An arbitration panel of the Municipal Securities Rulemaking Board has ordered A.G. Edwards & Sons Inc. and a former salesman to pay $99,000 to an investor who purchased $1.1 million to taxable municipal bonds backed by the failed Executive Life Insurance Co.

The investor, Crawford Maxson, charged that former A.G. Edwards salesman Jamie Solow misrepresented the quality of the bonds at the time of purchase in 1990.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.