tag:blogger.com,1999:blog-81452619303139657472009-07-09T08:28:12.116-07:00Meli Thttp://www.blogger.com/profile/13014055967476853680noreply@blogger.comBlogger76125tag:blogger.com,1999:blog-8145261930313965747.post-25074455554181416922009-07-09T08:04:00.001-07:002009-07-09T08:28:09.386-07:00

A recent Wall Street Journal article chronicles some recent events involving mandatory securities arbitration giving some hope the system may be improving for investors defrauded or otherwise injured by their stock broker or money manager. Excerpts from the article appear below:Many investors who suffered massive losses in their portfolios are filing complaints against the brokers and brokerage

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-13326637623249804082009-07-01T07:03:00.000-07:002009-07-01T07:21:56.740-07:00

According to a June 30, 2009 article in the Memphis Commercial Appeal Regions Financial is disputing a report by in trade publication American Banker (AB)that the bank plans to sell it brokerage unit Morgan Keegan.According to the article, Regions Morgan Keegan remains an integral part of Regions Financial Corp., which has no plan to sell its Memphis-based investment firm.The AB article, which

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-48429874222054525912009-06-29T09:51:00.000-07:002009-06-29T09:58:06.327-07:00

Governor Charles Crist signed a bill giving attorney general Bill McCollum additional ammunition in the battle against securities fraud. This is very important as Florida is home to one of the largest retiree populations in the country and retirees are often the most targeted and most vulnerable to this type of financial fraud. Investor confidence, seen as a key component of a economic turnaround

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-73804816472095987452009-06-25T06:14:00.000-07:002009-06-25T06:27:28.393-07:00

Touted as an efficient and sensible way to invest for retirement, target date funds have come under scrutiny for not living up to their promise. According to a June 24, 2009, NY Times article, some of the funds may not provide the returns (and in some cases provided losses) touted when they were sold, leaving prospective retirees short of the money they need to comfortably retire. Excerpts of the

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-12557968687436938282009-06-08T06:25:00.001-07:002009-06-08T06:38:03.992-07:00

In a June 7, 2009 Birmingham New article, Morgan Keegan continue to deny there was anything wrong with the way the funds were presented and managed. However, Claimants have won 16 of the last 25 arbitrations involving the funds, indicating the FINRA arbitration panels found the evidence indicates otherwise.Losses associated with the RMK funds approximates $2 billion dollars, much of which was

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-91956474500019131132009-05-29T10:00:00.000-07:002009-05-29T10:27:14.218-07:00

A recent WallStreet Journal article reports that the Financial Industry Regulatory Authority (FINRA) has decided not to move forward with changes to its arbitration discovery rules. The proposed changes came under sharp criticism from Plaintiff's lawyers who believe the proposal would have put more too much additional burden on the brokerage firm clients. The news of FINRA's reversal has been

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-75772478713251425012009-05-28T13:26:00.000-07:002009-05-28T13:43:23.833-07:00

In a press release issued today, the Securities Exchange Commission (SEC) has filed charges against ten brokers that used to be associated with now defunct Brookstreet Securities Corp. The brokers include seven Florida residents. The brokers are accused of marketing and selling risky collateralized mortgage obligations (CMO's) to retirees as conservative investments suitable for their portfolios.

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-72546817978222616892009-05-20T12:16:00.000-07:002009-05-20T12:33:44.074-07:00

According to a May 20, 2009 Bizjournals.com article Regions bank has been ordered to raise $2.5 billion dollars after failing the stress test given to 19 of the country's largest banks. Although Regions may have other options, such as issuing additional shares or converting debt, perhaps the most appealing (and most likely) scenario has the bank finding a merger partner. This option is not new to

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-40340917450940016572009-05-12T06:35:00.000-07:002009-05-12T06:51:43.396-07:00

According to a May 11, 2009 Reuters report, Regions Financial Corp., parent company of Morgan Keegan, may face charges for Morgan Keegan's role in the improper sale of auction rate securities (ARS).Morgan Keegan is already facing hundreds of FINRA arbitration claims over the marketing and sale of its Regions Morgan Keegan Bond and Income Funds. An excerpt from the Reuters article appears below:

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-43441559885789182702009-05-12T06:19:00.000-07:002009-05-12T06:35:33.660-07:00

A May 11, 2009 Investment News article reports Massachusetts Attorney General Martha Coakley yesterday announced a $60 million settlement with The Goldman Sachs Group Inc. as part of a continuing investigation into investment banks' role in securitizing subprime-mortgage loans. Her office had already been investigating foreclosure schemes and predatory lending. In this industrywide investigation

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-6271361466393816762009-04-20T12:40:00.000-07:002009-04-20T12:50:17.442-07:00

According to a April 15, 2009 Wall Street Journal online article, Charles Schwab Corporation announced its net income was $218 million for the first quarter of 2009, down 29% from the first quarter of 2008. The company's first quarter results include a $26 million pre-tax gain relating to the repurchase of certain outstanding company debt, $14 million in pre-tax net impairment losses on certain

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-31219674190858951532009-04-13T05:58:00.000-07:002009-04-13T06:10:43.274-07:00

The following article appered in the Memphis Daily News on April 9, 2009. It details the latest setback for Morgan Keegan and the latest victory for investors who were sold the toxic RMK Bond funds. The award given to former professional football playere Jerome Woods is believed to be the larges award agains the brokerage firm since the RMK Fund arbitration litigation began last year. This

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-27469919730644921482009-04-08T05:31:00.000-07:002009-04-08T05:50:53.341-07:00

According to a recent NY Times article has not only devastated thousands of individual investors with their once high flying RMK Funds but entire towns as well. A cut and paste of the article regarding Morgan Keegan's investment banking practices appears below.LEWISBURG, Tenn. — Five years ago, this small factory town was struggling to pay the interest on a bond for new sewers. Bob Phillips,

