Is This Any Way To Invest In South Africa?

It isn't exactly a typical resum for success on Wall Street. Over the past 17 years, Stephen R. Goodwin has been suspended by the New York Stock Exchange, fined and suspended by the National Association of Securities Dealers, and expelled from the National Futures Assn. But that hasn't stopped Goodwin, the proprietor of a brokerage firm named Cartwright & Goodwin Inc., from assembling a roster of prestigious clients including IBM, the New York Power Authority, and New York's Metropolitan Transportation Authority. Now, Goodwin is angling for something bigger: He wants to become the first independent black Wall Streeter to put together an open-ended mutual fund investing in South Africa. Says Goodwin, 45: "This is a fund designed by black people for the good of Africa."

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