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provide him with access to its computer system, nor did it
provide him its computer program allowing him to access the
system from outside petitioner’s office.
Mrs. Wechsler
Mrs. Wechsler previously worked for a broker-dealer in
Dallas, Texas, where Mr. Wechsler met her. She moved to New York
City in 1971 and then married Mr. Wechsler. Until petitioner
hired her on July 14, 1998, she had not worked outside her home
since the late 1970s. Petitioner agreed to pay her compensation
of at least $500,000 a year. On July 14, 1998, she became
petitioner’s secretary and a member and vice chairman of
petitioner’s board of directors. During petitioner’s 1999 fiscal
year, she devoted 70 percent of her time to office management and
30 percent to portfolio research. She became a full
registration/general securities representative in February 1999
and a general securities principal in June 1999.
Common and Preferred Stock Ownership in Petitioner
Petitioner has had outstanding both common and preferred
shares of stock. Since 1986, Mr. Wechsler has owned a majority
of the outstanding common shares of petitioner and has held
sufficient shares to elect a majority of petitioner’s directors.
From May 31, 1997, through May 31, 1999, the holders of
petitioner’s preferred stock have had the authority to elect one
of petitioner’s directors but have never exercised that
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