Former Broker Indicted On Fraud Charges
Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an […]
The Commodity Futures Trading Commission Investigating Managed Future Funds
The Commodity Futures Trading Commission (CFTC) is investigating the sky high fees that are charged to investors in managed futures funds. This comes after a December 19, 2013 letter that the Senate’s Special Committee on Aging sent to the CFTC asking them to work with the Securities and Exchange Commission (SEC) on investigating the fees […]
SEC Finally Releases Morgan Keegan Fund Distribution
A recent press by the Secretary of State for the State of Mississippi announced that the SEC has published their proposed plan for fund distribution to those injured by Morgan Keegan investments. This comes two years after the $200 million dollar settlement with Morgan Keegan and Morgan Asset Management. The settlement funds are to be […]
Raymond James Drops Morgan Keegan’s Name After It Was Ordered to Buy Back Securities
Just a few weeks after the 11th Circuit Court ordered Morgan Keegan to buy back more of their ultra-risky auction rate securities, Raymond James dropped the name Morgan Keegan altogether. In November 2012, this blog reported that 11th Circuit Judge William Duffy dismissed an SEC claim against Morgan Keegan. According to the article , District […]
REVERSED JUDGE TO HEAR INVESTORS’ MORGAN KEEGAN CLAIMS
Morgan Keegan is back in court, this time in a bench trial scheduled to last two weeks in front of a judge who originally dismissed the SEC regulators’ claims, according to an article in Bloomberg Businessweek. US District Judge William Duffy dismissed the action brought by the SEC which alleged Morgan Keegan misled thousands of […]
MORGAN KEEGAN TO PAY OVER $630,000 AFTER DEPT. OF LABOR FINDS PENSION RULE VIOLATION
Morgan Keegan agreed to pay over $630,000 to 10 ERISA pension plans after an investigation by the US Department of Labor, according to the Department’s press release. The investigation found that Morgan Keegan violated federal law when it recommended certain hedge funds to the pension plans. The press release went on to state that Morgan […]
11TH CIRCUIT REINSTATES SEC’S FRAUD CLAIM AGAINST MORGAN KEEGAN
The United States Court of Appeals for the Eleventh Circuit reinstated the SEC’s civil securities fraud action against Morgan Keegan & Co. Inc., according to a Reuters.com article. This reversed the district court’s dismissal of the SEC’s action arising from Morgan Keegan’s sales of Auction Rate Securities (ARS). The Eleventh Circuit found that the alleged oral misstatements of the brokers […]
MORGAN KEEGAN REP BARRED FOR LIFE
A Morgan Keegan broker has been barred from the industry by FINRA, according to an article on onwallstreet.com. Michael Venable, of Tyler, Texas, was barred for life from the financial industry after he jeopardized 10 of his clients. The article discussed Venable putting people into investments that were not suitable for them, sometimes without their knowledge at […]
RAYMOND JAMES DISMISSES 200 IN MORGAN KEEGAN PURCHASE
According to this article from Bloomberg News, Raymond James dismissed 200 employees as a result of its purchase of Morgan Keegan & Co., Inc. earlier this year. Two thirds of those who were cut were Morgan Keegan employees in the fixed income and equity capital markets whose jobs overlapped with Raymond James employees’, according to […]
REGIONS TO REPAY TAXPAYER BAILOUT WITH $900 MILLION STOCK SALE
To repay a $3.5 billion taxpayer bailout, Regions Bank has announced plans to sell $900 million worth of common stock, according to this article from Bloomberg Businessweek. While most of the biggest U.S. banks already returned bailout funds, Regions was among the worst performers in the KBW Bank Index (BKX) in 2008 and 2009 as […]
