A longtime Duluth branch manager is no longer employed by investment firm Smith Barney after an internal investigation that the company says involves an issue related to a couple of accounts he oversaw.
Thomas Brown worked for Smith Barney from 1984 until this week, serving as a financial adviser and vice president-wealth management -- as well as branch office manager since 1993.
Smith Barney's New York office issued a statement Wednesday that was short on specifics, but said, in part: "Promptly upon learning of the allegations, we suspended Mr. Brown, initiated an internal investigation and alerted the proper authorities.
"He is no longer an employee."
Brown confirmed Wednesday that he is not employed by Smith Barney and has not been contacted by law enforcement authorities. He declined further comment.
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Brown has not been charged in state or federal court in Duluth. The Minnesota Department of Commerce has no enforcement actions against him. The National Association of Securities Dealers also reports no recent actions against him.
The issue "relates to only a couple of accounts overseen by Mr. Brown and impacted clients have been contacted," the statement continued. "Those clients have been informed that any missing funds will be reimbursed."
The Smith Barney Web site says that Brown worked from 1975 to 1984 for Dain Bosworth as a financial adviser and is a 1970 graduate of the University of Minnesota Duluth in business administration.
Smith Barney spokesman Alexander Samuelson said he did not know the nature of the allegations, the investigation or how much money may be involved.
