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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Rande Is who wrote (41810)	11/20/2000 2:41:47 PM
From: carepedeum2000	Read Replies (3) \| Respond to of 57584

fwiw, just heard a report that smith barney is expecting upbeat analyst meeting tomorrow, expected to reaffirm numbers and to say that carriers excess inventory has been worked off and normal ordering has resumed, if this happens, this could spark a relief rally in our beaten down favorites, dont know if it will or not, but smith barney thinks it will, just a heads up tomorrow, could spark a nice day in the naz--election willing

To: Rande Is who wrote (41810)	11/20/2000 3:21:51 PM
From: Bucky Katt	Read Replies (1) \| Respond to of 57584

Dean Witter Charged by NASD With $65 Million Securities Fraud Washington, Nov. 20 (Bloomberg) -- Dean Witter Reynolds Inc. was charged by regulators with defrauding thousands of individual investors by selling risky mutual fund shares that cost them at least $65 million in losses. The National Association of Securities Dealers alleged that the firm, which became part of Morgan Stanley Dean Witter & Co., the second largest U.S. brokerage, misled investors in 1992 and 1993 about the risks of investing in the closed-end funds. Dean Witter falsely told investors, half of whom were more than 60 years old, that the investments were conservative and safe when in fact they were risky and volatile, the NASD alleged. New York-based Morgan Stanley didn't immediately respond to a request for comment. The NASD is seeking unspecified financial penalties. Also charged were two current Morgan Stanley employees: Lawrence J. Solari Jr., who was Dean Witter's Northeast regional director, and John B. Kemp, who was a sales manager for the firm. Their attorneys couldn't be reached for comment. The Dean Witter funds involved, which sold on the New York Stock Exchange, were TCW/DW Term Trust 2000, TCW/DW Term Trust 2002, and TCW/DW Term Trust 2003. Term Trust 2002 lost almost half its value in 1994, and about 30,000 investors sold at least a portion of their trusts during this period, realizing $65 million in losses, the NASD alleged. Dean Witter sold more than $2 billion of the trusts to more than 100,000 customer accounts from October 1992 to November 1993, the NASD said. The firm received more than $119 million in underwriting fees and sales concessions from sale of the funds as well as about $7 million a year in management fees, the NASD complaint said.