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State of Maine v. Michael A. Doyle
Lawyers: Reply to Dyer Response
- I was never contacted by the securities dept for churning a customer's account, the correct name was Levenson.
- The transfer was authorized by Levenson on the fund application that he signed. The fund, Alliance Capital, made the transfer because it was authorized by Levenson. It was a transfer within the same mutual fund group.
- The transfer netted Levenson a return of 31% instead of 18% for that year, or $13,000 more money on his account.
- I was not paid any commission to do the transfer but considered it a normal service to the client.
- The broker/dealer was told by the State to reverse the transaction, the net effect would be a reduction of $13,000 in the value of the account.
- Levenson at this time was trading with an unlicensed, in the state of Maine, registered representative in Long Island, New York and using his sister-in-law's address in Long Island for confirmations.
- Dyer never expressed any anger with me at any time. In fact when we talked in late January or early February and I said that I would earn a million dollars in 1997 his reply was " whoooeee isn't that something".
In addition to the above why would I have continued using him as my business lawyer and asked him to meet with me at DeTroy's office in May, when at that meeting, I was referred to Berne, if he was so put out with me?
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