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.