Thomas Weisel 'Stuffed' ARS To Pay Bonuses: FINRA

Law360, New York (May 18, 2010, 3:23 PM EDT) -- Thomas Weisel Partners Group Inc. is facing allegations that it “stuffed” approximately $15.7 million in auction rate securities into the accounts of three corporate clients without their knowledge in a bid to raise money for corporate bonuses.

The former head of Thomas Weisel's fixed income desk, Stephen H. “Henry” Brinck Jr., placed ARS into corporate accounts, even as he was advising clients to sell their ARS, according to an administrative complaint filed April 28 by the Financial Industry Regulatory Authority's Enforcement Division.

“In fact, Weisel had...
To view the full article, register now.