Stockbroker Fraud Blog
Features securities-related news and legal developments.
Author: A law firm blog hosted and authored by Shepherd Smith & Edwards, a securities law firm based in Houston.
Blawg Related Categories: Securities Law • Law Firm
Recent Posts from Stockbroker Fraud Blog
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SEC Charges Former AG Edwards and Bank of America Broker With Misappropriating $1.3 Million from Customers
The Securities and Exchange Commission has filed a complaint charging Brent S. Lemons, a former AG Edwards Inc. and Bank of America Investment Services Inc. stockbroker, with misappropriating over $1.3 million from at least three…
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Claims Continue over MasterShare - Prudential Securities’ Deferred Compensation Plan
Prudential Securities has been plagued by claims over its deferred compensation plan, known as MasterShare. A number of former representatives have filed claims and recovered damages. Started in 1999, MasterShare allowed Pru employees to deduct…
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Seven Mutual Fund Horror Stories for Investors!
A recent Morningstar article outlines seven mutual fund horror stories. In addition to the Legg Mason Value Fund (symbol LMVTX) and Schwab YieldPlus Fund (symbol SWYPX) and the Regions Morgan Keegan funds, which are the…
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Mutual Funds Misrepresented as Safe: SSgA Yield Plus, Fidelity Ultra-Short Bond (FUSFX) & Regions Morgan Keegan Select High Income (MKHIX)
Just as auction rate securities were sold by most investment firms as safe alternatives to money market funds which paid a higher rate, so also were a number of mutual funds. Packaged and sold as…
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Connecticut Attorney General Sues Moody’s, McGraw Hill, & Fitch Over Municipal Bond Issues
Connecticut Attorney General Richard Blumenthal has filed a lawsuit against Fitch Inc., Moody's Corp., and McGraw-Hill Companies. He is charging them with deliberately giving lower credit ratings to bonds issued by public entities, such as…
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Securities Law Firm Shepherd Smith Edwards & Kantas LLP Investigates Investor Claims Related to Short Term Bond Funds
SSEK law firm, which specializes in investor claims, is investigating compliants over the liquidity and security of so-called "ultra-short term" bond funds. Because these funds were sold as cash alternatives, any loss of principal…
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FINRA Pilot Program Offers Up All-Public Arbitration Panel to Hear Investor Claims
Citigroup Global, Merrill Lynch, Wachovia Securities, UBS, Charles Schwab, and Morgan Stanley have volunteered to participate in a Financial Industry Regulatory Authority pilot program that would allow investors to have their cases heard by a…
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Pluris Valuation Survey Finds Auction-Rate Securities Write-Downs Totaling $2.1 Billion
In its most recent survey of auction-rate securities holders, Pluris Valuation Advisors LLC found that 281 out of 460 public companies have taken write-downs on auction-rate securities worth $2.1 billion (a total par value of…
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Massachusetts Slaps Merrill Lynch with Auction-Rate Securities Fraud-Related Charges
The Massachusetts Secretary of the Commonwealth has filed securities fraud-related charges against Merrill Lynch for allegedly promoting the sale of auction rate securities while providing misleading information about market stability. According to Secretary William Galvin,…
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SEC Issues “ComplianceAlert Letter” Citing Common Weaknesses and Deficiencies of Registered Firms
The Securities and Exchange Commission has issued a staff letter reporting on the “common weaknesses and deficiencies” shared by SEC-registered companies. The findings were based on examinations given to the firms. The “ComplianceAlert Letter” is…