"The Western Union" Telegraph Company Share Certificate with ownership history -
This certificate was owned by: D.H. Blair & Company dated July 23, 1968.
Over the course of more than three decades, D.H. Blair & Co. foisted hundreds of initial public offerings of small companies on the investing public, marking up stock prices sharply and often leaving public investors high and dry when the stocks subsequently collapsed. Two years ago, the firm shut itself down, not long after paying a $2 million fine to the National Association of Securities Dealers and agreeing to pay $2.3 million in restitution to bilked investors.
As early as this week, another shoe could drop. An indictment of several of the most senior executives of D.H. Blair is expected, thanks to the efforts of Manhattan District Attorney Robert Morgenthau's office, say people close to the situation. The move, these sources add, follows the breakdown of ongoing negotiations between the District Attorney's office and Blair executives.
Though his name is closely identified with D.H. Blair, J. Morton Davis, who joined the firm in 1961 and bought a majority stake seven years later, has technically had no control over the retail business since 1992. That year he gave the retail arm of the company to his family. Davis retained control of the investment banking division, D.H. Blair Investment Banking, which continues to operate today. Davis is not expected to be indicted. Barron's feature article titled: "Morty's Legacy" Are Indictments on the way at D.H. Blair
Updated July 17, 2000 12:01 a.m. ET
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