And he has wisely gotten the New York State Banking Department to evaluate his service as he embarks on growing the firm.

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The New York State banking department recommends that consumers act quickly in the event that they believe they have been taken for a ride.

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"It may be easier for criminals to tamper with a machine that is in a non-bank location, such as a grocery store, deli or shopping mall, " the New York state banking department advises.

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Yet the SEC informed the firm last month it has opened a formal investigation, while the Department of Justice, Federal Reserve and New York State Banking Department are looking into the same issues.

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Democratic governor Hugh Carey picked Siebert (despite her Republican leanings) to become Superintendent of New York State's Banking Department, another first for a woman.

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