DISCOUNT BROKER RAIDED BY FBI; AGENTS SEIZE FILES IN BEVERLY HILLS.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. FBI agents raided the J.B. Oxford & Co. discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. Tuesday and hauled away documents as part of a white-collar crime white-collar crime, term coined by Edward Sutherland for nonviolent crimes committed by corporations or individuals such as office workers or sales personnel (see white-collar workers) in the course of their business activities. probe, authorities said. The FBI served search warrants on the Wilshire Boulevard brokerage at 7 a.m. and combed files for documents, which were taken away as evidence, said FBI spokesman John Hoos. There were no arrests. ``We're executing federal search warrants in conjunction with a white-collar crime investigation,'' Hoos said, adding that J.B. Oxford employees were allowed to continue working. All information and documents in the case were sealed by a court and details about the warrants weren't being released, Hoos said. Assistant U.S. Attorney David Seide, who is heading the case, didn't return telephone calls. ``I can't make a comment on the investigation. The case is sealed,'' said Thom Mrozek, spokesman for the U.S. Attorney's Office. A woman who answered the telephone at the Beverly Hills office said no one was speaking about the raid. J.B. Oxford President Stephen Rubenstein and executive office manager Tina Lucas didn't return telephone messages. A statement released later through a public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most firm said the company ``is cooperating fully with federal authorities in a search of records that was conducted at its offices in Basel, Switzerland, and today at its Beverly Hills headquarters.'' The National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. in Washington, D.C., which polices the stock market and brokers, didn't know any details about the raid, said NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). spokesman Michael Robinson. |
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