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NASD Prepares Action Against Salomon Analyst Jack Grubman

Salomon Smith Barney's star telecommunications analyst Jack Grubman received notice that the NASD Regulation intends to prosecute him for violating securities laws in connection with his research reports on Winstar Communications, Inc.

At issue is whether Grubman misled investors. Winstar was an investing banking client for Salomon and was in financial trouble. Despite that, Grubman maintained a Buy rating right until the firm's bankruptcy filing last year.

Source: Wall Street Journal, July 22, 2002

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