One of the top money managers at Robert W. Baird, Mary Ellen Stanek, has been accused by a rival firm of trading initial public offerings in her own account, rather than in the mutual funds and separately managed accounts intended for clients, the Milwaukee Journal Sentinel reports. The firm, Red Granite, also implied that Stanek and four other executives at Baird did not hold proper securities licenses.
The accusations were made in a court document Red Granite filed in response to a lawsuit Baird filed against it. Red Granite said the document was mistakenly included in the public file. While Red Granite didn't make the accusations outright, it couched them in the form of inflammatory questions and 194 requests for information from Baird.