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In the bank's reply to the filing with OSHA, Genova Burns LLC partner James Bucci said: "BMT vehemently denies that it violated any SOX or other regulatory obligations, or engaged in fraud. The new position, he said, would have burdened her with "sole liability for the issues of which she had previously complained requiring her to spend as much time as needed to accomplish the impossible myriad of tasks." Schwartz called Bryn Mawr Trust's offer a new job late last year "simply a sham." Instances, he said, include improper investments made for clients including the Roman Catholic Diocese of Harrisburg, Pa., and Eastern University in Wayne, Pa. Schwartz, himself a 1980s whistleblower, represented the Harrisburg, Pa., City Council in its 2011 attempt at a bankruptcy filing, which a federal judge nullified.Īccording to Schwartz, it would take many months for her to unwind positions and make up unrealized losses for clients that resulted.
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"Given my municipal experience first as a bond lawyer and then a public finance investment banker, she is the best I've seen, and honest." "She is an unlikely whistleblower coming from six generations of prominent bankers," said Schwartz. A solid mini analyst, she added, can cover 250 to 500 issuers as a full-time job. Talbutt-Glassberg, a member of National Federation of Municipal Analysts, said she handled $226 million in individual muni securities for Bryn Mawr Trust's wealth management division, and had to handle between 930 and 1,465 muni issuers in recent years, in addition to 85 to 110 corporate credits. "Bryn Mawr Trust remains focused on its employees, customers and shareholders." "It is disappointing that some want to overshadow this work and the 125-year history Bryn Mawr Trust has of building one of the best brands in the industry," Hoeflich added. "Bryn Mawr Trust takes regulatory compliance very seriously and commits significant resources to ensuring that its operations meet regulatory requirements. "We believe OSHA will find that the allegations by Mary Talbutt lack merit and factual basis," said spokesman Scott Hoeflich. The bank, in a statement, disputed Talbutt-Glassberg's claims. In addition, certain securities were not on an authorized investments list but were purchased for clients, he said, and management insisted placement on those securities after the fact. He said bank president and chief executive Francis Leto and his predecessor have signed SOX certifications that Talbutt-Glassberg contends are fraudulent.Īccording to Schwartz's filing, trades never made it to blotters, broker reviews were late and software-hardware made Sarbanes-Oxley compliance impossible.