Business Services Industry
Oregon Congressional Candidate's Brokerage Hit with Fines, Warning.
Knight Ridder/Tribune Business News, April, 2004
By Laura Gunderson, The Oregonian, Portland, Ore. Knight Ridder/Tribune Business News
Apr. 13--A brokerage firm owned by a Republican candidate in the 1st Congressional District, Phillips & Co. Securities, has paid $21,500 in fines and been warned by the state about its business practices.
In addition, clients who blamed Tim Phillips' company for losing their money received more than $250,000 in two insurance settlements in the past year. Separately, a third client received a $30,000 arbitration award.
Phillips said neither he nor his company knowingly broke the rules.
As for the money awarded after arbitration and the insurance settlements, Phillips said, "These are people that lost money in one of the worst bear markets in...
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