According to a recent InvestmentNews article, Sterne, Agee & Leach Inc. was censured and fined $160,000 by the Financial Industry Regulatory Authority (FINRA), for failing to supervise the activities of its former CEO, James Holbrook Jr. According to the article, between June 1, 2011 and May 23, 2014, the firm “did not ensure that the office of the chief executive officer was appropriately supervised,” and it also “failed to adequately supervise Mr. Holbrook with respect to his entertainment and/or contributions to political figures.” He was fired in May 2014 for allegedly misusing company assets and spending lavishly on perks for himself. There was also a federal criminal investigation into possible misconduct by the CEO. If you have suffered losses with Sterne, Agee, please call 312-332-4200 to discuss your options with an attorney. We are Chicago-based securities attorneys who bring claims against firms in the FINRA arbitration process on a contingency fee basis. The call to us is free with no obligation, so please call today.
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