A group of investors that lost over $17 million after a Plano-based hedge fund that promised low risk investments collapsed are suing Ernst & Young for Texas securities fraud. Parkcentral Global sold the two funds involved. According to the Houston securities fraud complaint, although E & Y was auditing Parkcentral,…
HSBC Securities has agreed to pay $375,000 to settle Financial Industry Regulatory Authority charges that it recommended the unsuitable sale of inverse floating rate collateralized mortgage obligation to retail clients. The SRO is also accusing the investment bank HSBC of inadequate supervision of the suitability of the CMO sales and…
On August 19, 2010, along with other news sources, we published a story regarding investment fraud victims of John Gardner Black. Mr. Black subsequently protested that ours and other stories published concerning him were inaccurate. Below are the inaccuracies he reports, verbatim, regarding ours and apparently other publications which concern…
Oppenheimer Champion Income Fund (OPCHX; OCHBX; OCHCX; OCHNX; OCHYX) plummeted 82% overall making it the worst performing taxable high yield bond fund of 2008. The investors believed they were in a conservative high yield fund when in fact they were exposed to illiquid derivatives and high risk mortgage backed securities.…
Bank of America Merrill Lynch has agreed to settle for $2.5 million Financial Industry Regulatory Authority allegations that it did not provide “sales charge discounts” to clients with eligible unit investment trusts purchases. By agreeing to settle, the broker-dealer is not admitting to or denying the charges. Of the $2.5…
John Gardner Black, who spent three years in prison after pleading guilty to 21 counts of securities fraud, two counts of false documents, and three counts of mail fraud in 2001, says he doesn’t think that he should have to pay $61.3 million in restitution. Prosecutors had accused Black of…
According to state authorities, there are more Texas securities schemes happening than ever before. One of the reasons for this is that many investors are looking for opportunities to make money during these tough economic times as they try to rebuild their savings. Securities officials are working hard to combat…
If you are an investor who suffered losses because you invested in the Oppenheimer Champion Income Fund, do not hesitate to contact our securities fraud law firm to request your free case evaluation. Unfortunately, many investors were not apprised of the risks they were taking on when they placed their…
Bloomberg recently reported on a report by Institutional Risk Analytics Managing Director Christopher Whalen. According to the former Federal Reserve Bank of New York official, structured notes are about to become the “next investment bubble.” Whalen is the one who predicted a little over three years ago that the mortgage-backed…
A Financial Industry Regulatory Authority arbitration panel has ordered UBS Financial Services Inc. to pay investor Kajeet Inc. $80.8 million for failed auction-rate securities. The brokerage firm disagrees with the decision and intends to file a motion to have the claim vacated. Although Kajeet had only invested $8 million in…