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Rating:Tis the Season for Misappropriation Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, November 20, 2001

Tis the Season for Misappropriation

Reported by InvestmentWires Staff, 

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.

* * *

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.

* * *

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.

* * *

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.

* * *

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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