Andrew S. and Linda Hayworth Brenner - Page 3

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                                  FINDINGS OF FACT                                    
               Some facts have been stipulated and are so found.  The                 
          stipulation of facts, with accompanying exhibits, is incorporated           
          herein by this reference.                                                   
               At the time of the petition, petitioners resided in Amawalk,           
          New York.                                                                   
          Employment and Discharge of Petitioner Andrew S. Brenner by                 
          Nomura Securities International, Inc.                                       
               Petitioner Andrew S. Brenner (petitioner) was an employee of           
          Nomura Securities International, Inc. (Nomura), from August 1987            
          until his termination from service by Nomura in May 1996.  At               
          Nomura, petitioner traded Government and Government agency                  
          securities and, by 1996, he had been promoted to managing                   
          director and head governmental trader.                                      
               On April 15, 1996, Nomura advised petitioner that a review             
          of his positions in various securities revealed discrepancies in            
          his marking of the value of assets under his control.  Nomura               
          advised petitioner to retain counsel, which he did.  On May 22,             
          1996, Nomura terminated petitioner’s employment for alleged                 
          mismarking or misvaluing of securities.  As a result of that                
          termination and Nomura’s allegation that he had mismarked                   
          securities, Nomura was required by Federal Law to file, and did             
          file, a Uniform Termination Notice (Form U-5) with both the New             
          York Stock Exchange (NYSE) and the National Association of                  
          Securities Dealers (NASD).                                                  

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