- Siebert hires Anthony Palmeri from JPMorgan Chase & Co. and
Jerry Losurdo from TD Prime Services, LLC to lead Siebert’s
Securities Finance Group
- Mr. Palmeri and Mr. Losurdo bring a skilled team and over 75
years of combined industry experience to the division
Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider
of financial services, is excited to announce today the hiring of
Anthony Palmeri and Jerry Losurdo to lead Siebert’s Securities
Finance Group within its broker-dealer subsidiary, Muriel Siebert
& Co., Inc. (“MSCO”).
Mr. Palmeri joins Siebert from JPMorgan Chase & Co. where he
was an Executive Director, and Mr. Losurdo joins Siebert from TD
Prime Services, LLC where, as a Managing Director, he led its
Securities Lending and Equity Finance division. As industry-leading
professionals, they have a combined 75 years of experience and will
also bring on Jen Cahalan and Michael Scotti as part of their
team.
Mr. Palmeri and Mr. Losurdo join Siebert’s Securities Finance
Group which was acquired at the beginning of 2020. The new leaders
will be leveraging their expertise and connections as well as the
current strength of the division to further drive results.
Gloria E. Gebbia, controlling shareholder and board member of
Siebert, commented on the new hires saying, “Mr. Palmeri, Mr.
Losurdo and their team are great additions to the Siebert family.
This very dynamic team will build upon the success of our current
Securities Finance Group, and will be critical to getting it to the
next level. We have just begun to explore the avenues in which this
new team can positively impact our business lines and will be key
components in continuing the growth of Siebert.”
“Siebert is poised to grow in tremendous ways and I am excited
to be a part of the Securities Finance Group,” said Mr. Palmeri. “I
know our team, alongside the current employees, can make this
division an even bigger powerhouse for Siebert. We’re looking
forward to continuing Siebert’s growth story and expanding upon the
strong foundation that has been built.”
Mr. Losurdo also commented, “It is exciting to join a Securities
Finance Group that has already shown incredible potential and
growth. Siebert is an extraordinary firm with an entrepreneurial
spirit that understands growth and risk management in today’s
competitive world, and we are excited to provide additional
leadership and expertise to take this division to new heights.”
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert Financial Corp. is a holding company that conducts its
retail brokerage business through its wholly-owned subsidiary,
Muriel Siebert & Co., Inc., which became a member of the New
York Stock Exchange ("NYSE") in 1967 when Ms. Siebert became the
first woman to own a seat on the NYSE and the first to head one of
its member firms. The company conducts its investment advisory
business through its wholly-owned subsidiary, Siebert AdvisorNXT,
Inc., a registered investment advisor, and its insurance business
through its wholly-owned subsidiary, Park Wilshire Companies, Inc.,
a licensed insurance agency. Siebert conducts operations through
its wholly-owned subsidiary, Siebert Technologies, LLC., a
developer of robo-advisory technology. Siebert also offers prime
brokerage services through its fifth wholly-owned subsidiary, WPS
Prime Services, LLC, a broker-dealer registered with the SEC.
Siebert is headquartered in New York City with offices throughout
the continental U.S. More information is available at
www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not
historical facts, including statements about our beliefs and
expectations, are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements preceded by, followed
by or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar words or expressions. In addition,
any statements that refer to expectations, projections, or other
characterizations of future events or circumstances are
forward-looking statements.
These forward-looking statements, which reflect our management’s
beliefs, objectives, and expectations as of the date hereof, are
based on the best judgement of our management. All forward-looking
statements speak only as of the date on which they are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: economic,
social and political conditions, global economic downturns
resulting from extraordinary events such as the COVID-19 pandemic
and other securities industry risks; interest rate risks; liquidity
risks; credit risk with clients and counterparties; risk of
liability for errors in clearing functions; systemic risk; systems
failures, delays and capacity constraints; network security risks;
competition; reliance on external service providers; new laws and
regulations affecting our business; net capital requirements;
extensive regulation, regulatory uncertainties and legal matters;
failure to maintain relationships with employees, customers,
business partners or governmental entities; the inability to
achieve synergies or to implement integration plans and other
consequences associated with risks and uncertainties detailed in
our filings with the SEC, including our most recent filings on
Forms 10-K and 10-Q.
We caution that the foregoing list of factors is not exclusive,
and new factors may emerge, or changes to the foregoing factors may
occur, that could impact our business. We undertake no obligation
to publicly update or revise these statements, whether as a result
of new information, future events or otherwise, except to the
extent required by the federal securities laws.
Terms
Siebert issued 150,000 shares of its restricted common stock to
each of Mr. Palmeri and Mr. Losurdo as part of their employment
agreements. Mr. Palmeri and Mr. Losurdo each paid Siebert
approximately $400,000 for their shares, which was equal to 70% of
the closing price of the common stock as reported on Nasdaq on
November 9, 2020. The shares of restricted common stock issued to
Mr. Palmeri and Mr. Losurdo are subject to a three-year restriction
on transfer commencing on the day of issuance. The issuance of
common stock were each approved by unanimous written consent of
Siebert’s board of directors. The shares were issued to Mr. Palmeri
and Mr. Losurdo as part of their employment agreements in
accordance with Nasdaq Listing Rule 5635(c)(4). The shares were
issued without registration under the Securities Exchange Act of
1933, as amended in reliance upon the exemption provided in Section
4(a)(2) thereunder.
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Siebert Financial Corp. 120 Wall Street New York, NY 10005
Investor Relations: Siebert Financial Corp. John T. Gebbia (310)
432-2196
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