LONGWOOD, Fla., June 21 /PRNewswire-FirstCall/ -- Jesup &
Lamont Inc. (Amex: JLI), a full service brokerage, investment
banking and investment advisory firm, today announced that on
June 18, 2010 its subsidiary Jesup
& Lamont Securities, Corp., received a notice from the
Financial Industry Regulatory Authority ("FINRA") that it was out
of compliance with the SEC's Net Capital Rule 15c3-1 and,
accordingly, that such subsidiary must cease conducting a
securities business, other than liquidating transactions, while
remaining out of compliance with this rule. Jesup &
Lamont Securities Corp. disputes FINRA's determination and is
seeking to have it reversed. Nevertheless, Jesup &
Lamont, Inc., has taken other steps to remedy its subsidiary's net
capital deficiency and is seeking to demonstrate that it has
regained compliance. The company has complied with this order
and hopes to resolve the matter it in the near term.
About Jesup & Lamont
Established in 1877, Jesup & Lamont has an extensive history
on Wall Street, with its origins encompassing such successes as
providing brokerage services to Standard Oil and raising capital
for the construction of Rockefeller Center. Jesup & Lamont is a
full service broker-dealer with over 300 retail brokers in over 30
offices nationwide; institutional sales offices in New York, San
Francisco, Los Angeles,
Boston, Boca Raton and Orlando. The company also publishes
proprietary research on several industries including
Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare
and offers comprehensive investment banking services.
Forward-Looking Statement Disclaimer
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown
risk, uncertainties or other factors which may cause actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that might cause such a difference include,
without limitation, fluctuations in the volume of transactional
services provided by the Company, competition with respect to
financial services commission rates, the effect of general economic
and market conditions, factors affecting the securities brokerage
industry as well as other risks and uncertainties detailed from
time to time in the Company's Securities and Exchange Commission
filings. The company undertakes no obligation to revise or update
any forward-looking statement.
SOURCE Jesup & Lamont Inc.