Birmingham, Ala.-based investment brokerage firm Sterne Agee Group Inc has confirmed that its former chief executive James Holbrook was fired after federal investigators told the firm that he was under investigation, Investment News reports.
Holbrook was fired at the end of May, along with his son, Billy Holbrook, Sterne Agee Group’s chief operating officer, and an undisclosed number of other executives. Holbrook was replaced by Eric Needleman, who also took over as chief executive officer of one of the firm’s broker-dealers, Sterne Agee & Leach, Investment News reports.
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