Wall Street Broker WJB Capital Shuttered Amid Financial Issues
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While markets are holding strong on the first trading day of the new year, traders got a little scare mid-day following news that small brokerage firm WJB Capital is shutting down amid financial issues.
The firm general counsel Mark Skolnick of Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow LLP said, "A decision was made -- and I might say it was a very painful decision -- that it would terminate its broker-dealer operations, and it has done so," according to reports from Bloomberg.
The company was "unable to resolve its financial issues in a manner that would have allowed it to continue its operations under the current economic climate and the constraints that would’ve been placed on the corporation and its investors," he said.
The company is exploring options for its non-brokerage operations.
The firm general counsel Mark Skolnick of Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow LLP said, "A decision was made -- and I might say it was a very painful decision -- that it would terminate its broker-dealer operations, and it has done so," according to reports from Bloomberg.
The company was "unable to resolve its financial issues in a manner that would have allowed it to continue its operations under the current economic climate and the constraints that would’ve been placed on the corporation and its investors," he said.
The company is exploring options for its non-brokerage operations.
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