JB Oxford Sells Its Last Business

Beverly Hills-based JB Oxford Holdings Inc., under investigation for its role in the mutual fund trading scandal, said Tuesday that it had struck a deal to sell its last remaining business, a unit that processes trades for other brokerages.

JB Oxford said it would sell its National Clearing Corp. accounts to North American Clearing Inc. for as much as $2.5 million. Oxford said in a regulatory filing it would get an initial payment of as much as $100,000 plus half the revenue generated over the next five years by the accounts.

In June, Oxford agreed to sell its other unit, a retail discount brokerage operation, to Ameritrade Holding Corp.

Oxford was named but not charged in New York Atty. Gen. Eliot Spitzer’s Sept. 3 civil lawsuit against the hedge fund Canary Capital Partners. Investigations by Spitzer, who said Oxford made after-hours fund trades for Canary, and by the Securities and Exchange Commission and the Justice Department are continuing.

Oxford said Tuesday that its future remained uncertain. Proceeds from the two sales will enable it “to maintain its offices and a minimal staff until such time as a new business venture is decided upon.”

Oxford shares sank 22 cents, to $1.70, on Nasdaq.