SEC Clears Ferris Baker Watts Ex-GC In Fraud Case

Law360, New York (September 9, 2010, 7:35 PM EDT) -- The U.S. Securities and Exchange Commission has cleared the former general counsel of financial services firm Ferris Baker Watts Inc. of charges that he failed to supervise a broker who was at the helm of a $50 million Ponzi scheme from 2003 to 2005.

In a decision released Wednesday, Chief Administrative Law Judge Brenda P. Murray found that Theodore Urban acted reasonably in his supervisory duties over convicted swindler Stephen Glantz and was not in violation of the Securities Exchange Act of 1934 or the Investment...
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