Siebert Financial Corp. Hires Anthony Palmeri and Jerry Losurdo to Lead Securities Finance Group

Rhea-AI Summary

Siebert Financial Corp. (NASDAQ: SIEB) has announced the hiring of Anthony Palmeri and Jerry Losurdo to lead its Securities Finance Group at Muriel Siebert & Co., Inc. The new leaders bring a combined 75 years of experience from JPMorgan Chase & Co. and TD Prime Services. Palmeri expressed excitement about expanding the division's potential, while Losurdo highlighted Siebert's entrepreneurial spirit. Additionally, each was issued 150,000 shares of restricted common stock as part of their employment agreements, with a value of approximately $400,000 each, tied to the company's growth strategy.

Positive

• Hiring of industry veterans Palmeri and Losurdo could strengthen leadership in Securities Finance Group.
• Combined 75 years of experience expected to drive growth and results in the division.
• New leadership viewed as critical to expanding business lines and achieving further success.

Negative

• Concerns about continuity and experience gaps from recent management changes.

NEW YORK--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider of financial services, is excited to announce today the hiring of Anthony Palmeri and Jerry Losurdo to lead Siebert’s Securities Finance Group within its broker-dealer subsidiary, Muriel Siebert & Co., Inc. (“MSCO”).

Mr. Palmeri joins Siebert from JPMorgan Chase & Co. where he was an Executive Director, and Mr. Losurdo joins Siebert from TD Prime Services, LLC where, as a Managing Director, he led its Securities Lending and Equity Finance division. As industry-leading professionals, they have a combined 75 years of experience and will also bring on Jen Cahalan and Michael Scotti as part of their team.

Mr. Palmeri and Mr. Losurdo join Siebert’s Securities Finance Group which was acquired at the beginning of 2020. The new leaders will be leveraging their expertise and connections as well as the current strength of the division to further drive results.

Gloria E. Gebbia, controlling shareholder and board member of Siebert, commented on the new hires saying, “Mr. Palmeri, Mr. Losurdo and their team are great additions to the Siebert family. This very dynamic team will build upon the success of our current Securities Finance Group, and will be critical to getting it to the next level. We have just begun to explore the avenues in which this new team can positively impact our business lines and will be key components in continuing the growth of Siebert.”

“Siebert is poised to grow in tremendous ways and I am excited to be a part of the Securities Finance Group,” said Mr. Palmeri. “I know our team, alongside the current employees, can make this division an even bigger powerhouse for Siebert. We’re looking forward to continuing Siebert’s growth story and expanding upon the strong foundation that has been built.”

Mr. Losurdo also commented, “It is exciting to join a Securities Finance Group that has already shown incredible potential and growth. Siebert is an extraordinary firm with an entrepreneurial spirit that understands growth and risk management in today’s competitive world, and we are excited to provide additional leadership and expertise to take this division to new heights.”

Notice to Investors

This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Siebert Financial Corp.

Siebert Financial Corp. is a holding company that conducts its retail brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc., which became a member of the New York Stock Exchange ("NYSE") in 1967 when Ms. Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms. The company conducts its investment advisory business through its wholly-owned subsidiary, Siebert AdvisorNXT, Inc., a registered investment advisor, and its insurance business through its wholly-owned subsidiary, Park Wilshire Companies, Inc., a licensed insurance agency. Siebert conducts operations through its wholly-owned subsidiary, Siebert Technologies, LLC., a developer of robo-advisory technology. Siebert also offers prime brokerage services through its fifth wholly-owned subsidiary, WPS Prime Services, LLC, a broker-dealer registered with the SEC. Siebert is headquartered in New York City with offices throughout the continental U.S. More information is available at www.siebert.com.

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect our management’s beliefs, objectives, and expectations as of the date hereof, are based on the best judgement of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events such as the COVID-19 pandemic and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences associated with risks and uncertainties detailed in our filings with the SEC, including our most recent filings on Forms 10-K and 10-Q.

We caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.

Terms

Siebert issued 150,000 shares of its restricted common stock to each of Mr. Palmeri and Mr. Losurdo as part of their employment agreements. Mr. Palmeri and Mr. Losurdo each paid Siebert approximately $400,000 for their shares, which was equal to 70% of the closing price of the common stock as reported on Nasdaq on November 9, 2020. The shares of restricted common stock issued to Mr. Palmeri and Mr. Losurdo are subject to a three-year restriction on transfer commencing on the day of issuance. The issuance of common stock were each approved by unanimous written consent of Siebert’s board of directors. The shares were issued to Mr. Palmeri and Mr. Losurdo as part of their employment agreements in accordance with Nasdaq Listing Rule 5635(c)(4). The shares were issued without registration under the Securities Exchange Act of 1933, as amended in reliance upon the exemption provided in Section 4(a)(2) thereunder.