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PEABODY acting as an UNDISCLOSED PRINCIPAL? In
February, 1987, I called Paul Tierny and requested that
I be permitted to sell COVERED CALL OPTIONS as a start
to liquidating my account. He refused. Yet you have
the * * * audacity to continue to charge me margin
interest and at the same time create a situation where
you tie my hands and force liquidation? What
securities laws do you follow as general counsel for
KIDDER, PEABODY? Do you wish to test my allegations in
a court of law? Don’t you guys have enough garbage
from the SIEGEL-BOESKY AFFAIR?
Once again I am requesting a meeting with you and
whoever else at KIDDER, PEABODY has the authority to
make the necessary adjustments to correct the wrongs.
I can be reached at the number cited above.
RESPECTFULLY,
J.D. GOLUB
On May 19, 1987, Kidder Peabody’s vice president, Paul T.
Tierney, responded:
I am in receipt of your letter to George Cabell
dated May 12, 1987.
Our position remains the same, as we stated at
previous meetings. In addition, we again ask you to
give us the name of a broker to transfer your account
to as you said you would months ago.
During 1987 and 1988, petitioner continued his complaints
against Kidder Peabody, insisting that Kidder Peabody had ignored
his order to close his account and that Kidder Peabody had
instead taken it over for its own purposes. He filed complaints
against Kidder Peabody with the National Association of
Securities Dealers, Inc. (NASD), the Chicago Board Options
Exchange, and the Office of Attorney General of the State of New
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