Pension Firm Ordered to Cease Holding Cash

FINANCE: Administrator of IRAs in Irvine lacks a license
to be custodian of customers' assets, SEC says.

by James S. Granelli

from The Los Angeles Times, Business, Part D Page 5, June 6, 1996
partial reprint; contact The Los Angeles Times for complete text

EXCERPT:

"An Irvine Pension Administrator that oversees more than $700 million in retirement funds has agreed to abide by a Securities and Exchange Commission order prohibiting it from holding customers' cash and securities, the agency said Wednesday."


OTHER POINTS:

-- Transcorp Pension Services, Inc. doesn't admit to any wrongdoing but agrees to stop acting as a Broker/Dealer and/or custodian until it obtains proper licenses.

-- SEC says Transcorp held as much as $16 million in customers' securities and cash at its Irvine offices, in violation of federal law.

For complete text, contact The Los Angeles Times.