Jesup & Lamont Slides As Finra Bans Securities Dealings
22 June 2010 - 1:51AM
Dow Jones News
DOW JONES NEWSWIRES
Jesup & Lamont Inc. (JLI) said it is taking steps to remedy
its securities subsidiary's capital deficiency and regain
permission to restart transactions after the Financial Industry
Regulatory Authority said it had to stop.
Shares of the small investment bank and brokerage firm recently
were down 21% at 17 cents. The stock is off 62% this year.
The company said Monday it received a notice Friday that it was
out of compliance with a Securities and Exchange Commission capital
rule and the securities business was limited to liquidations. Jesup
& Lamont added that it is seeking to show it has complied with
the orders and hopes to resolve the issue soon.
The firm reported last month its revenue rose 58% but a
first-quarter loss widened slightly on one-time expenses related to
its proposed merger with New York merchant bank Tri-Artisan
Partners LLC.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;
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