According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA) has barred one of its brokers, Deborah Kelley, who was arrested in San Francisco on December 21st. She was then charged with conspiracy to commit securities fraud, securities fraud and conspiracy to obstruct justice in a Securities and Exchange Commission (SEC) investigation, and wire fraud charges. Also arrested that day was Navnoor Kang, the former director of fixed income and head of portfolio strategy at the New York State Common Retirement Fund in Portland, Oregon. Allegedly, from 2014 until 2016, Kelley and Gregg Schonhorn paid Mr. Kang more than $100,000 in bribes, which included prostitutes, narcotics, nightclub services, sporting events tickets, cash payments, strippers and others, in exchange for fixed income business from the pension fund. Mr. Kang then promoted the interests of the two brokers and their firms, Sterne, Agee & Leach, and Stifel, Nicolaus & Co. after it purchased Sterne. Ms. Kelley then was registered at Seaport Global Securities at the time of her arrest. Schonhorn pled guilty admitted his participation in the scheme. You may sue Stifel, Nicolaus if you suffered losses with the firm. Please call us today at 312-332-4200 to find out how.
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