Former Sage,Rutty employee probed

Lynette Haaland//May 26, 2000//

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A former Sage, Rutty & Co. Inc. employee is being investigated for inappropriate handling of investor accounts.
Financial consultant James Rulison last week was fired from the company’s Canandaigua branch on the same day an alleged discrepancy had been discovered, said Wayne Holly, Sage, Rutty president.
Ontario County District Attorney Michael Tantillo this week confirmed the case is under investigation. No charges have been filed.
“It is just one individual and does not affect the whole firm,” Holly said.
Fewer than 10 customer accounts were affected, he added. He declined to say how much money was involved.
The affected clients are being notified about the situation and will be fully reimbursed, Holly said.
“We have a pension plan arranged through Sage, Rutty and they assured us it was not affected,” said George Kimble, owner and general manager of radio station WCGR 1550 AM. “We’ll continue to do business with Sage, Rutty.”
Rulison founded and hosted the program “Your Money Matters” on Kimble’s station. Last year, he turned the program over to other hosts.
He also wrote a weekly financial advice column for Messenger-Post Newspapers.
“I’ve known Jim for years. I can’t believe it,” Kimble said. “Let’s remember, innocent until proven guilty.”
Rulison worked for the Rochester-based investment and financial planning services company for 13 years.
Holly, who considers Rulison a friend, said he is upset about the situation concerning the apparent account discrepancies. Rulison was very respected and well-liked by his clients, co-workers and community, he added.
“The (Canandaigua) office remains open and there are very good people down there,” said Holly, referring to the office that now employs three staffers. “I would hope our 85 years of history would say a lot about our commitment.”
With 25 local brokers, Sage, Rutty ranked 15th on the Rochester Business Journal’s most recent list of brokerage firms.

5/26/00