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Ronald Jordan
Traders Magazine Online News

Understanding Your Data is No Longer Optional

In this contributed article from Global Markets Advisory Group, the advisory discusses the importance of data and how organizations should augment existing skill sets and capabilities to add a data-focused perspective to their operating fabric.

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April 30, 2001

Rooked Investors Receiving Their Money

By Gregory Bresiger

Clients of Donahue Securities, a Cincin nati, Ohio, securities firm, are now receiving some $5 million as restitution for a phony tax-free municipal bond fund scheme, according to authorities.

The Securities Investor Protection Corporation has entered into a settlement with Donahue Securities, which is in receivership.

Douglas Tripp, attorney with the Cincinnati law firm of Frost Brown and Todd is acting as trustee. He will supervise the liquidation of Donahue's assets.

The settlement, which is not an admission of guilt, is the result of a complaint brought by the SEC.

SIPC's actions were praised by Michael G. Oxley (R-Ohio), who is chairman of the House Financial Services Committee.

"This kind of effective response to fraud gives everyone faith in the strength of our financial systems," said Oxley, who quickly noted that many of the duped investors are from his state.

He added, "Quality oversight from the SEC and SIPC is one of the reasons our financial markets are the envy of the world."