviction entered February 28, 1995, by the United States District Court for the Eastern District of New York, Sterling.
The expected guilty plea by Dennis T. Palmeri, Shearson’s former executive vice president in charge of stock loans, would be the first action following more than a year of examination by federal prosecutors.
The case also is said to be derived from information from jailed speculator Ivan F. Boesky, a major source of evidence for Wall Street securities investigations since he was ensnared in an insider trading probe in 1986.
NEW YORK, JULY 20 — The Manhattan U.S. attorney is conducting a criminal investigation of Wall Street’s lucrative securities lending business, focusing on an official of Shearson Lehman Hutton Inc., according to documents and sources familiar with the case.
Subpoenas issued as part of the grand jury investigation, while not stating the precise target of the probe, have requested witnesses to provide records about investments, transactions and accounts involving Dennis Palmeri, who supervises all of Shearson’s stock loan operations.