NEW YORK (Reuters) - Jesup & Lamont Inc, a 133-year-old brokerage, filed for Chapter 11 bankruptcy on Friday in Manhattan, a month after it was shut down by regulators for failing to have enough capital.
The New York-based company had $41.2 million in assets and $24.6 million in debts on June 30, 2010 according to the company’s filings with the U.S. Bankruptcy Court in Manhattan.
The firm last month announced it would fire all of its nonessential staff after the Financial Industry Regulatory Authority barred the firm from executing trades citing a lack of capital. As of June 29, the firm said it had 300 advisers and 30 offices.
The bankruptcy puts an end to a firm that was established in 1877, which provided brokerage services to Standard Oil and raised capital for the construction of Rockefeller Center.
Jesup & Lamont’s suspension followed similar action taken a against Tampa, Florida-based brokerage GunnAllen in March. That firm went out of business, leaving 400 financial advisers to find new jobs.
Calls to Jesup & Lamont’s main office were not immediately returned. The firm’s attorney, Ronald Friedman, declined to comment.
Reporting by Helen Kearney, editing by Bernard Orr