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2016-04-20T00:00:00.000Z

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Wrong Chris Kalogeris?

Mr. Chris J. Kalogeris

Direct Phone: (978) ***-****       

Email: c***@***.com

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Northern Capital Securities Corporation

300 Brickstone Square 9Th Floor

Andover, Massachusetts 01810

United States

Company Description

For more than 25 years, Northern Capital has been a trusted partner and advisor to independent investment advisory firms, broker-dealers and other institutional investors. We are a highly specialized firm, singularly focused on the bond market offering in ... more

Find other employees at this company (12)

Background Information

Web References (2 Total References)


Also present were Town Manager Jon ...

www.kittery.org [cached]

Also present were Town Manager Jon Carter, Town Clerk Maryann Place, Town Attorney Duncan McEachern, Fire Chief Dave O'Brien, Police Chief Edward Strong, Planning Board members Ernest Evancic, Megan Kline, Scott Mangiafico, Douglas Muir and Chairman Russell White, Recorder Chris Kudym, Robert Trapani, Jr. of American Lighthouse Foundation, Steve Huntress, Roger Cole, Chris Kalogeris of Northern Capital, members of the press and others.

...
The Manager said that Chris Kalogeris from Northern Capital was there to go over the strategy and Council had a diagram showing how Northern's investment strategy would work.Basically, they were a brokerage house that would place the orders and purchase the certificates of deposit.They were only talking about CD's that were $100,000, that were FDIC insured, then the proceeds were put into a bank they had control over and there were no fees they would pay.Fees that were incurred were paid by the banks from which they bought the CD's and. basically, the flow diagram had that strategy laid out.The Manager said they had asked Chris to come back to answer any questions Council might have on the strategy that he and the Deputy Treasurer would like to begin employing.The Town utilized two banking institutions for their investments: One was their Home Bank where monies "swept" in and out; the second banking institution held their reserves, their capital accounts, and they were making secured investments but there were fees that heavily cut into those investments.This arrangement was a way to obtain the full value of each instrument in which the Town invested and receive a fairly good return as the market in these sorts of instruments was growing.A CD was averaging 4.5 percent, if not higher, and the banks they would be buying from were Triple A rated with a process set up for the Town to do that.The Manager said, in a nutshell, that was what they were trying todo and Chris was there representing a brokerage house to answer any questions Council might have.Chris Kalogeris came forward and told the Council that their main approach was a "sly" approach: safety, liquidity and yield.Under the negotiable CD market, literally thousands of U.S. banks competed for funds, making it better for clients; their investments could be monitored on a daily basis and not more than $100,000 was placed in each institution for FDIC coverage.The other feature was that investments were done through a brokerage account, which typically had higher yields than locally issued CD's and, as the securities were all FDIC insured, nothing could go wrong.There was also SIPC insurance provided by people like Lloyds of London insuring the securities in their custodial holding so there was quite a bit more protection than with a local bank.Liquidity wise, they all sold quickly, they could dispose of whatever was needed - if it was early in the morning, it would be the same day, if it was later in the morning or the afternoon, the funds went out the next day.Mr. Kalogeris said that was what they offered.Chairperson Grinnell asked Mr. Kalogeris where their firm was located and if he could just quickly explain who RBC Dain Rauscher was?Mr. Kalogeris said they were based in Andover, Massachusetts and RBC referred to the receptacle holding those securities.
...
Mr. Kalogeris said there was no reason to pay exorbitant fees and, in this case, any fees.In fact, he said, they would not charge the Town wiring charges either so, basically, they were talking fee-free with best returns.Councilor Heilshorn asked how Northern Capital made its money and Mr. Kalogeris said negotiable CD's worked where underwriters built in an excess for a broker to sell them and the bank paid their fees.Councilor Heilshorn said, so by the bank handling the funds, they were also generating enough new capital so the Town was not paying Northern's fee, the bank was and Mr. Kalogeris answered yes, the banks were paying them.
...
Mr. Kalogeris said in regard to if there was an error involved, what happened was when they bought a CD, they put it in hard copy, executing a copy to show you what was purchased.The Town was not liable to pay the credit balance until they were issued securities.There was plenty of time to make sure there was not an error.Councilor Dennett asked if the clearinghouse would take that provision out?Mr. Kalogeris asked if it was in one particular sentence and Councilor Dennett said there were two that would allude to that concept.Mr. Kalogeris said they were not paying for those securities for a week and a half.Councilor Heilshorn said if he understood what Mr. Kalogeris was saying, there was a period of time during which a mistake could be rectified?Mr. Kalogeris said usually it was a week to two weeks to issue the security and he would think a minimum of a week would be plenty of time to discover an error.Councilor Dennett asked, what if Bank "A" issued a $100,000 CD, it was out there in the market and we wanted to buy it, it had already been issued and was just a transfer between owners?Mr. Kalogeris said all the CD's they would be advocating would be new issue, not something in the marketplace at all.Councilor Dennett asked why wouldn't they allow the Town to buy outstanding ones?Mr. Kalogeris said if they wanted to buy nonnegotiable CD's, they could but Northern found the new CD's to be the most attractive.
...
Mr. Kalogeris said one was FDIC insurance and that SICP insurance covered the custodians that held those funds.The local bank only offered FDIC protection but with these types, they had FDIC on each security, each issue, and, in addition to that, SICP insurance, which insured not only the CD's but also the custodian against the fault.Councilor Brock asked if the scenario Councilor Dennett raised would be covered by either of the insurances and Mr. Kalogeris said there was a type of insurance for that.


