You will recall that I have discussed the behavior at Jesup & Lamont in two prior postings. And it didn’t take long for the predicted result to occur. On Friday, FINRA shut down Jesup & Lamont Securities Corp., a principal unit of Jesup & Lamont, Inc.
You can read about it here. I don’t take joy in seeing these 300 brokers losing their livelihood. I don’t take joy in the stress caused to the unwitting customers of the firm. I only get to say “I was right.” Frankly, these 300 brokers will be better off working someplace where management seems to have a clue on how to run a brokerage firm.
I said this in a prior posting – don’t pull on Superman’s cape.
That’s the view of one Lawyer from Jupiter, Palm Beach County, Florida.