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Thomas Weisel Partners Settles With Regulators

Feb 12, 2003 | The Wall Street Journal Thomas Weisel Partners LLC has agreed to pay $12.5 million to settle claims by state and federal regulators over alleged conflicts between investment banking and stock research.

The Wall Street Journal reported Wednesday that the San Francisco merchant bank was expected to announce a deal as early as Wednesday.

A Weisel spokeswoman confirmed that the firm will pay $10 million in fines and $2.5 million to fund independent research. Weisel is the last of the 12 firms under regulatory scrutiny to settle.

Earlier on Wednesday, New York state Attorney General Eliot Spitzer told Dow Jones Newswires that he expects the settlement pact with the major investment banks to be finalized within the next few weeks. Although they agreed in principle to the deal, the paperwork has yet to be signed.

Weisel's fine is significantly less than what regulators had asked for. Chief Executive Thomas Weisel has said that if the firm had to pay the $60 million regulators had requested it would be forced to shut down, the Journal reported.

Weisel is paying the least of the 12 firms that settled. By contrast, Citigroup Inc. is paying the most $400 million under the $1.5 billion pact.

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