Also present were Town Manager Jon ...

www.kittery.org [cached]

Also present were Town Manager Jon Carter, Town Clerk Maryann Place, Town Attorney Duncan McEachern, Fire Chief Dave O'Brien, Police Chief Edward Strong, Planning Board members Ernest Evancic, Megan Kline, Scott Mangiafico, Douglas Muir and Chairman Russell White, Recorder Chris Kudym, Robert Trapani, Jr. of American Lighthouse Foundation, Steve Huntress, Roger Cole, Chris Kalogeris of Northern Capital, members of the press and others.

...
The Manager said that Chris Kalogeris from Northern Capital was there to go over the strategy and Council had a diagram showing how Northern's investment strategy would work.Basically, they were a brokerage house that would place the orders and purchase the certificates of deposit.They were only talking about CD's that were $100,000, that were FDIC insured, then the proceeds were put into a bank they had control over and there were no fees they would pay.Fees that were incurred were paid by the banks from which they bought the CD's and. basically, the flow diagram had that strategy laid out.The Manager said they had asked Chris to come back to answer any questions Council might have on the strategy that he and the Deputy Treasurer would like to begin employing.The Town utilized two banking institutions for their investments: One was their Home Bank where monies "swept" in and out; the second banking institution held their reserves, their capital accounts, and they were making secured investments but there were fees that heavily cut into those investments.This arrangement was a way to obtain the full value of each instrument in which the Town invested and receive a fairly good return as the market in these sorts of instruments was growing.A CD was averaging 4.5 percent, if not higher, and the banks they would be buying from were Triple A rated with a process set up for the Town to do that.The Manager said, in a nutshell, that was what they were trying todo and Chris was there representing a brokerage house to answer any questions Council might have.Chris Kalogeris came forward and told the Council that their main approach was a "sly" approach: safety, liquidity and yield.Under the negotiable CD market, literally thousands of U.S. banks competed for funds, making it better for clients; their investments could be monitored on a daily basis and not more than $100,000 was placed in each institution for FDIC coverage.The other feature was that investments were done through a brokerage account, which typically had higher yields than locally issued CD's and, as the securities were all FDIC insured, nothing could go wrong.There was also SIPC insurance provided by people like Lloyds of London insuring the securities in their custodial holding so there was quite a bit more protection than with a local bank.Liquidity wise, they all sold quickly, they could dispose of whatever was needed - if it was early in the morning, it would be the same day, if it was later in the morning or the afternoon, the funds went out the next day.Mr. Kalogeris said that was what they offered.Chairperson Grinnell asked Mr. Kalogeris where their firm was located and if he could just quickly explain who RBC Dain Rauscher was?Mr. Kalogeris said they were based in Andover, Massachusetts and RBC referred to the receptacle holding those securities.
...
Mr. Kalogeris said there was no reason to pay exorbitant fees and, in this case, any fees.In fact, he said, they would not charge the Town wiring charges either so, basically, they were talking fee-free with best returns.Councilor Heilshorn asked how Northern Capital made its money and Mr. Kalogeris said negotiable CD's worked where underwriters built in an excess for a broker to sell them and the bank paid their fees.Councilor Heilshorn said, so by the bank handling the funds, they were also generating enough new capital so the Town was not paying Northern's fee, the bank was and Mr. Kalogeris answered yes, the banks were paying them.
...
Mr. Kalogeris said in regard to if there was an error involved, what happened was when they bought a CD, they put it in hard copy, executing a copy to show you what was purchased.The Town was not liable to pay the credit balance until they were issued securities.There was plenty of time to make sure there was not an error.Councilor Dennett asked if the clearinghouse would take that provision out?Mr. Kalogeris asked if it was in one particular sentence and Councilor Dennett said there were two that would allude to that concept.Mr. Kalogeris said they were not paying for those securities for a week and a half.Councilor Heilshorn said if he understood what Mr. Kalogeris was saying, there was a period of time during which a mistake could be rectified?Mr. Kalogeris said usually it was a week to two weeks to issue the security and he would think a minimum of a week would be plenty of time to discover an error.Councilor Dennett asked, what if Bank "A" issued a $100,000 CD, it was out there in the market and we wanted to buy it, it had already been issued and was just a transfer between owners?Mr. Kalogeris said all the CD's they would be advocating would be new issue, not something in the marketplace at all.Councilor Dennett asked why wouldn't they allow the Town to buy outstanding ones?Mr. Kalogeris said if they wanted to buy nonnegotiable CD's, they could but Northern found the new CD's to be the most attractive.
...
Mr. Kalogeris said one was FDIC insurance and that SICP insurance covered the custodians that held those funds.The local bank only offered FDIC protection but with these types, they had FDIC on each security, each issue, and, in addition to that, SICP insurance, which insured not only the CD's but also the custodian against the fault.Councilor Brock asked if the scenario Councilor Dennett raised would be covered by either of the insurances and Mr. Kalogeris said there was a type of insurance for that.

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