Ex-Salomon Chief Barred by SEC
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WASHINGTON — Former Salomon Inc. Chairman John H. Gutfreund will pay a $100,000 fine and never again run a Wall Street firm to settle charges stemming from last year’s government bond scandal, officials said Thursday.
Gutfreund and two other former top Salomon officials consented--without admitting wrongdoing--to allegations that they failed to supervise adequately the firm’s brokerage unit, which admitted making bogus bids in Treasury auctions.
The SEC accused the three in an administrative proceeding of being asleep at the wheel in supervising Paul Mozer, who ran Salomon’s government bond trading desk, and then doing too little, too late when they learned of wrongdoing in April, 1991.
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