Jesup & Lamont Inc. said Tuesday it has terminated nearly all of its staff and stopped paying most salaries after financial regulators ordered the 133-year-old brokerage and investment banking firm to stop making new securities trades.
Jesup & Lamont said the Financial Industry Regulatory Authority last week ordered it to stop conducting business, other than liquidating transactions, because its securities unit doesn’t meet capital requirements. Jesup & Lamont said it “continues to engage in dialogue with FINRA with respect to regaining compliance with the net capital rules.”
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