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Article: Moran shutting down after SEC case. (Moran and Associates Inc. and Moran Asset Management Inc. to stop operations)
- Article from:
- Multichannel News
- Article date:
- September 2, 1996
- Author:
CopyrightCOPYRIGHT 1996 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK - Media money-manager Frederick A. Moran is shutting down his operation in the wake of a Securities and Exchange Commission investigation into his firm.
Moran & Associates, a brokerage firm, and Moran Asset Management, a money-management arm, are scheduled to close Sept. 30 after almost a decade in business. The company notified the SEC earlier this month that Moran Asset will simply close. In an affidavit filed last week with the judge hearing his SEC case, Moran - known as part of Wall Street's "media Mafia" - said Moran & Associates is being sold to another unnamed brokerage for "a nominal sum" - just $20,000, according to one source.
Moran's ...