SEC Order Makes No Finding or Allegation of any Fraudulent Activity Beyond
Former Retail Broker
SAN FRANCISCO, Nov. 10 /PRNewswire-FirstCall/ -- Merriman Curhan Ford Group,
Inc. (Nasdaq: MERR) today announced that it has received a Securities Exchange
Commission (SEC) administrative order in connection with the unethical conduct
of a former retail broker, David "Scott" Cacchione, from approximately March
2006 to April 2008.
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The order makes no finding or allegation of any fraudulent activity involving
anyone in the firm other than Cacchione. His actions in committing the fraud
were not authorized by the firm. Cacchione was part of Merriman Curhan Ford's
now disbanded retail business, which, even at its peak, represented roughly 1%
of the firm's revenue. Cacchione was terminated by Merriman Curhan Ford once
the fraud came to light in May 2008.
"We are pleased to put this 18-month matter behind us, and view the SEC's
administrative order as a very constructive conclusion," said Jon Merriman,
co-founder and chief executive officer of the firm's holding company, Merriman
Curhan Ford Group, Inc. "The firm co-operated fully with the SEC's
investigation of Scott Cacchione and consented to the SEC's order without
admitting or denying the findings."
Merriman Curhan Ford recently split its legal and compliance functions and
added personnel to ensure continued disciplined compliance, which included the
hiring of:
-- Michael C. Doran as general counsel; and
-- Howard Bernstein as chief compliance officer.
"We are excited to get back to building our business," said Peter Coleman,
chief executive officer of the broker-dealer subsidiary of Merriman Curhan
Ford. "Our team has seen volume pick up in all business areas of the firm
since our strategic transaction closed in September 2009, and we look forward
to continuing our positive momentum into 2010."
About Merriman Curhan Ford
Merriman Curhan Ford (NASDAQ: MERR) is a financial services firm focused on
fast-growing companies and the institutions that invest in them. The company
offers high-quality investment banking, equity research, institutional
services and corporate & venture services, and specializes in five growth
industry sectors: CleanTech, Consumer, Media & Internet, Health Care, Natural
Resources and Technology. For more information, please go to www.mcfco.com.
Note to Investors
This press release contains certain forward-looking statements based on our
current expectations, forecasts and assumptions that involve risks and
uncertainties.This release does not constitute an offer to sell or a
solicitation of offers to buy any securities of the Company.Forward-looking
statements in this release are based on information available to us as of the
date hereof. Our actual results may differ materially from those stated or
implied in such forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors disclosed in our
Form 10-K/A filed on April 30, 2009 and our Forms 10-Q filed on May 15 and
August 11, 2009. Forward-looking statements include statements regarding our
expectations, beliefs, intentions or strategies regarding the future and can
be identified by forward-looking words such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "should," "will," and "would"
or similar words. We assume no obligation to update the information included
in this press release, whether as a result of new information, future events
or otherwise. The Form 10-K/A filed on April 30, 2009 and Forms 10-Q filed on
May 15 and August 11, 2009, together with this press release and the financial
information contained herein, is available on our website by going to
www.mcfco.com and clicking on "Investor Relations."
SOURCE Merriman Curhan Ford Group, Inc.
Michael C. Doran, General Counsel of Merriman Curhan Ford Group, Inc.,
+1-415-806-4760
