| | | Gruntal Financial Investment Company - WTC Vignette - Scandal and 9/11 Casualty | Beautifully engraved certificate from the Gruntal Financial Corp. issued
in the 1980's. This historic document was printed by the American Banknote Company and has an
ornate border around it with a vignette of an allegorical man and woman standing with the New York Skyline including the World Trade Center in the background. This item has the printed signatures of the Company’s President (Howard Silverman) and Secretary and is
over 15 years old. We have not seen many of these around.
Certificate Vignette
On April 29, 2002 Ryan, Beck & Co., LLC, a subsidiary of BankAtlantic Bancorp (NYSE: BBX - news), completed the transaction announced April 22, 2002 under which it acquired certain assets and related entities from Gruntal & Co., LLC. This transaction has significantly expanded Ryan, Beck's reach through its private client group. The combined firm now has in excess of 600 retail account executives located in 34 offices nationwide, with nearly $19 billion in client assets. Institutional equity sales will be conducted through 6 offices nationwide. The transaction also provided for Ryan, Beck's acquisition of GMS Group, LLC. GMS is a wholly owned subsidiary of Gruntal. GMS, also based in Livingston, New Jersey, has 80 account executives focusing on tax-exempt securities in 6 offices. Ryan, Beck has retained substantially all of Gruntal's capital markets activities, including institutional sales and trading, research, investment banking and other groups. The final blow to Gtuntal was the September 11, 2001 attack on the WTC which makes this vignette very ironic.
Founded in 1880 and headquartered in New York City, Gruntal Financial L.L.C., which was comprised of Gruntal & Co., L.L.C. and The GMS Group, L.L.C., was a high-quality full-service financial services firm with a diverse business mix serving affluent individual, institutional, and corporate clients. The firm employed approximately 620 account executives across 31 locations in the Northeast, Florida, Illinois, California, Georgia, and Texas, with client assets totaling approximately $19 billion. Gruntal & Co. consisted of a strong franchise in private client services, institutional equity sales and trading, investment banking, research, and stock loan conduit, and fixed income sales, trading, and distribution. Gruntal was a member of the NYSE and NASD. They had a single office on Broadway. The securities broker survived the 1929 stock market crash, expanded to 11 offices and went public in 1983, and established offices throughout the U.S. after being purchased by a Swiss-based insurance company in 1987. But Gruntal's story of success turned into a tale of greed and back-office wheeling and dealing in 1994, when the company announced that it had discovered an embezzlement scheme by three senior officials. In a 10-year period, the former officials bilked customers and the company out of about $14 million. Gruntal admitted to lapses in regulatory oversight. In 1995, former chairman and CEO Howard Silverman stepped down; he was rumored to have been pushed out. The next year, the company agreed to $6.2 million in fines, and set aside an additional $5.5 million to cover future claims.
The company was restructured in 1997 as a limited liability company and sold to a management group led by current CEO Robert Rittereiser. Despite its recent troubles, Gruntal is still a financial powerhouse, with $195 million in capital and $2.9 billion in assets. In April 1999, Gruntal announced that it was going to join forces with Florida-based A.F. Best Securities. But in June 1999, scandal resurfaced as the SEC sued two former senior managers, contending they diverted $11 million from customer accounts. Subscribe to our New Free RSS New Products Feed in a Reader
Subscribe to Our New Product Additions Feed by Email
WASHINGTON,
DC (January 26, 2012) -
Scripophily.com has acquired the
Old Stock & Bond Research
Archives from Herzog & Co., Inc.
The asset
purchase includes all archives, publishing rights and copyrights on
obsolete research reference material published by the Marvyn
Scudders Manuals, the Robert D. Fisher Manuals, and the Herzog &
Co., Inc. obsolete research services, which have been performed
continuously since 1880. John Herzog, President of Herzog &
Co., Inc. said “My wife, Diana, and I are very pleased with this
transfer to Scripophily.com, and know that Bob will continue his
excellent work and spearhead the digitizing and reorganizing of this
classic American research that we were always proud to have taken
part in continuing.” |
Scripophily.com / Old
Company Research Service,
successor to
all material published
by the Marvyn Scudders Manuals, the Robert D. Fisher Manuals, and the
Herzog & Co., Inc. obsolete research services, which have been performed
continuously since 1880, is the
leading provider of authentic stock certificates, autographs, and
old company stock research services. Our company was founded by Bob Kerstein,
CPA who is a member of the American Institute of
Certified Public Accountants, California Society of Certified Public Accountants, and the Virginia Society of Certified Public Accountants. We have been collecting and selling old stock and bond certificates
since 1990. Scripophily.com started operating on the Internet in January
1996 with the goal to promote the history of old companies and help educate people about the wonderful hobby of collecting stock
and bond certificates called Scripophily.
We will always maintain our founding commitment to customer satisfaction and the delivery of an educational product with an enjoyable shopping experience. Please
let us know how we may be of service to you. |
|
Scripophily has
been
fully tested by
Norton Safe Web
Note:
All Old Stock and Bond
Certificates are actual authentic certificates and are sold only as collectibles.
We do not sell reproductions and offer a lifetime guarantee to the
authenticity of everything we sell.
All Rights Reserved. © 1996 - 2012 Scripophily.com ©, Scripophily .net (tm), Wall Street History - Lost and Found (sm), Bob.com ©, ConfederateBonds.com, CSABonds.com, StockLedger.com, Occupy Wall Space (tm), Stock Research Professional, Old Company Research (tm), Old Stock Certificate Research, Old Stock Exchange ©, Gift of History (sm), Liberty Loans, Liberty Bonds, LibertyBonds.com,
Marvyn
Scudders Manuals, Robert D. Fisher Manuals,
Scripophily Exchange (tm), EBITDA.com., PSTA - Professional Scripophily
Traders Association, Stock Research Service, OldCompany.com, StockCalendar.com, PSTA.COM, Bob Kerstein © and Encyberpedia ©. You may link to the site, but
please do not copy any images or information without our expressed written permission.
If you are publishing a book for educational purposes or with the press, please
contact us directly at 703-787-3552 for use of our content.
|
American Institute of
Certified Public Accountants
Virginia Society CPA's
Bob Kerstein, Member |
|
|
American Numismatic Association
Securities and Exchange
Commission Historical Society
Society of Paper Money Collectors
Member |
Better Business
Bureau Member Rated A+ |
|
| | | |