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Compliance July 5, 2001
Regulators Probing Possible IPO Kickbacks
May 7, 2001 (PLANSPONSOR.com) - An investigation
into the alleged misallocation of initial public share
offerings (IPO), which has targeted investment banks and
their institutional clients, may broaden to include
individual recipients of new equity listings.
Reported by
editors@plansponsor.com
This coincides with the revelation that Morgan Stanley awarded Donald DiFrancesco, acting governor of New Jersey, higher than average allocations in more than 30 highly sought-after IPO offerings.
According to tax records, he sold shares within a day at between 20% and 400% profit.
– Camilla Klein editors@plansponsor.com