The Daily Telegraph reports that Jack Grubman made arrangements to transfer his $6m Manhatten townhouse into his wife's name in July this year, when it became clear that he would become involved in the various state and federal investigations into Wall Street stock research practices.
The move could be interpreted that Grubman is trying to protect his assets should he be found guilty of wrongdoing and become liable for fines and vulnerable to investor lawsuits.
The newspaper quotes Jake Zamansky, a well known New York attorney, who said: 'If Mr Grubman transferred his home right after news broke about his potential liability he may be trying to hide assets from investors seeking to recover losses. It shows a great concern at his personal liability and ultimately if the transfer is challenged it would probably not stand up in court'.
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