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The Vigilant Investor by Pat HUDDLESTON

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8Managing Mavericks

Knowing How Compliance Systems Work Can Help You Protect Your Nest Egg

Education is when you read the fine print; experience is whatyou get when you don’t.

—PETE SEEGER

In 2000, Howard “Buck” McHugh was a hit with senior management at broker-dealer A.G. Edwards & Sons, Inc. (AGE). He was a big producer, one who was always at or near the top of the production list. According to his customers, McHugh generated those commissions by churning the accounts of blue-collar retirees from Boston Edison Company (Boston Ed), a New England electric service provider. When McHugh’s supervisor tried to stop the misconduct, upper management intervened and allowed him to continue generating large commissions at the expense of the retirees. ...

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