Real Estate Home Loans for Investement -
05/2011 - Investors who have taken out real estate loans on the advice of their brokers in order to invest in private placements, limited partnerships and other investments should contact Carlson Law to determine if they may have a valid claim.
Variable Annuity Exchanges - Suitable or Fee Driven?
05/2011 - Variable annuities are a poor choice for most older investors. By law in California, brokers are required to show good reason for recommending that investors 65 or older exchange or replace their variable annuities. Rad more about variable annnuties at the Carlson Law Blog - menu link provided above.
AG Edwards to Pay $775,000 to Settle Annuity Sale Charges
05/2011 - The investment firm AG Edwards & Son AKA Wells Fargo Advisors, recently agreed to compensate elderly investors. According to claims by Missouri's Securities Division, the firm allegedly failed to maintain proper documentation of the sale of their elderly clients' variable annuities.
Wells Fargo/Wachovia Broker Fraud Payouts for Investors
05/2011 - Wells Fargo/Wachovia has agreed to pay investors 11.2 million in compensation for overcharging them by 70 percent on mortgage-backed securities called CDOs. The SEC is also investigating other Wall Street investment firms for similar CDO investment fraud.
Contact Carlson Law Today If You purchased Desert Capital REITs
05/2011 - Did you buy Desert Capital REIT on your broker's recommendation, thinking it was a safe investment? If so, you may be the victim of broker fraud. Contact Carlson Law today. We may be able to help you recoup your investment loss.
Ameriprise - Securities America is for Sale
05/2011 - In April 2011, Ameriprise announced its plan to sell Securities America. The embattled company, which experienced a $115M first quarter loss in 2011, is in the process of settling a securities lawsuit filed against it for selling fraudulent Medical Capital and Provident Royalties securities.
Republicans look to Rollback Investor Protection
05/2011 - House Republicans have begun legislation that would rollback pieces of the financial reform law known as Dodd-Frank. According to an Investment News article by Mark Schoeff ("Sen. Durbin Says Dodd-Frank Rollback Would Kneecap Regulators"), Assistant Majority Leader Dick Durbin intends to defeat or delay the legislation. Learn more at http://securities-fraud-lawyer-blog.com/.
"Senior Specialist" or Con Artist?
05/2011 - In order to protect themselves from investment fraud and financial loss, senior citizens should be on their guard against investment advisors who call themselves "senior specialists." Elder abuse can be financial. Protect yourself from financial loss. Be aware of scams and in your city. You may check a broker's disciplinary and complaint record at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/. If you are a senior and feel you have been a victim of account liquidation to create fees or oterh senior abuse, contact the Carlson Law Firm for a free consultation.
FINRA To Morgan Keegan - Pay Up
05/2011 - A FINRA panel found the investment banking firm of Morgan Keegan liable on a number of claims related to the financial loss of its clients. In their cases, clients accused Morgan Keegan of breach of fiduciary duty and negligent misrepresentation, among other things. Morgan Keegan was ordered to pay investors $881,000 in compensation for financial loss.
Assets of 20/20 Trading Co. Inc. & 20/20 Precious Metals Inc. Frozen
05/2011 - The U.S. District Court of California (Central District) has frozen the companies' records and assets. According to the CFTC, 20/20 Trading Co., Inc. and 20/20 Precious Metals, Inc. defrauded customers of nearly $4M, primarily through commodity options fraud. If you believe that you were a victim of investment fraud as a client of either of these companies, contact Carlson Law if you feel you may have a claim. Learn more at http://securities-fraud-lawyer-blog.com/.
Invers and Leveraged ETF Trading Can Spell Big Financial Loss
04/2011 - FINRA clearly acknowledges the inappropriateness of leveraged and inverse ETFs for most retail investors. If you've incurred financial loss because of your broker's trading in high-risk ETFs, contact Carlson Law. You may have a potential claim. Regulatory Notice (09-31)
Goldman Sachs ordered to pay over $20 million in damages
03/2011 - The United States District Court in Manhattan has upheld on appeal a FINRA Arbitration Panels order that Goldman Sachs Pay over $20 million in damages for its role as a clearing house for a failed hedge fund. The decision could have positive ramifications for investors. The financial sector has long held that they are merely clearing trades in such cases and owe no duty to police clients. If upheld on further appeal, this FINRA award may raise the standard of care required for doing clearing business and further reduce the incidence of stock fraud and investment loss.
