Compliance August 3, 2002

Male Exec Alleges Gender Discrimination

March 8, 2002 (PLANSPONSOR.com) - A former executive at Muriel Siebert & Co. has charged in a lawsuit that he was discriminated against in pay and promotions because of his gender when he worked for the discount brokerage firm owned by a woman widely regarded as a Wall Street trailblazer, according to a Dow Jones report.
Reported by

Reginald Scantlebury alleged in his suit that President Muriel “Mickey” Seibert publicly complained about having a man as managing director of capital markets and that she preferred a woman in the post. “A woman would be better able to make sales calls,” Seibert was quoted as saying. Scantlebury, who is black, also alleged that he was a racial discrimination victim as well.

The federal court suit said Scantlebury has hired in October 1998, promoted to the managing director post in February 2000, and fired in August 2001 after complaining that he was being discriminated against.

Seibert officials told Dow Jones that Seibert wasn’t available to comment on Scantlebury’s allegations. Seibert was the first woman to own a New York Stock Exchange seat.

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