Business news in brief

0 Comments | Philadelphia Inquirer, The, July, 2006

IN THE REGION

SEC order to cost Dolphin & Bradbury $1 million-plus

The Securities and Exchange Commission has ordered municipal-bond dealer Dolphin & Bradbury Inc. to return $314,000 in "ill-gotten profits" and pay $400,000 in fines for its "reckless" failure to warn investors about risks to Dauphin County General Authority bonds. Dolphin chairman Robert J. Bradbury was also ordered to pay $82,000. Interest on the payments will bring the cost to more than $1 million, said Mark A. Zehner, regional municipal securities counsel for the SEC. The SEC ordered Dolphin & Bradbury to use the money to compensate Morgan Stanley, Wachovia Corp. and other investors holding the bonds when they defaulted. But Dolphin doesn't need to compensate Putnam Investments, which bought the...