Salema and Rudi were charged in February with taking more than $ 300, 000 in kickbacks from two former executives of First Fidelity Bancorp . in exchange for using their political clout to help the Lawrenceville, New Jersey, investment bank win the lead underwriting contract on a February 1990 bond issue.
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The teamsters contend that the $ 1, 000 given by each of the three brokers, including Michael Stamenson, the San Francisco salesman who made millions of dollars in commissions on Orange County business, was in violation of rules recently approved by the SEC that bar securities firms and their employees from seeking underwriting contracts from politicians whose election they helped finance.
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