SEC Hits Financial Services Co.'s GC In Ponzi Case

Law360, New York (October 20, 2009, 3:36 PM EDT) -- The U.S. Securities and Exchange Commission has instituted administrative proceedings against the former general counsel of financial services firm Ferris Baker Watts Inc. for allegedly failing to supervise a broker involved in a $50 million Ponzi scheme.

On Monday, the government accused Theodore Urban, 58, with violating the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 while employed at Ferris, which was acquired by RBC Wealth Management in 2008.

Urban used to work for the SEC himself in 1978 and 1979 when...
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