- Billionaire Frost ups investment in Ladenburg Thalmann by $20M
May 30, 2013, 5:24pm EDT
Billionaire entrepreneur Dr. Phillip Frost increased his investment in Ladenburg Thalmann Financial Services by $20 million as part of the company’s $115 million stock offering. Ladenburg Thalmann Chairman Dr. Phillip Frost
The Miami-based investment banking, asset management and brokerage firm (AMEX: LTS) closed its offering of 4.6 million shares of Series A preferred stock at $25 a share on May 24. According to U.S. Securities and Exchange Commission filings, Frost, Ladenburg Thalmann's chairman, acquired 800,000 of those shares.
Among other insider purchasers in the offering:
Director Saul Gilinski bought 20,000 shares for $500,000.
Director Jacqueline Simkin bought 8,000 shares for $200,000.
President and CEO Richard Lampen bought 4,000 shares for $100,000.
COO Adam Malamed bought 4,000 shares for $100,000.
Executive VP Mark Zeitchick bought 4,000 shares for $100,000.
Since these are preferred shares, as opposed to common stock, they will pay a dividend of 8 percent. http://www.bizjournals.com/southflorida/news/2013/05/30/billionaire-frost-ups-investment-in.html