Wholesaler Faces Battle for Survival
Traders Magazine, February, 2002
M. H. Meyerson, a beleaguered wholesaler, received some more bad news in recent weeks from the National Association of Securities Dealers.
In arbitration, the regulator found Meyerson liable for $5 million in damages for the unauthorized transfer of shares in Whitehall Enterprises, a Bulletin Board stock. (By contrast, top wholesaler Knight Securities, was ordered recently to pay $1.5 millon by NASD Regulation, though for decidedly different market violations.) The shares transferred by Meyerson had been left in its custody by the claimant, CVI Group.
Meyerson, which trades about 4,000 Nasdaq SmallCap and over-the-counter issues, denied the charges and appealed the ruling to the Superior Court of New Jersey. It intends to pay no money until the court settles the...
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