‘Yuppie Five’ Firm Fined: A federal judge...
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From Times Staff and Wire Reports
‘Yuppie Five’ Firm Fined: A federal judge fined Marcus Schloss & Co., a New York Stock Exchange specialist firm, $480,350 for securities fraud stemming from the “Yuppie Five” insider trading scandal. Prosecutors said Marcus Schloss was the first Big Board firm to be convicted of felony charges related to insider trading. A federal jury last July found Marcus Schloss guilty of conspiracy to trade on inside information and of securities fraud in connection with its March, 1986, purchase of stock in American Brands Inc.
