U.S. Probes Alleged Bribery of NYSE Official

Federal prosecutors were investigating whether brokerage executives bribed a New York Stock Exchange administrator into letting them employ unqualified supervisors to work at NYSE member firms, according to court documents. The U.S. attorney’s office in New York is investigating whether Richard Burgess, an NYSE worker who reviews the qualifications of supervisors at the exchange’s member brokerages, accepted bribes from Detroit-based Olde Financial Corp. or other brokerages, the office said in an affidavit it filed in federal court in New York in June. “There is probable cause to believe” that Burgess “has been soliciting and receiving bribes to influence the performance of his official duties,” Assistant U.S. Atty. Richard Owens said in an affidavit in support of a warrant to search Burgess’ office area. Burgess hasn’t been arrested or charged, said Marvin Smilon, a spokesman for the U.S. attorney’s office, nor has the NYSE or Olde been charged. “Based upon our preliminary inquiry, Olde did not pay bribes to any New York Stock exchange employee,” Olde spokesman Thomas Fitzgerald said.