Barnett and Comptroller's Office Sign Settlement.TALLAHASSEE Tallahassee (tăləhăs`ē), city (1990 pop. 124,773), state capital and seat of Leon co., NW Fla.; inc. 1825. Tallahassee is a wholesale trade and distribution center for the surrounding lumber, livestock, and agricultural area. , Fla.--(BUSINESS WIRE)--March 27, 1998--Florida Comptroller Bob Milligan Friday signed an agreement with Barnett Investments resolving an investigation into questionable investment practices with customers. The official settlement is between NationsBank, Barnett's new owner, and the Division of Securities and Investor Protection in the Department of Banking and Finance. The Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. calls for Barnett to pay $75,000 to the department for its investigation expenses. The Comptroller's Office began its investigation in 1993, after receiving customer complaints related to the sale of investment products by Barnett Investments Inc. The agreement also calls for another $75,000 to be donated do·nate v. do·nat·ed, do·nat·ing, do·nates v.tr. To present as a gift to a fund or cause; contribute. v.intr. To make a contribution to a fund or cause. to the Florida Council on Economic Education for its statewide Florida Investor Education Program. The not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. organization teaches high school students about how the securities industry works and how to wisely invest. Barnett has agreed to establish a dispute resolution process that will allow for a timely and inexpensive resolution of complaints filed by Barnett customers. Comptroller Bob Milligan said: "We are glad the department and Barnett were able to work out a beneficial arrangement for the citizens of Florida. Using part of the settlement to enlighten en·light·en tr.v. en·light·ened, en·light·en·ing, en·light·ens 1. To give spiritual or intellectual insight to: our young people about the securities industry, and investing safely in it, is a valuable opportunity for them. We want Floridians to be well informed when making financial choices that will affect their future, and I think starting in high schools is a good way to begin." Any citizen with questions about this issue, may call 850/488-0286. CONTACT: Securities & Investor Protection Don Saxon Saxon Any member of a Germanic people who lived along the Baltic coast in ancient times and later migrated west as far as the British Isles. The Saxons became pirates in the North Sea during the decline of the Roman empire, and in the early 5th century they spread through , Director 850/488-9805 http://www.dbf.state.fl.us |
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