Household HSBC Watch

In December the New York Stock Exchange (NYSE) fined HSBC Securities $500,000 for failure to preserve electronic communications from early 2000 through September 2002.

Previously a source at the NASD confirmed that it is also investigating the former brokerage. [See: “Informer“] This was warranted, the former employee says, because there had been a host of regulatory problems there and at its sister company, HSBC Bank, USA, including improper licensing of representatives and supervisors. An NASD spokesperson declined to comment on the status of the probe.

Household - HSBC Watch, a consumer watchdog organization, said William F. Aldinger took over as Chairman of HSBC North America after HSBC bought his troubled predatory lending company, Household International, in March 2003. “Perhaps Aldinger is in over his head” said one representative.