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In Focus
April 19, 2002
ews of stockbroker Chung Wu's plight at PaineWebber is disturbing. He was fired for telling his customers that they should sell Enron, albeit through an impermissible email message. PaineWebber had a buy recommendation on the stock, had an investment banking relationship with the company, managed the company's stock option program and handled brokerage account for many company executives.
But what about Wu and the duties that he was trying to fulfill to his customers? Wu was looking out for his clients' best interests, and he was fired for doing so. That's not right. His clients should follow him to his new firm, and file arbitration actions against PaineWebber to recover their Enron-related losses.
— James J. Eccleston
FinancialCounsel.com
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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