Paralyzed Stockbroker Recalls Shooting That Left 2 Dead
Nov. 13, 1987
MIAMI (AP) _ A distraught investor who shot two stockbrokers after last month's market crash said ''Jose, take this'' as he fired at a brokerage manager who was expecting to receive a $138,000 check, according to the lone survivor of the incident.
Lloyd Kolokoff, 38, was interviewed by a Metro-Dade police detective this week from his hospital bed at Jackson Memorial Hospital's spinal therapy unit, Kolokoff's attorney, George Vogelsang, said Thursday.
Merrill Lynch office manager Jose Argilagos and investor Arthur Kane, the branch's biggest customer, died in the shooting on Oct. 26, one week after the market's Black Monday.
Kane, a Kansas City, Mo., man whose real name was Arthur Katz, had been relocated under the federal Witness Protection Program after a fraud conviction. He opened a Merrill Lynch account 11 years ago with a $500,000 initial investment and built it up to $5 million by making risky investments.
The value of Kane's stock holdings was down to approximately $2.5 million on Oct. 19, Vogelsang said, and went down further during the week.
According to Vogelsang, Kolokoff said Kane had come to Kolokoff's office on the morning of the shooting expecting to be asked for $60,000 to keep his account alive. Instead, he found the debit totaled $138,000.
Kane left, returned, and went to Argilagos' office.
''Kane went in last, locked the door and sat down on the sofa, holding his briefcase on his knees,'' Vogelsang said.
Argilagos was reaching for what he thought was a $138,000 check when he got a bullet in the face, Kolokoff told Detective Pat Diaz in a 30-minute interview Wednesday.
''Jose, take this,'' Kane muttered, clutching a .357-caliber Magnum pistol in one hand and a fistful of papers in the other.
Kolokoff doesn't remember what happened after he saw Argilagos shot, not even how Kane shot him in the back and committed suicide, Vogelsang said.
''But he is gradually remembering more and more details. That is common in a case like this, which carried such an emotional and physical shock,'' Vogelsang said.
''The first thing he (Kolokoff) can remember after the shooting occurred is crawling across the floor of the office, struggling because he had suffered a severe spinal cord injury. He was reaching toward the door handle, trying to unlock it and let help in,'' Vogelsang said.
''He saw Kane sitting on the sofa, apparently dead with a bullet hole in his right temple, and Argilagos, apparently dead, lying on the floor.''
Vogelsang said Kane and Kolokoff were ''social friends'' who attended the same synagogue.
Kolokoff said Kane traded almost exclusively in companies that were merger and buyout targets, always ''calling his own shots.''
''He (Kolokoff) said Kane was the smartest guy he ever represented as a broker,'' Vogelsang said.
During the week of the stock market crash, ''Kane had remarked to Kolokoff about committing suicide by carbon monoxide asphyxiation,'' Vogelsang said.
Kane had lost money before, but ''he usually just got depressed and got back into the market. Lloyd never thought something like this might happen. But then Kane had never lost that much money,'' Vogelsang said.