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"Promptly after receiving notice of possible misconduct, the company initiated an investigation, which is ongoing, into James S. Holbrook's use of holding company assets, such as aircraft, boats, hunting lodges and condominiums," Sterne Agee said in a statement.Kelly Bolvig, senior vice president and associate general counsel, said the company has filed a Form U5 disclosing the investigation. A Form U5 is a "Uniform Termination Notice for Securities Industry Registration" and, according to the 24 page form online, can cover a number of allegations include criminal behavior or customer complaints."It's a lot to do about Saucony Cruel World
nothing, and the allegations are grossly overstated," Bruce Gordon, the Birmingham attorney representing the Holbrooks, told Bloomberg News today. "We're confident the truth will prevail and my clients will be vindicated."A statement from Carole Miller, an attorney for Sterne Agee, said if the Holbrooks do not resign from the board, Reebok Npc Vintage
Sterne Agee confirms investigation into former chief executive
a vote of the shareholders will attempt to remove them."Under the circumstances, the firm believes it is best for the company that James and William Holbrook resign from their positions on the Sterne Agee Group board of directors," Miller said in a statement. "Absent such resignations, the firm plans to hold a shareholder vote to replace the Holbrooks as directors."The private investment banking firm last month replaced Holbrook as chairman with Eric Needleman, previously an executive managing director in the firm's New York offices. Linda Daniel was appointed vice chairwoman. Needleman also will serve as CEO of Sterne Agee Leach Inc., which is the company's brokerage division. Sal A. "Joe" Nunziata was appointed president and CEO of Sterne Agee Group Inc.The company said it is looking forward and trying to keep the situation with the Holbrooks from becoming a disruption."As evidenced by sizeable investment banking deals and recent acquisitions, Sterne Agee has continued to experience solid growth in all areas," Bolvig said. "The Saucony Type A7 company is of the view that at this critical time, our focus should be on matters that promote the growth, vision, and values that have made this company the success it is today. The company is positioned well for the future, Reebok Latest Shoes For Men
and we do not need the distraction nor the suggestions that the investigation has raised."
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