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-64961138412600372212009-04-01T05:27:00.000-07:002009-04-01T05:36:34.363-07:00

According to a article that appeared in yesterday's (March 31, 2009) Wall Street Journal, Merrill Lynch In was hit with one of the biggest awards levied against a Wall Street by a The Financial Industry Regulatory Authority arbitration panel. The firm has been ordered to pay $39.8 million in a case that grew out of the collapse of financial firm Refco Inc. The FINRA panel awarded $30.6 million in

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-44458043615652241382009-03-25T10:02:00.000-07:002009-03-25T10:14:01.104-07:00

Morgan Stanley to Pay More than $7 Million to Resolve FINRA Charges Relating to Misconduct in Early Retirement Investment PromotionWashington, DC - The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Morgan Stanley & Co. $3 million - and ordered it to pay more than $4.2 million in restitution to 90 Rochester, NY-area retirees - to resolve charges that its

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-51235431152967107452009-03-24T13:13:00.000-07:002009-03-24T13:28:44.215-07:00

According to a March 12, 2009 Reuters article a Birmingham, Alabama FINRA arbitration panel awarded $187,000 to a retired cattle farmer from York, Alabama for losses suffered in Morgan Keegan bond funds. This is believed to be the largest arbitration award against Regions Financial Corp.'s (NYSE:RF) MorganKeegan division for its sale of bond funds that cost investors an estimated 2 BillionDollars

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-58443393650664362202009-03-24T12:55:00.000-07:002009-03-24T13:13:19.986-07:00

According to a March 20, 2009 NY Times article, a federal judge has ruled that Wells Fargo (formerly Wachovia) must reinstate a former reservist to his job as a financial adviser and pay him at least $1 million.This ruling has particular implications for servicemen and women returning to their former jobs after serving in the military. According to employee rights advocates, the judge's decision

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-40592977377695567442009-03-04T11:35:00.000-08:002009-03-04T11:48:23.025-08:00

According to a March 3, 2009 article in the Memphis Commercial Appeal newspaper, sportscaster Tim McCarver was awarded $100,000.00 by a FINRA arbitration panel for losses he experienced in the RMK Funds. Mr. McCarver, a Memphis native invested $400,000 in four closed-end mutual funds and one open-end fund that managed and operated by Regions Morgan Keegan. Those funds suffered catastrophic losses

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-31645390066905591292009-02-20T07:46:00.000-08:002009-02-20T08:00:48.612-08:00

WASHINGTON, Jan. 23 /PRNewswire/ -- Securities Litigation and Consulting Group, Inc. ("SLCG") has issued an updated report on six Regions Morgan Keegan (RMK) bond funds: Advantage Income Fund (RMA), High Income Fund (RMH), Strategic Income Fund (RSF), Multi-Sector High Income Fund (RHY), Select High Income Fund (MKHIX) and Select Intermediate Bond Fund (MKIBX). The SLCG report explains how the

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-73945066465524147722009-02-17T13:58:00.000-08:002009-02-17T14:11:39.250-08:00

According to recently released Reuters news report, The Securities and Exchange Commission accused Robert Allen Stanford, the chief of the Stanford Financial Group, on Tuesday of conducting “a massive ongoing fraud” in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua. Also named in the suit were two other executives and some affiliates of

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-68999672286559805932009-02-13T11:55:00.000-08:002009-02-13T12:13:35.010-08:00

According to a recent article on Bloomberg.com, a Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Credit Suisse Group AG, Switzerland’s second-biggest bank, to pay more than $400 million to STMicroelectronics NV over claims the banking giant improperly sold the semiconductor maker auction-rate securities. The FINRA arbitration panel awarded the Claimant $400 milllion

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-40744806562135135512009-02-06T07:53:00.000-08:002009-02-06T08:05:41.938-08:00

A coalition of several insurance companies and marketers last month sued the SEC in federal court to try to overturn a new rule that classifies index annuities as securities. The group, known as the Coalition for Indexed Products, filed the lawsuit in the U.S. Court of Appeals for the District of Columbia Circuit. The coalition argues that the new rule, adopted by the SEC in December 2008,

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-82229449510798499652009-01-26T11:03:00.000-08:002009-02-06T07:51:18.352-08:00

On December 31, 2008, a Financial Industry Regulatory Authority arbitration panel (FINRA case # 08-02275 Calvin Mehuron v. Charles Schwab & Co., Inc.) ordered Respondent Charles Schwab & Co. to pay the Claimant compensatory damages, interest and reimburse his arbitration filing fees. The Claimant alleged Respondent Schwab misrepresented facts regarding investments in his account. Claimant further

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-31746791571232947762009-01-14T05:38:00.000-08:002009-01-20T19:42:27.543-08:00

The following is a excerpt from the December 1, 2008 article in the December issue of Structured Products Magazine. The article discusses the sale of Lehman Exchange Trades Notes (ETNs) as well as principal protected notes (PPNs). Legal action spreads to losses on Lehman exchange-traded notes.Arbitration's in the US have now expanded to recovering losses made as a result of investments in Lehman

William B. Young Jr. Esq.http://www.blogger.com/profile/02963660481766957534noreply@blogger.comtag:blogger.com,1999:blog-8145261930313965747.post-70307900251395029732009-01-12T06:10:00.000-08:002009-01-12T06:19:28.479-08:00

Morgan Stanley, Citigroup May Merge Brokerage UnitsMorgan Stanley and Citigroup are deep in talks about a merger of their respective brokerage operations, according to people familiar with the situation. The move would help create economies of scale so badly needed by two firms hit hard by the subprime mortgage collapse.According to unidentified sources, the deal would be structured as a joint

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