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SIPC Discharges Employee in Connection With Cincinnati Investigation; No Customer Funds Lost or at Risk in Either Case, Trustees Will Seek Full Recovery of Overbilled Funds Supplied by SIPC.
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PR Newswire
- Article date:
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October 3, 2003
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WASHINGTON, Oct. 3 /PRNewswire/ -- The Securities Investor Protection Corporation (SIPC) announced today that it has terminated an employee for a violation of the SIPC Business Ethics Policy. Donald Scott, who had been a SIPC examiner, was discharged as a result of an undisclosed financial relationship with Roger Drayton, of R.J. Drayton & Associates, Inc., of Brooklyn, NY.
Drayton is now under investigation for overstated time records and overbilling of two court-appointed trustees overseeing brokerage liquidation proceedings. Drayton and his firm provided personnel and support services to the trustees.
Douglas L. Lutz, the trustee for the liquidation of Donahue ...