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The Steins' Broadcort Account
Mr. Stein and his wife opened a brokerage account with
Broadcort Capital Corp. (Broadcort) sometime in January
1987. The account was in the name of Mr. Stein and his
wife as joint tenants with rights of survivorship.
Steinberg & Lyman, a New York brokerage firm, acted as
agents of Broadcort, and Mr. Stein dealt with a vice
president of Steinberg & Lyman, Mr. Charles Tessarini,
and his assistant Ms. Janice Murphy. The Steins received
monthly statements of transactions in their account about
2 to 3 weeks after the close of each accounting period.
The statement for the period beginning March 28, 1987,
and ending April 24, 1987, reports that on April 15, 1987,
4,000 shares of stock of Saztec International, Inc.
(Saztec), were sold for $31,998 or $8 per share, and on
April 23, 1987, another 500 shares of Saztec stock were
sold for $3,973 or $8 per share. Saztec was publicly
traded on the NASDAQ. As of April 25, 1987, 5,500 shares
of Saztec stock remained in the Steins' account. The
statement also reports the purchase on April 1, 1987,
of 4,000 shares of Texcel International, Inc. (Texcel)
stock for $32,502 or $8.125 per share, and it reports the
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