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Lewes, Delaware
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December 6, 2002     Cape Gazette
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December 6, 2002

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" :w , Merrill Lynch fined $500,000 State settles case Attorney General M. Jane Brady recently announced Delaware's Securities Division has entered into an agreement with brokerage firm Merrill Lynch, Pierce, Fenner & smith, which resolves Delaware's por- tion of a multistate investigation examining research analyst con- flicts of interest and claims of bi- ased research. 'q'his agreement requires a sig- nificant change in the way Merrill Lynch does business. Consumers will be better served by these requirements," Brady said. As part of BRADY the agreement, Merrill Lynch, Pierce, Fenner & Smith (Merrill) paid $500,000 to the Delaware Investor Protection Fund. The fund is a source of funding for enforcement of the Delaware Securities Act and en- forcement actions involving fraud and scams as well as funding for investor education programs. Individual investors can seek restitution for any harm they be- lieve was caused by Merrill re- search by initiating an arbitration action or civil suit. For informa- tion on how to file an arbitration claim, investors may access the North American Securities Dealer Association (NASD) website at or by telephone at 215-665-1180. In addition to the imposition of a fine, the settlement agreement requires Merrill to enact certain reforms and safeguards to prevent and prohibit future conflict of in- terest situations between Merrill's investment banking group and its research analyst group. These re- forms include the following: disclosing potential conflicts of interest in research reports separating the investment banking group from decisions to determine the compensation of re- search analysts prohibiting consideration of factors such as analyst participa- tion in investment banking trans- actions in determining an analysts compensation prohibiting investment bankers from evaluating analysts based upon work done by the ana- lyst to generate investment bank- ing business, including participa- tion in investment banking client solicitations prohibiting investment bankers from communicating with analysts or their superiors for the purpose of calculating or in- fluencing decisions on analyst compensation requiring the research depart- ment have exclusive responsibili- ty to determine analyst compensa- tion based primarily on factors such as the quality of analysts' re- search and performance of their investment recommendations; competitive compensation fac- tors; surveys and input from in- vestor clients; and surveys and in- put from Merrill's institutional sales, equity trading and private client divisions but not from the investment banking department. These safeguards included in the agreement are intended to eliminate the conflicts of interest between investment banking in- terests and research analysts and are intended to prevent attempts by investment bankers to influ- ence research reports. The Delaware Securities Divi- sion is participating in a multistate task force investigating similar conduct by other brokerage firms. It is expected that these investiga- tions will result in similar re- forms. OUR BEST SELLING ARMS... Check daily rates and APPLY ON-LINE: 00.FirstAtlanticMtg. corn FIRST ATLANTIC MORTGAGE SERVICES. LLC. 1300 Kings Highway, Lewes, DE 19958 302-645-9181 800-990-9181 302-542-3904 Lewes-Rehoboth Out of Area Bethany-Fenwick E-mail: Rates and fees subject to change without notice. First Atlantic Mortgage Services, LLC is a Licensed Mortgage Broker in Delaware and Maryland CAPE GAZETFE, Friday, Dec. S - Dec. 12, 2002.69 Overbrook Shores Wooded or cleared. $73,500 & up, public sewer, great investment for families and retirees. Seawood Estates, Lewes $125,000 cleared 3/4 acre, any builder welcome, Lewes. 1 Old Landing Woods ] A waterfront lot w/access to I public golf course. 150'x192' &l Rehoboth Bay. $500,000 / J Lazy Lake Lewes-Milton area. Mobile home lot wooded. 5 miles to Lewes. $35,000 Holly Oaks 1/2 Acre - 2 Acres. Lewes area, wooded. Cape Henlopen School District. $47,000 & up. Cave Colony 1/2 acre wooded $22,900 Good investment! Renovated Farmhouse & Retail Building on Rt. 9, lots of frontage plus 9 acres. Near New Middle School in Milton. Conditional use zoning. $649,000 MCNICHOL PLACE Mobile home east of Rt. 1, Lewes, 3 BR, 2 BA porch, close to everything. $30,000 KINGS CREEK Country Club $789,900 3 car garage, 2 master suites, total of 4 I BR, 3 1/2 BA, bonus room above garage, geo-thermal heat, extras, extras, extras Mallard Point $779,000 NEW CONSTRUCTION PREMIER DEVELOPMENT CALL FOR DETAILS.