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Articles Posted in Financial Firms

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Stockbroker Fraud Law Firm Shepherd Smith Edwards & Kantas LTD LLP Files Claims Against Morgan Keegan Following SEC Wells Notice

Last week, the Staff of the Atlanta Regional Office of the US Securities and Exchange Commission sent Morgan Keegan & Co, Inc., Morgan Asset Management, Inc., and three employees a “Wells” notice. The notice stated the Staff’s intention to recommend that the Commission bring enforcement actions over possible federal securities…

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Ameriprise Must Pay $17 Million for REIT Fraud

The US Securities and Exchange Commission says Ameriprise Financial Services has consented to pay $17.3 million to settle allegations that it received millions of dollars in undisclosed compensation in exchange for selling certain REITs (real estate investment trusts) to its brokerage customers. The SEC says Ameriprise demanded and got “revenue…

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Morgan Stanley Plan to Repackage Low-Grade Debt Obligations Then Sell These as Low-risk AAA Bonds is “Preposturous,” Says Stockbroker Fraud Lawyer Bill Shepherd

Morgan Stanley is taking low grade collateralized debt obligations, repackaging these in into new pooled securities and obtaining questionable AAA ratings. The broker-dealer plans to sell $130 million CDO’s this way in a manner similar to the way banks have been dealing with commercial mortgage-backed securities. The repackaged CDO is…

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Stifel Financial Corp. Says 95% of Clients Agree to Auction-Rate Securities Buyback Plan

According to Stifel Financial Corp., 95% of its clients with frozen auction-rate securities have indicated that they will accept its offer to buy back the investments over a three-year period. Missouri Securities Regulator and Secretary of State Robin Carnahan, however, continues to maintain that the buyback plan is inadequate. She…

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Wachovia Securities Agrees to $1.4 Million FINRA Fine for Failure to Deliver Prospectuses to Customers

FINRA is fining Wachovia Securities, LLC $1.4 million for its alleged failure to provide customers with product descriptions and prospectuses between July 2003 and December 2004, as well as for related supervisory failures. A probe conducted by the SRO determined that the broker-dealer did not provide the prospectuses to clients…

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SEC May Sue State Street Corp Over Investor Losses Related to Mortgage-Backed Securities

The Securities and Exchange Commission is considering whether to file civil charges against State Street Corp. over possible securities violations related to subprime mortgages. The Boston-based firm is the largest asset manager for institutions in the world. In its regulatory filing that it submitted on Monday, State Street noted that…

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Evergreen to Pay Over $40 Million to Settle SEC and Massachusetts Securities Division Charges that Funds were Overvalued

Evergreen Investment Management Co., which distributes Evergreen mutual funds and related entities, has settled Securities and Exchange Commission charges that the Ultra Short Opportunities Fund was overvalued and that the problem was only disclosed (in a selective manner) to certain shareholders. To settle the allegations, the distributor will pay over…

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Former Stifel Nicolaus and A.G. Edwards Stockbroker Pleads Guilty to Mail Fraud

A former stockbroker that used to work for A.G. Edwards and Stifel Nicolaus has pleaded guilty to mail fraud. Neil R. Harrison, could spend up to 27 months behind bars-although his agreement to repay $85,739, cooperate with police, and lack of a criminal record could help him receive less than…

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Raymond James and RBC Capital Markets Fined $1.4 Million in Total Over Improper Stock Lending Activities

The Financial Industry Regulatory Authority says that RBC Capital Markets Corp., Raymond James & Associates, Inc., and an RBCCMC head trader have settled charges over alleged broker misconduct connected to stock loan improprieties. RJF is to pay a $1 million fine, while RBC Capital Markets will pay $400,000. Meantime, RBCCMC…

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JP Turner & Co., Legent Clearing, LLC, Park Financial Group Inc. & Four Individuals to Pay More than $1.25 Million in FINRA Fines for Alleged Penny Stock Violations

The Financial Industry Regulatory Authority is accusing Park Financial Group Inc., JP Turner & Co., and Legent Clearing LLC of inadequate anti-money laundering procedures. The broker-dealers and four persons connected to them have consented to pay more than $1.25 million for failing to detect and report suspect penny-stock transactions. JP…

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