 Dennis Palmeri Jr. grew up in Monmouth County. He attended the University of Delaware where he majored in Economics and rowed for the crew team. Dennis is extremely knowledgeable in how major market forces shape housing
trends and pricing. He lived in Tribeca for a few years working in finance, but he always knew he would return to Monmouth County. He has lived in Rumson for the past fifteen years with his wife Kathleen. They have five children, ranging in age from three to fourteen. He is valuable asset if you have any questions about the many schools or sports programs in the area. In his spare time, Dennis enjoys playing guitar and surfing. He supports many local and national charitable organizations
particularly, 180 Turning Lives Around and The Arc of Monmouth County. Guilty Plea in Stock Case is Expected Ex-Shearson Exec To Plead Guilty in Stock-Loan Investigation Stefan Fatsis Associated Press, 7 September 1989 The expected guilty plea by Dennis T. Palmeri, Shearson’s former executive vice president in charge of stock loans, would be the first action following more than a year of examination by federal prosecutors. The case also is said to be derived from information from jailed speculator Ivan F. Boesky, a major source of evidence for Wall Street securities investigations since he was ensnared in an insider trading probe in 1986. Read full article. N.Y. Grand Jury Probes Stock Loan Practices Steve Coll and David Vise Washington Post, 21 July 1989 NEW YORK, JULY 20 — The Manhattan U.S. attorney is conducting a criminal investigation of Wall Street’s lucrative securities lending business, focusing on an official of Shearson Lehman Hutton Inc., according to documents and sources familiar with the case. Subpoenas issued as part of the grand jury investigation, while not stating the precise target of the probe, have requested witnesses to provide records about investments, transactions and accounts involving Dennis Palmeri, who supervises all of Shearson’s stock loan operations. Read full article.
Dennis Palmeri Jr. grew up in Monmouth County. After graduating from Christian Brothers Academy in Lincroft. He attended the University of Delaware where he majored in Economics and rowed for the crew team. Dennis is extremely knowledgeable in how major market forces shape housing trends and pricing. He lived in Tribeca for a few years working in finance, but he always knew he would return to Monmouth County. He has lived in Rumson for the past fifteen years with his wife Kathleen. They have five children, ranging in age from three to fourteen. He is valuable asset if you have any questions about the many schools or sports programs in the area. In his spare time, Dennis enjoys playing guitar and surfing. He supports many local and national charitable organizations particularly, 180 Turning Lives Around and The Arc of Monmouth County.
See the article in its original context from TimesMachine is an exclusive benefit for home delivery and digital subscribers. About the Archive This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. To preserve these articles as they originally appeared, The Times does not alter, edit or update them. Occasionally the digitization process introduces transcription errors or other problems; we are continuing to work to improve these archived versions. A Federal investigation into the practice of stock lending has advanced following an agreement by a former executive with Shearson Lehman Hutton Inc. to plead guilty to securities and tax charges and cooperate with the inquiry, people close to the investigation said yesterday. As part of the inquiry, Federal prosecutors are investigating employees at as many as nine top Wall Street investment banking firms, the people close to the inquiry said. Dennis Palmeri, who had supervised the stock-lending operations at Shearson, will plead guilty to charges that include margin violations and improper reporting of his personal income taxes, the sources said. No details of what securities violations are suspected in the broader inquiry have been made public. Billions of Dollars The specialized practice of stock lending has generated billions of dollars in the last few years for many Wall Street firms. The principal demand for borrowed shares comes from traders who want to sell them short. But shares are also borrowed for other purposes, such as meeting deliveries of shares that are not available. Individual margin accounts are a principal source of share borrowing. A margin account agreement gives the brokerage firm the right to lend the shares without notification or payment to the customer. Institutional investors also lend stock, but they usually get paid for the loan. The current investigation stems from information provided by Ivan F. Boesky, the former stock speculator who settled charges of insider trading in 1986. Mr. Boesky, who is providing evidence to the Government, is serving a three-year prison term on one charge of securities law violations. These people said that for a number of years, Mr. Palmeri was the main contact in the stock lending business for Mr. Boesky. They added that a number of Mr. Boesky's former employees at the Seemala Corporation, his stock trading firm, were being questioned about their contacts in stock lending. Voluntary Resignation Mr. Palmeri resigned voluntarily from Shearson on June 28, a Shearson spokesman said. No date has been set for his plea. Stanley Arkin, Mr. Palmeri's lawyer, declined to comment. A spokesman for Shearson said that Government prosecutors had requested information relating to a former employee of the stock-lending department, and that the firm was cooperating with the requests. Helen Gredd, an assistant United States attorney, declined to comment. It had been previously reported that subpoenas of Shearson sought information about transactions involving Mr. Palmeri and two of his relatives, as well as about several entities controlled by Mr. Palmeri. The subpoenas also asked for information about several investment banks not controlled by Mr. Palmeri. The practice of stock lending has gained in popularity as investors have engaged in dividend-capture trading strategies, in which shares of stock are quickly purchased and sold in order to gain a dividend. Possibility of Wrongdoing When a brokerage firm lends shares to another firm, it receives a payment for them. That payment can be relatively high if few shares are available to borrow, as can happen when many people want to short the same stock, either because of a widespread belief it is overvalued or as part of a hedging strategy related to a takeover. There is a possibility of wrongdoing in deciding which borrowers get stock, and some lawyers said yesterday that there had been cases in which executives were essentially paid off by customers for access to shares. By far the most lucrative part of the stock-lending business comes from the lending of shares to individual customers who wish to sell them short. When that happens, the short-seller typically puts up a margin but does not get immediate access to the cash from the short-sale. The broker keeps the cash and can earn interest while the short position is open. |
Palmeri, dennis t. & michele v.
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