Ex-Brookstreet Employee Loses Bid For Coverage

Law360, New York (October 16, 2009, 6:51 PM EDT) -- A federal judge has ruled that a former employee of Brookstreet Securities Corp., which was sued by the U.S. Securities and Exchange Commission over allegations of defrauding investors, cannot collect commissions he is owed by the company from its liability insurer Illinois Union Insurance Co.

Judge Cormac J. Carney issued an order Thursday in the U.S. District Court for the Central District of California ruling that the claims of former employee Raymond Stockus, who has been found to be owed $17,579, are excluded by a number...
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