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Former FBW executive Lou Akers: I'm not a bad guy

As Hanah Cho reports, an administrative law judge has rejected the Securities and Exchange Commission civil allegations that Ferris Baker Watts lawyer Theodore Urban didn't do his job with respect to rogue broker Stephen Glantz. It's a victory for Urban, who was FBW's general counsel.

Judge Brenda P. Murray's initial decision in the case, 57 pages long, gives the most publicly available background yet to the Glantz affair, which goes back to 2004 and earlier and preceded FBW's sale to RBC Dain Rauscher. Among other details, the opinion portrays Louis J. Akers, who was vice chairman and had previously been CEO, as something of a bully who helped enable Glantz's fraud. Judge Murray:

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I called Akers, who has settled with the SEC for his part in the Glantz debacle and is out of the securities business.

Akers says he takes "full responsiblity" for not watching Glantz more closely when it was his job to do so. Was Akers a bully? "You can't be in this business and do anything without having some people who really like you and some people who really don't," he said. "If people want to say I was the boogie man, that's fine. But somehow when I was there the firm really prospered."

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And, he says, "I'm not as imposing as I was because I lost 57 pounds."

More in the Sunday column.

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