A Chicago securities firm that allegedly diverted $3.4 million incustomer funds to failing businesses may be sold, averting acourt-ordered liquidation, an attorney for the firm's owner saidWednesday.
Lawyer Michael Monico said the owner of Chicago PartnershipBoard Inc., James Frith of Highland Park, is negotiating with severalpotential buyers. The Securities Industry Protection Corp., whichhas filed a federal suit asking that CPB be dissolved, said a buyoutcould result in a new owner guaranteeing customer accounts.
"We support a buyout of the company. It would obviate the needfor a long complex liquidation proceeding," said Stephen Harbeck,general counsel for …
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