According to an article in The Wall Street Journal
, Andrei Koudachev, founder of Evergreen International Spot Trading, and Gary Farberov, president of First Equity Enterprises (a clearing house for Evergreen), were charged in federal court for mail- and wire-fraud conspiracy and money laundering. The charges also include misappropriating more than $100 million in a currency trading scheme. The alleged criminal acts began to unravel when investors tried to get their money from First Equity, which had its office in the World Trade Center.
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The story of Conoco just keeps getting more complex. Last week, we reported that JP Morgan|American Century became the bundled provider for the sponsor's 401(k) plan. Then it was announced that the company may enter into a merger with Phillips Petroleum. Now, reports The New York Times
, there may be another suitor trying to woo Conoco. Apparently, Wall Street is abuzz with the possibility and possible interested parties include BP, Royal Dutch/Shell and ChevronTexaco.
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Morgan Stanley is offering a new program to assist individual investors with charitable donations and extend the year-end tax deadline. Along with the National Philanthropic Trust, Morgan Stanley is allowing investors to donate assets (including mutual funds) to a charitable gifts program. Investors will receive immediate tax benefits for the irrevocable gifts though they may not have named a charity until the following year.
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Fidelity will be charging customers a $12 annual fee for each mutual fund holding that falls below the $2,000 mark, according to The Boston Globe
. The paper also reports that investors are furious, especially given that their balances have shrunk in this volatile market.
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Robert Mazzarella will leave Fidelity after 18 years of service by the end of 2001. He had run the Fido's brokerage services unit, according to The Boston Herald
. The paper contends that he left the firm because he had been replaced as head of the institutional brokerage group by David Denison at the end of 2000.
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