Dykstra down on strikes

MAR 18, 2010
Former New York Met and Philadelphia Phillies fan favorite Lenny Dykstra has failed to pay back money he borrowed from his brokerage firm, and his recent loss of a securities arbitration claim over the matter is one in a series of mounting legal problems for the three-time All-Star. The latest setback stems from his brokerage account with Oppenheimer & Co. Inc. of New York. In November, Oppenheimer alleged in an arbitration claim that Mr. Dykstra refused to pay the balance of $15,988.86 owed as an outstanding debit in his account, according to a Financial Industry Regulatory Authority Inc. dispute resolution issued April 8. The arbitrator, Sandra L. Malok, found him liable in the matter. According to the Finra arbitration decision, Mr. Dykstra never answered Oppenheimer's original suit, known as a statement of claim. Finra is based in New York and Washington. During the bull market that crested in October 2007, Mr. Dykstra achieved some renown as a stock picker. His stock reports were available on TheStreet.com before it cut him from its roster last week. Jim Cramer, the founder of that website, once dubbed Mr. Dykstra “one of the great ones in the business.” Oppenheimer is only one of Mr. Dykstra's creditors. His 12,713-square-foot estate in Thousand Oaks, Calif., originally built for hockey legend Wayne Gretzky, could be months away from foreclosure, according to published reports. Mr. Dykstra is reportedly behind on his payments to the tune of $422,436. This month, his wife, Terri Dykstra, filed for divorce. Mr. Dykstra, nicknamed “Nails,” was an outfielder with the Mets and Phillies from 1985 to 1996.

Latest News

Fed's Bowman pushes for lighter-touch AI oversight at smaller firms
Fed's Bowman pushes for lighter-touch AI oversight at smaller firms

Supervision vice chair speaks following recent launch of AI adoption practices by regulators.

Why fixed income still belongs in your clients' portfolios
Why fixed income still belongs in your clients' portfolios

In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.

Voya expands advisor managed accounts to add private market assets
Voya expands advisor managed accounts to add private market assets

Voya Financial adds private equity, credit and real estate options to its AMA program, building on support for looser federal investment rules in retirement accounts.

With executives leaving, Osaic’s Reid now in the spotlight
With executives leaving, Osaic’s Reid now in the spotlight

Shannon Reid, president of Osaic and the network’s number two executive, has plenty of challenges, industry executives said.

Investors sue crypto fund and platform, alleging $1.5 million never returned
Investors sue crypto fund and platform, alleging $1.5 million never returned

Auditors flagged the commingling. The COO allegedly knew. Investors kept getting the pitch

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.