SEC Accuses Kidder, Peabody
Kidder, Peabody & Co., one of the nation’s leading brokerage and investment banking houses, mishandled at least $145 million in customer securities between 1983 and 1984, the Securities and Exchange Commission staff charged today.
The SEC opened administrative proceedings against Kidder and its vice president, Gerard Miller. The next step, unless the charges are dropped or the case is settled, is a hearing before an administrative law judge who could impose sanctions ranging from censure to suspension or revocation of the firm’s broker-dealer license.
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