Washday Blues: Scandal Strikes Shearson

Scandal strikes Shearson

At first glance, Herbert Cantley of Huntingdon Valley, Pa., seems an unexceptional 46-year-old man who earns an honest living renovating and painting houses. But that is only his latest career. Last year he was fired from his job as a sales manager at the Philadelphia office of Shearson Lehman Bros., a New York-based brokerage firm, after authorities began investigating % large unreported currency transactions at the company. Last week that investigation finished with a flourish: a federal grand jury indicted Shearson Lehman, Cantley and six other people on charges of laundering $1.2 million for an illegal gambling syndicate.

The 63-count indictment...

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