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. Last Updated: 07/27/2016

Firm Offers Brokers Partial Payback

About a dozen brokers who were cheated out of about $250,000 may get some money back after an informal meeting with the firm that defaulted on share sales to them, a source said Friday.


The Presnenskaya brokerage, which "sold short" millions of shares in blue-chip energy giant Mosenergo but could not deliver the stock to 10 or 12 Moscow brokers, may pay back at least some of the money, said a source close to the talks.


The source, who did not wish to be identified, said a meeting Thursday with all parties produced an "amicable plan" for Presnenskaya to reimburse an as yet undetermined percentage of the brokers' losses.


Separately, disciplinary action against Reptos, a brokerage alleged to have defaulted on a transaction with Presnenskaya, was not on the agenda of a board meeting of the Professional Association of Stock Market Participants on Friday, an association spokeswoman said. Reptos is a member of the self-regulatory club, but Presnenskaya is not.