Lehman's Scaraggi to End 18-Year Muni Career

Frank Scaraggi, managing director and manager of municipal trading at Lehman Brothers, announced Friday that he would step down from his post at the end of this week to become the full-time chief executive at Nu Mar Tech, a marketing company he owns.

Scaraggi, 45, an 18-year veteran of the municipal business and Lehman's head trader since 1987, said his departure was not related to the continuing weakness in the municipal market.

"This has nothing to do with my forecast for municipals, although that, in and of itself, is not all that bright," Scaraggi said. "This was really only related to the quick success we've had with Nu Mar Tech."

Scaraggi said he had originally planned to retire in 1997, but that he revised his plans after Nu Mar Tech, which he founded in April, showed strong early growth. The Springfield, N.J.-based company introduces high- tech consumer products to the marketplace.

"We get them into the marketplace, we do their advertising, and in exchange we get the exclusive distribution right to them," Scaraggi said. "We started with one product back in April, and now we have five, so the growth has come much more quickly than I had anticipated." Scaraggi declined to disclose the nature of the products.

Scaraggi said his duties would be assumed on an interim basis by Stanley Cieminecki, managing director and manager of national underwriting. He said he expects the company to choose a permanent successor sometime after he leaves this week.