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Resource ID: #14358
Subject: Stocks And Bonds
Source: Boston Herald
Date: 1997-04-15



This four-part series revealed how stock brokerage H.J Meyers & Co. uses misleading, high-pressure telephone sales to peddle small, risky stocks to naive investors. Specifically, it showed how managers force young brokers to make inappropriate stock sales; how brokers regularly lied about a stock's prospects, knew little about what they sold and didn't let customers sell falling stocks; that managers routinely threatened jobs and livelihoods; that key executives learned the business at First Jersey Securities, a notorious penny-stock firm that defrauded investors in the '70s and '80s; that companies Meyers has taken public share a web of unethical financial and personal ties; that the firm used the Boston stock exchange and other regional exchanges to get tiny stocks on the market; and that state and federal securities regulators were investigating.

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