SECURITIES : Salomon’s Former Managing Director Fined
The Securities and Exchange Commission said it fined Thomas Murphy $300,000 and permanently barred him from participating in Treasury auction bids. The agency took the action against Murphy for his role in a bidding scandal that rocked the Wall Street firm in 1991. In its complaint, the SEC alleged that Murphy submitted false customer bids in three auctions of Treasury securities and caused Salomon Bros. Inc. to create false records. The commission said it also settled proceedings against Murphy. Murphy’s attorney could not be reached for comment.
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