Washington Post – A former stock broker with Friedman, Billings, Ramsey Group Inc. was fined $125,000 and barred from the securities industry, the latest in a string of former FBR executives and clients entangled in a 2001 private stock placement managed by the Arlington investment house.
The enforcement action against former FBR broker John F. Mangan Jr., announced yesterday by the securities industry’s self-regulatory arm, is part of a wide-ranging investigation of a deal that this year cost Emanuel J. Friedman his job as co-chief executive of FBR.
The latest development involves one of the nation’s most prominent banking families. Mangan, a broker at FBR until November 2003, is a partner in Mangan & McColl, a Charlotte hedge fund that he founded with Hugh L. McColl III, son of Hugh L. McColl Jr., the retired chief executive of Bank of America Corp.
