Albuquerque Journal (Albuquerque, NM)

Brokerage Denies Charges.

Byline: Carolyn Appelman Journal Staff Writer

Group Had Lawsuit Moved to Fed Court

One of three brokerage houses Sandoval County is suing over losses to its investment portfolio denies violating state and federal securities laws and says the county knew about all transactions the firm made on its behalf.

A response filed by NBC Capital Markets Group and James T. Maness in U.S. District Court in Albuquerque says the firm believed the transactions were suitable for the county based on the county's stated investment objectives. It also says the county had been investing in stripped Treasury bonds prior to trading with the brokerage company and did not rely on recommendations from the firm.

The county's lawsuit, filed in state District Court in Bernalillo on Jan. 11, alleges Maness and NBC violated state and federal securities laws because they should have known that zero coupon stripped bonds were not suitable investments for the county. …

Log in to your account to read this article – and millions more.