Merrill Sued for Canning Squawk Box Whistle Blower

Merrill Lynch had to answer to the Occupational Safety and Health Administration this week in connection with a suit by former broker James Altschul. The 65-year-old Garden City-based employee claims he was fired for cooperating with the investigation into last year’s squawk box scheme. To refresh, the SEC charged that day trader John J. Amore paid brokers at Citigroup, Lehman Brothers and Merrill Lynch to provide live audio access to those firms’ “squawk boxes” in order to front run the inevitable flood of institutional orders that would follow. Meanwhile, Merrill’s sticking to its story that Altschul’s firing had nothing to do with his cooperation and everything to do with “inappropriate office conduct.” Right.
Ex-Merrill Broker Challenges Firing [WSJ]

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