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Mar 2, 2012 · Five years after blowing up his firm in the mortgage crisis, Stanley Brooks was ordered to pay the maximum penalty of $10 million for fraud charges by a federal judge in Los Angeles. Brooks...
- Death by CMO
- What's A CMO?
- Who Will Get Spanked?
- The “Genius” Behind Brookstreet's CMO Biz
Brookstreet's sudden change of fortune started on June 14 when an unknown number of institutional and individual customer accounts got hit with margin calls from Brookstreet's clearing firm, National Financial Services, a unit of Fidelity Investments. The calls were related to investments in collateralized mortgage obligations, many of them in high...
A CMO is a security made up of pools of home mortgages backed by U.S. government-sponsored agencies like Freddie Mac and Ginnie Mae. Each pool generates two streams of income: one from the aggregate of the interest payments, the other from the aggregate of the principal payments made on the mortgages. These income streams are divided into “tranches...
Whether the brokers who sold retail clients risky CMOs violated suitability requirements or misrepresented the investments, or whether inappropriate amounts of leverage were used will come out as regulators and plaintiffs' lawyers begin to present their cases. Sam Edwards, a Houston attorney with Shephard Smith & Edwards, says his firm is represent...
The man who builtBrookstreet's CMO business, managed the portfolios and basked in the glory of being Brookstreet's top producer was Cliff Popper, a Boca Raton-based broker with a rather active U4. It shows 13 firms in the 15 years prior to joining Brookstreet in 2004. According to an old boss of Popper's who spoke on the condition of anonymity, the...
Mar 2, 2012 · The SEC litigated the case beginning in December 2009, when the agency charged Stanley C. Brooks and Brookstreet with fraud for systematically selling risky mortgage-backed securities to customers with conservative investment goals.
Mar 6, 2012 · In December of 2009, the U.S. Securities and Exchange Commission filed a civil injunctive action against Brookstreet Securities Corp. and Stanley C. Brooks, charging them with fraud for systematically selling risky mortgage-backed securities to customers with conservative investment goals.
Mar 19, 2012 · The SEC litigated the case beginning in December 2009, when the agency charged Stanley C. Brooks and Brookstreet with fraud for systematically selling risky mortgage-backed securities to customers with conservative investment goals.
Mar 2, 2012 · The Securities and Exchange Commission announced the order issued Thursday against Stanley Brooks, the founder, president and CEO of Brookstreet Securities Corp. Brooks also was ordered to pay...
Mar 5, 2012 · Stanley Brooks (“Brooks”), founder of defunct brokerage firm Brookstreet Securities (“Brookstreet”), was assessed a penalty of $10 million for securities violations in connection with the sale of collateralized mortgage obligations (“CMOs”) from 2004 to 2007.