Judge Rakoff said in his opinion on the appeal by Goldman of the FINRA award that Goldman must live with the award of the arbitration panel, and pay the $20 million in damages. Judge Rakoff's opinion took shots at both Wall Street and the FINRA arbitration process making it clear that arbitrators are not required to follow any rule of reason, supply reasons for decisions, and that those decisions are nearly unappealable. The Judge implied the FINRA system works to Wall Streets' advantage generally, and that Goldman cannot escape the consequences of the FINRA system generally touted by the financial industry as being a fair and reasonable alternative to securities litigation.
Carlson Law Firm is investigating the practices and supervision by major brokerage firms regarding their sales of leveraged and inverse exchange-traded funds ("ETFs").
These products are highly complex and typically designed to achieve their financial objectives on a daily basis. Therefore, these ETF's are typically unsuitable for investors who plan to hold them for longer than one trading session. Because these leveraged ETFs are intended to provide the investor multiple returns on the underlying index's performance that day, inverse and leveraged ETF's should only be held on a short-term basis. FINRA issued a notice recently, Regulatory Notice 09-31, reminding brokerage firms of their duties related to the sale of these products.
If you have had losses in leveraged or inverse exchange-traded fund(s) please use our contact form to consult a San Diego securities fraud attorney today to schedule a free consultation with a securities law attorney.
Goldman Sachs ABACUS 2007 AC-1 CDO: Built to Fail
03/2011 - Carlson Law Firm is investigating the marketing of a Collateralized Debt Obligation ("CDO") called ABACUS 2007-AC1 ("ABACUS 2007") by Goldman Sachs and comprised primarily of residential mortgage backed securities. The SEC recently brought a securities fraud action for making misleading statements and omissions in connection with the marketing of this product. The SEC complaint alleges Goldman Sachs did not disclose vital information, namely that it allowed a client who was betting against the residential mortgage market to play a large part in picking the mortgage securities for the ABACUS 2007 portfolio. Further, the SEC complaint alleges Goldman at the same time told investors the investment portfolio was selected by independent and objective advisors. Unfortunately, the ABACUS 2007 fund has lost approximately $1 billion dollars for its investors.
Investors who had losses investigating in Goldman's ABACUS ABS CDO program should contact Carlson Law to for a free consultation.
Bank of America CDOs
03/2011 - Bank of America Investment Services ("BAIS") has been sued by a former broker in the FINRA forum. The former BAIS broker, Mr. Jason Schlesinger, alleges that BAIS engaged in fraudulent practices, to help sell its collateralized debt obligations ("CDO's). The complaint further alleges when Mr. Schlesinger improper practices to BAIS he was terminated. The fraud alleged consists primarily of BAIS upper level managers giving instructions to employees to conceal the fraud at issue, including overvaluing collateral, failing to secure collateral and concealing complex trades related to the CDO investments.
These types on non-conventional investments often carry high risk. Therefore, brokerages and brokers carry a heightened duty to be sure their sales conduct fully discloses all material information to investors. Brokerage firms are required to provide their customers with suitable recommendations in light of their financial situation, current security holdings and present/ future needs. Financial advisors are always required to conduct diligent investigation of any product before making a recommendation of that product to their customers. Based on the foregoing, and due to the high risks involved with CDOs and asset-backed securities, these products were simply unsuitable for many customers, while other customers simply were not told of the risks involved and/or those risks were intentionally concealed from clients.
Take Action
If you or someone you know has sustained losses in these investments or you have information relevant to these claims, please use our contact form to consult a San Diego securities fraud attorney today. To discuss your situation with a San Diego stockbroker fraud attorney, you can also call our office at 619-894-8509, toll free at 888-689-6051.
In order to protect themselves from investment fraud and financial loss, senior citizens should be on their guard against investment advisors who call themselves "senior specialists."
