[golfnutt]

I told my wife about this. She laughed. She worked at Dean Witter (a respected firm in the day) and said there were violations left and right.

One of my good friends worked as a stockbroker at a mid-tier firm. One of his co-workers produced adult movies on the side. Another guy there was my bookie. Every stock they peddaled came with they have some inside info. They never did valuations or looked at analysts reports. That type of analysis was for suckers. And many times they were right!

Look at the Wall Street Journal. Scores of brokers are disciplined for major and minor infractions. Virtually all just end up paying a civil fine and losing their license. Even though the penalties could (and should) be jail.

From what I know and my wife knows, it sounds political. Sometimes people are needed to make an example to others and you just got bad-beated there.