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News  
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Spitzer probe to expand
New York attorney general to co-chair national task force on securities violations by brokerages.
April 25, 2002: 7:13 PM EDT

NEW YORK (CNN/Money) - New York state Attorney General Eliot Spitzer is forming a multi-state task force to investigate possible securities fraud committed by brokerages.

Spitzer will co-chair the task force, to be formed with the North American Securities Administrators Associations (NASAA), which represents securities administrators in all 50 states, the District of Columbia, and Puerto Rico.

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The move effectively widens Spitzer's investigation of New York-based brokerages for conflicts between the research and investment banking arms.

Last week Merrill Lynch agreed to Spitzer's request for further disclosure about banking relationships with companies covered by their analysts. The two sides are still negotiating about a possible monetary settlement and admission of wrongdoing.

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According to a statement, NASAA President Joseph Borg said the association will be "working with New York in the continuing investigation of other investment banking firms, which will center on practices that adversely affected thousands of Main Street investors nationwide."

On Wednesday Spitzer is scheduled to join U.S. Representatives Dick Gephardt, D-Mo., and John J. LaFalce, D-N.Y., at a press conference on Capitol Hill and is expected to criticize the Republican Corporate and Accounting Reform Bill.  Top of page






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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.