In 1983, petitioners were hired to manage a branch of the securities brokerage firm Philips, Appel & Walden, Inc. (PAW). Robert A. Blatt, chairman and chief executive officer of PAW, owned a majority interest in a certain investment security, which he urged petitioners to "push". However, since petitioners favored other, more traditional investments, Blatt's issues were not "pushed" by petitioners and this action had a negative financial impact on Blatt personally. In...
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