4 1 nhf44173.txt ----------- ------------------------------ |FORM 4 | OMB APPROVAL ----------- ------------------------------ ___ Check this box if no longer subject to OMB Number 3235-0287 Section 16. Form 4 or Form 5 obligations Expires: January 31, 2005 may continue. See Instruction 1(b) Estimated average burden hours per response ....... 0.5 ------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 (Print or Type Responses) ____________________________________________________________________________ 1. Name and Address of Reporting Person* Hughes Edward J. ______________________________________________________________________________ (Last) (First) (Middle) 225 Franklin Street, 20th Floor ______________________________________________________________________________ (Street) Boston MA 02110 ____________________________________________________________________________ (City) (State) (Zip) ____________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol Detwiler, Mitchell & Co. (Nasdaq: DMCO) ____________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) ____________________________________________________________________________ 4. Statement for Month/Day/Year 4/16/03 ____________________________________________________________________________ 5. If Amendment, Date of Original (Month/Day/Year) ============================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) [ ] Director [_] 10% Owner [X] Officer (give title below) [_] Other (specify below) Chief Operating Officer ____________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [X] Form filed by 1 Reporting Person [_] Form filed by more than 1 Reporting Person ____________________________________________________________________________ ============================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ============================================================================

6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 1. 2. 2a. Code -------------------------- Owned at End (D) or Indirect Title of Transaction Deemed execution (Instr. 8) (A) Price of Month Indirect Beneficial Security Date date (if any) ---------- Amount or (Instr. 3 (I) Ownership (Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V (D) and 4) (Instr. 4) (Instr. 4) ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Common Stock ~~1/16/2003 1/16/2003 P 200~~30,~~000 A $1.13 780,999~~ 636(12) ~~I Partnership~~ ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- ======================================================================================================================

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) =============================================================================

10. 9. Owner- Number ship 2. of Form Con- Deriv- of 11. ver- 5. 7. ative Deriv- Na- sion Number of Title and Amount Secur- ative ture or Derivative 6. of Underlying 8. ities Secur- of Exer- 3A. 4. Securities Date Securities Price Bene- ity: In- cise 3. Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct Price Trans- Exec- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene- 1. of action ution Code of (D) (Month/Day/Year) Amount ative at End In- ficial Title of Deriv- Date Date, (Instr.(Instr. 3, ---------------- or Secur- of direct Owner- Derivative ative (Month/ if any 8) 4 and 5) Date Expira- Number ity Month (I) ship Security Secur- Day/ (Month/ ------ ------------ Exer- tion of (Instr.(Instr. (Instr.(Ins. (Instr. 3) ity Year) Day/Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Non-Qual- $1.01 11/1214/ A 50,000 11/1214/ 11/14/ Common ~~250~~50,000 $1.01 ~~250~~50,000 ID By ified 2001 ~~2006~~2002 2005 Stock ~~Part~~Stock Option (right to buy)(2) --------------------------------------------------------------------------------------------------------------------- Incentive $3.876 12/13/ 25,000 12/13/ 12/13/ Common 25,000 $3.876 25,000 D Stock ~~ner-~~1999 ~~Option~~2000 ~~ship~~2004 Stock Option (right to buy)(23) ---------------------------------------------------------------------------------------------------------------------- Non-Qual- $0.40 8/30/ 12,500 8/30/ 8/31/ Common 12,500 $0.40 12,500 D ified 1999 1999 2004 Stock Stock Option (right to buy)(3) --------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- ======================================================================================================================

Explanation of Responses: (1) Total includes 6,136 shares held in 401(k) Plan of issuer as of April 2, 2003 representing matching contributions to Reporting Person's account since inception. (2) Report filed solely to reflect acceleration of right to exercise indicated options to April 16, 1003. (3) Previously reported. /s/ Edward J. Hughes 4/17/2003 --------------------------------------------- -------------------- **Signature of Reporting Person Date Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see instruction 4(b)(v) **Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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