ARBITRATORS ORDER MORGAN KEEGAN TO REPAY CLAIMANTS’ RMK FUND LOSSES
Morgan Keegan must repay the financial losses of three Georgia RMK Fund investors, plus forum costs, according to the January 18, 2012 Order of an arbitration panel of the Financial Industry Regulatory Authority (FINRA), which heard the case in Atlanta, Georgia. The Claimants are among thousands of investors who lost money as a result of […]
ARBITRATORS ORDER MORGAN KEEGAN TO REPAY CLAIMANTS’ RMK FUND LOSSES PLUS ATTORNEYS’ FEES
Morgan Keegan must repay the financial losses of two Alabama RMK Fund investors, plus attorneys’ fees and forum costs, according to Orders from Arbitrators with the Financial Industry Regulatory Authority (FINRA). The Claimants are among thousands of investors who lost money as a result of Morgan Keegan’s fraudulent conduct in connection with the RMK (Regions […]
ARBITRATION PANEL ORDERS MORGAN KEEGAN TO REPAY LOSSES, PLUS ATTORNEYS’ FEES AND COSTS
Morgan Keegan must repay the financial losses of fourteen RMK investors, attorneys’ fees and the costs of the proceeding, according to the January 30, 2012 Order of an arbitration panel of the Financial Industry Regulatory Authority (FINRA) which heard the case in Birmingham, Alabama. The Claimants are fourteen out of thousands of investors who lost money […]
FINRA ARBITRATION PANEL RULES AGAINST MORGAN KEEGAN AND IN FAVOR OF GEORGIA CHARITY IN RMK BOND FUND CASE
According to this news release, Morgan Keegan was ordered by a Financial Industry Regulatory Authority (FINRA) arbitration panel to repay a Georgia charity 115% of its losses in the speculative RMK family of bond funds. The panel determined that Morgan Keegan wrongfully sold the risky funds to the charity and placed too high a percentage of […]
ARBITRATOR ORDERS MORGAN KEEGAN TO REPAY LOSSES, PLUS PUNITIVE DAMAGES AND ATTORNEYS’ FEES
Morgan Keegan must repay the financial losses of an elderly RMK investor, plus interest, attorneys’ fees and punitive damages, according to the January 9, 2012 Order of an arbitrator with the Financial Industry Regulatory Authority (FINRA). The combined award of out-of-pocket losses plus punitive damages represents the maximum amount available to a claimant in a “simplified” (paperwork-only) […]
WEAK REGULATION, POOR OVERSIGHT, LEAD TO MORGAN KEEGAN INVESTORS’ HEAVY LOSSES
Morgan Keegan’s hometown newspaper, the Memphis Commercial-Appeal, recently published an article detailing the factors behind the collapse of Morgan Keegan’s RMK family of bond mutual funds. Among the factors pointed out by the article are: Lack of regulatory oversight Lack of supervision by Morgan Keegan over Jim Kelsoe, the funds’ manager Kelsoe’s “bets” in the […]
REGIONS BANK NOW TRYING TO SELL MORGAN KEEGAN
Birmingham-based Regions Financial Corp said that it may consider selling Morgan Keegan. Analysts suggest that the investment unit of Regions may sell for as much as $1.5 billion. Currently, Regions owed the Treasury Department approximately $3.5 billion in funds recieved from the TARP Program. The announcement regarding the potential sale came soon after regulators announced […]
MORGAN KEEGAN GETS HIT WITH REGULATORY SANCTIONS
On April 7, 2010, the securities regulators of four states, the United States Securities and Exchange Commission, and FINRA brought charges against Morgan Keegan, Morgan Asset Management, Mr. James Kelsoe and key Morgan Keegan employees alleging that they participated in a massive fraud in connection with the purchase, sale, marketing, pricing and public filings of […]
Regions Bank Takes $38 Million Charge To Cover Morgan Keegan Fund Losses
The WSJ reports that Regions Financial Corp. will set aside four times as much money to cover expected loan losses in the fourth quarter as it did in the third, citing further weakening in its portfolio of loans made to home builders. The Birmingham, Ala.-based bank said its loan loss provision would rise to about […]
Morgan Keegan Bond Fund Blues
Diya Gullapalli of the WSJ has reported that Investors in Tennessee filed a federal lawsuit seeking class-action status against Morgan Keegan Asset Management Inc. over two mutual funds that are among the hardest-hit in this year’s credit chaos. Fund managers and others on Wall Street will be closely watching this case and others that are expected […]