Those brokers are valuable as the company's PaineWebber broker-dealer unit tries to gain access to wealthy investors in the Southeast.
Mr. Teague, 31, is a trader of credit derivatives in New York with the United States broker-dealer unit of Commerzbank, the German financial institution.
Yesterday's lawsuit contends that Refco insiders, with the help of advisers, induced foreign exchange customers to entrust their funds to the Refco Capital Markets broker-dealer unit.
LEHMAN BROTHERS HOLDINGS, New York, named David Goldfarb, controller and chief financial officer at its broker-dealer unit Lehman Brothers Inc., to the post of chief financial officer.
A person close to MF Global says that the firm's broker-dealer unit used to be called MF Securities, and people in the company often referred to it by that name.
The court-appointed trustee overseeing the liquidation of MF Global's broker-dealer unit laid off 1,066 employees on Friday, keeping only a skeleton staff to assist in the dissolution of the business.
Since MF Global filed for bankruptcy on Oct. 31, its core broker-dealer unit has begun the slow process of liquidating itself under the rules laid out in the Securities Investor Protection Act.
Morgan Stanley, however, houses the roughly $6 billion in loans made to its financial advisers outside its broker-dealer unit, allowing the bank to set aside just 8 cents for every dollar lent.
In order to insure an orderly winding down, the Fed loaned the broker-dealer unit $62.8 billion on Monday, September 15th, $47.7 billion on Tuesday, and $48.9 billion on Wednesday.
A federal bankruptcy judge said Wednesday that managers of the Lehman Brothers estate may investigate whether Barclays got "too good of a deal" when it bought Lehman's broker-dealer unit last fall.
