Morgan Keegan /RMK Funds

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 the article.  Regions Financial Corporation sold Morgan Keegan to Raymond James after Morgan Keegan was sanctioned by regulators, including FINRA and the SEC, for fraudulent sales of the RMK family of bond funds. […]

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 defaults contributed to four straight years of losses totaling $7.7 billion for common shareholders, according to the article. In January, Regions sold the Morgan Keegan & Co. brokerage unit to Raymond James Financial Inc., under terms that were expected to generate proceeds of $1.18 billion for the bank.  Morgan Keegan was the subject of state and federal investigations and sanctions arising out of its misrepresentations and omissions in the sale of the Regions Morgan Keegan (RMK) family of bond funds.  Investors in those funds should have received information from the regulators’ “fair fund” management company, A.B. Data, regarding how to apply to recover some or [...]

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 Morgan Keegan’s fraudulent conduct in connection with the RMK (Regions Morgan Keegan) family of bond funds.  The claimants were represented by attorneys Robert E. Norton and Richard S. Frankowski of the firm The Frankowski Firm in Birmingham, AL. […]

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 Morgan Keegan) family of bond funds.  The claimants were represented by attorneys Robert E. Norton and Richard S. Frankowski of the firm The Frankowski Firm in Birmingham, AL. The awards of $25,000 plus attorneys’ fees and costs represent the maximum allowable award to claimants in FINRA’s “simplified” proceedings. […]