Former Lehman Brothers CEO Richard 'Dick' Fuld, after having worked some 30 years at Lehman Brothers  - his only Wall Street employer - joined up with a smaller brokerage firm, Legend Securities, following Lehman's collapse in 2008.  However, his stint with Legend, run by CEO Anthony Fusco, lasted just 2 years.  [C-I Note: It may be that Legend was simply Chapter Two of his Wall Street career.  Really can't tell what he might like to do, at this point.] FOX Business Network reported last week that Fuld decided to leave amid mounting regulatory scrutiny concerning his role at the small brokerage firm.  The problem for Fuld centered on regulators’ continued questioning of how much business he was generating at the firm and Fuld’s inability to obtain brokerage licenses from state regulators, according to people with direct knowledge of the matter. Anthony Fusco, the CEO of Legend Securities, would neither confirm nor deny the circumstances behind Fuld’s departure;  Fuld didn’t return telephone calls or an e-mail placed through his attorney. Fuld - A Controversial Player. While at Lehman Brothers, Fuld was known as the “gorilla” for his tough management style.  He rose up the ranks to become the CEO as he built the firm into one of Wall Street’s largest.  But with Lehman's collapse, Fuld's role in the firm’s demise prompted questions, and it remains a stain on his record.  Many blame Fuld for the firm’s business model that focused on taking big risks in real estate. Lehman’s bankruptcy sparked the broader collapse of the US financial system.  Since then, Fuld has been the focus of numerous regulatory probes over his actions during the firm’s final days, but regulators are unlikely to file charges. People who know Fuld tell FOX Business that the controversy surrounding his days at Lehman made it difficult for Fuld to get a job at a more established outfit.  It followed that, in May of 2010, Fuld finally landed a job with a little-known brokerage firm called Legend Securities - self-described as “a full-service brokerage and investment banking firm.”

[C-I Note: It's likely that Fuld, who said "I'm not built for Street life," has had it will securities firms - destined to ride out his final days away from Wall Street.  If he get's itchy, he just might want to buy a business - i.e., one that doesn't require registration.]

Click for the referenced story:  [NYPost, 2/24/12].