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expanded its trading activities to include trading a few
additional over-the-counter stocks, convertible bonds, and
preferred stocks, and (2) began to act as a “broker’s broker”
(i.e., trading with other broker-dealers on an undisclosed basis
on behalf of another broker-dealer, typically the investment
banker for the securities traded).
In 1962, the partnership’s then partners incorporated their
firm under the name of Ogden, Wechsler, and Krumholz, Inc., the
corporation that is petitioner in this case. Upon the retirement
of Charles Ogden in 1965, petitioner changed its name to Wechsler
& Krumholz, Inc. In 1992, petitioner changed its name to
Wechsler & Co., Inc.
Mr. Wechsler became an employee of petitioner’s in July
1963, an officer of petitioner’s in June 1967, a member of
petitioner’s board of directors in May 1969, and a shareholder in
petitioner in June 1969. By 1965, the focus of petitioner’s
business was trading convertible securities and acting as a
broker’s broker. From 1963 through 1966, Mr. Wechsler worked for
petitioner as a trader’s assistant and clerk. From 1966 through
1970, he became a senior trader for petitioner. In 1970, he
became petitioner’s head trader, a position he held until 1978,
when he became petitioner’s president. In 1986, he became
chairman of petitioner’s board of directors. He has been both
petitioner’s president and chairman of its board since 1986.
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