- 6 - The letter concluded: “We do not feel that we can consent to act on your behalf in the future in connection with this account, and we respectfully request that you transfer your account to another firm.” In reply, petitioner made a handwritten notation on a copy of Mr. Cabell’s letter to him, stating: “Your statement of the facts of this case is not correct. As a result, I believe it is necessary for us to meet to discuss the ‘exact’ nature of my claims.” Petitioner then wrote the following letter to Mr. Cabell: May 12, 1987 Dear Mr. Cabell: Your failure to respond to my request for an appointment to reconcile the facts and issues with respect to my account will only tarnish your defense to support your position before any impartial tribunal. In essence your solution is to create a “FORCED” LIQUIDATION where I must sell out securities regardless of the market timing. Also, by forcing me to transfer this account to another Wall Street House, you believe that you can sweep all of your past improprieties under the rug with supposedly no trace left for public scrutiny. The Churning transactions effectuated by your salesmen are a matter of record. CASE IN POINT: I have documented all short positions (PUT TRANSACTIONS) sold and written in my account on a trade date basis where the WALL STREET JOURNAL and NEW YORK TIMES FINANCIAL PAGES listed an S or R. Obviously, in such a case the purchaser had to be KIDDER, PEABODY as principal. Shortly, thereafter, I was put stock where the expiration period was greater than six months and there was a less than 10% decline in the security price from the trade date market price. Who put the stock in my account and for what reason? What other explanation? Why is KIDDER,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011