Business Services Industry
Analyst to get hefty fine for misleading.
Australasian Business Intelligence, April, 2003
Apr 28, 2003 (The Australian Financial Review - ABIX via COMTEX)
An analyst will be penalised for his misleading advice on stocks. Henry Blodgett, former analyst at Merrill Lynch, will be fined $US4 million ($A6.5 million) and will be barred for life from the securities industry. Blodgett's behaviour was investigated by the National Association of Securities Dealers. Blodgett was accused of issuing inflated ratings for companies to gain business for his firm, while privately having doubts about the performance of the companies. Blodgett had also been investigated over his actions in the recommendation of InfoSpace stocks, and Merrill Lynch was fined over the matter. Originally published in "The Wall Street Journal".
Publication Date: 29 April 2003...
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