In Focus
February 21, 2002
have been dismayed twice recently in connection with the same brokerage firm debacle - the Lehman Brothers / Frank Gruttadauria affair.
I am dismayed, of course, by the ability of this rogue broker to scam his customers.
But I also am dismayed by the February 20the Wall Street Journal report that Lehman Brothers is firing Gruttadauria's immediate compliance officer, Robert Semenak. He claims he is nothing more than a scapegoat, and I think he's right. The Gruttadauria problem goes well beyond Mr. Semenak, up the command ladder. In this case, we can't blame the branch manager - because Gruttadauria himself was his own branch manager! Who allowed this? Surely Mr. Semenak did not make that final call. Whichever individuals did make that final call should be held responsible.
Mr. Semenak and any other scapegoats should pursue their legal remedies for wrongful termination!
— James J. Eccleston
FinancialCounsel.com
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