Posts belonging to Category Wells Fargo
Posted by Alan PerryonMay 6, 2013
InvestmentNews reports that Wells Fargo & Co. has agreed to pay $105 million in a class action lawsuit brought by investors who purchased Medical Capital notes. The notes turned out to be a fraudulent medical receivables scheme. The note holders alleged that Well Fargo, one of two trustee banks in the scheme, failed to protect […]
Categories: Common Securities Broker Abuses, Promissory Notes, Wells Fargo
Posted by Page PerryonSeptember 21, 2012
Wells Fargo agreed to pay more than $6.5 million to settle SEC charges that it sold commercial paper backed by mortgage securities and collateralized-debt obligations to municipalities, nonprofit institutions and other customers without first understanding the substantial risks of those securities. The securities were unsuitable because the investors had a low risk tolerance. Three of […]
Categories: Alternative Investments, Asset Backed Securities, Brokerage Firms, CDOs, Common Securities Broker Abuses, Derivatives, Investment Advisers, Investment Malpractice, Investor Rights, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Unsuitable Recommendations, Wells Fargo
Posted by Page PerryonAugust 1, 2012
The former co-head of UBS AG’s municipal-derivatives group, and two ex-colleagues are defendants in a municipal bond bid-rigging case being tried before U.S. District Judge Kimba Wood in Manhattan (“Ex-UBS execs on trial in muni bid-rigging case,” InvestmentNews).
Categories: Auction Rate Securities, Bank of America, Brokerage Firms, Common Securities Broker Abuses, Fairness/Just & Equitable Conduct, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, J. P. Morgan Chase, Misrepresentation/Omission, Municipal Bonds, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, UBS, Wells Fargo
Posted by Page PerryonMay 3, 2012
The Financial Industry Regulatory Authority (FINRA) announced that it ordered Citigroup Global Markets, Morgan Stanley, UBS Financial Services, and Wells Fargo Advisors to pay more than $9.1 million for failure to supervise and failure to have a reasonable basis for recommending selling leveraged and inverse exchange traded funds. Each of the four firms sold billions […]
Categories: Alternative Investments, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Elder Abuses, Exchange-Traded Funds (ETFs), Fairness/Just & Equitable Conduct, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Morgan Stanley, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, UBS, Unsuitable Recommendations, Wachovia, Wells Fargo
Posted by Page PerryonFebruary 7, 2012
Questions continue to arise regarding the too-cozy relationship between the SEC and Wall Street. Recent reports claim that the SEC, when settling with big Wall Street firms, has a practice of granting waivers that preserve special privileges enjoyed by those firms, and protect them from serious consequences that would otherwise result from their wrongdoing. For […]
Categories: Ameriprise, Bank of America, Bear Stearns, Brokerage Firms, Common Securities Broker Abuses, Credit Suisse, Deutsche Bank, Goldman Sachs, J. P. Morgan Chase, Merrill Lynch, Morgan Stanley, Raymond James, RBC Dain Raucher, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJanuary 24, 2012
The big four Wall Street wirehouses have lost market share since the financial crisis in part because of their role in the crisis and “customer distrust,” according to Bing Waldert, a director of Cerulli Associates Inc. (See “Wirehouse market share has shriveled since crisis,” InvestmentNews). Merrill Lynch Wealth Management, Morgan Stanley Smith Barney, UBS AG […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Investment Advisers, Investor Alerts, Market Developments, Merrill Lynch, Morgan Stanley, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, UBS, Wachovia, Wells Fargo
Posted by Page PerryonDecember 16, 2011
The Financial Industry Regulatory Authority (FINRA) has fined Wells Fargo Investments $2 million and ordered it to pay restitution to customers for unsuitable sales of reverse convertible securities, and other misconduct. The reverse convertibles sales involved one broker and 21 customers with 172 accounts. Seventy one percent of the customers were over 80 years old. […]
Categories: Alternative Investments, Brokerage Firms, Common Securities Broker Abuses, Elder Abuses, Fairness/Just & Equitable Conduct, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Misrepresentation/Omission, Regulatory Developments, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Structured Notes, Unsuitable Recommendations, Wells Fargo
Posted by Page PerryonDecember 8, 2011
Wells Fargo will pay $148 million to settle charges that its Wachovia Bank unit conspired to rig bids on investment contracts for municipalities. (“Wells to Pay $148 Million to Settle Wachovia Bid-Rig Case,” Wall Street Journal). As part of the settlement, the Justice Department will not prosecute the bank. Wachovia reportedly admitted and accepted responsibility […]
Categories: Bank of America, Brokerage Firms, Common Securities Broker Abuses, Fairness/Just & Equitable Conduct, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, J. P. Morgan Chase, Misrepresentation/Omission, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia, Wells Fargo
Posted by Page PerryonSeptember 27, 2011
The risks are increasing for investors in principal protected notes, reverse convertibles and other structured products associated with Bank of America, Citigroup and Wells Fargo. Moody’s recently announced that it has downgraded the debt of those financial institutions. One reason given: the U.S. government is unlikely to bail them out again. “It is more likely […]
Categories: Alternative Investments, Bank of America, Brokerage Firms, Citigroup/Smith Barney, Investigations, Investment Advisers, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Structured Notes, Wachovia, Wells Fargo
Posted by Page PerryonAugust 8, 2011
The current free fall in the stock market is likely to activated the ticking time bombs that are hidden away in some investors’ portfolios. These time bombs are embedded in a type of structured product called Reverse Convertible Notes or Reverse Exchangeable Notes. The problem has to do with the way these products are structured.
Categories: Alternative Investments, Barclays, Brokerage Firms, Common Securities Broker Abuses, Early Retirement Scams, Elder Abuses, Investigations, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Lehman Brothers, Morgan Stanley, RBC Dain Raucher, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia, Wells Fargo