Posts belonging to Category Wells Fargo
Posted by Page PerryonJuly 9, 2011
Wells Fargo & Co. has agreed to pay $125 million to a group of pension funds to settle a class action filed by various public pension funds that purchased billions of dollars of mortgage-backed securities believing their money was in AAA-backed investments, according to a Wall Street Journal article by David Benoit entitled “Wells Fargo […]
Categories: Asset Backed Securities, Brokerage Firms, CDOs, Common Securities Broker Abuses, Derivatives, ERISA Fiduciaries and Claims, Investigations, Investor Alerts, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities Class Actions, Securities/Commodities Arbitration, Securities/Commodities Litigation, Wells Fargo
Posted by Page PerryonJuly 2, 2011
Regions Financial Corp. is trying to find a buyer for Morgan Keegan, but the clock is ticking, and the longer it takes, the greater the likelihood that its most valuable asset, the advisor reps, will leave, thereby reducing the value, and making a sale unlikely to happen at all, according to Andrew Osterand’s InvestmentNews article […]
Categories: Brokerage Firms, CDOs, Derivatives, Employment Issues, Market Developments, Morgan Keegan, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Mutual Funds, Raymond James, RBC Dain Raucher, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Wachovia, Wells Fargo
Posted by Page PerryonJune 21, 2011
J.P. Morgan Securities LLC has agreed to pay $153.6 million to settle SEC charges that it misled investors in a complex “built to fail” mortgage securities transaction just as the housing market was starting to plummet.
Categories: Asset Backed Securities, Brokerage Firms, CDOs, Citigroup/Smith Barney, Commercial Mortgage Backed Securities, Common Securities Broker Abuses, Credit Default Swaps, Derivatives, Deutsche Bank, Disciplinary Actions, Goldman Sachs, Investigations, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Merrill Lynch, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJune 21, 2011
Best-selling “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led To Economic Armegeddon,” by Gretchen Morgenson and Joshua Rosner, “calls out greedy guys behind mortgage mess,” according to a USA Today book review by Kathryn Caravan. See also “Home Truths,” by James Freeman of the Wall Street Journal. Both reviews provide examples of how the […]
Categories: Asset Backed Securities, Auction Rate Securities, Bank of America, Bear Stearns, Bonds, Brokerage Firms, CDOs, Citigroup/Smith Barney, Commercial Mortgage Backed Securities, Common Securities Broker Abuses, Credit Default Swaps, Credit Suisse, Derivatives, Deutsche Bank, Goldman Sachs, Hedge Funds, Investigations, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Keegan, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, SunTrust, UBS, Wachovia, Wells Fargo
Posted by Page PerryonJune 17, 2011
The Securities and Exchange Commission is broadening its investigation into the world of “built to fail” collateralized debt obligations (CDOs) by looking at Merrill Lynch’s CDO business, according to articles by Marian Wang of Pro Publica (“Merrill Lynch Investigated for CDO Deal Involving Magnetar”) and Kara Scannell of the Financial Times (“SEC Probes $1.5 Billion […]
Categories: Bank of America, Brokerage Firms, CDOs, Citigroup/Smith Barney, Common Securities Broker Abuses, Credit Default Swaps, Derivatives, Deutsche Bank, Goldman Sachs, Investigations, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Merrill Lynch, Mortgage Backed Securities, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wachovia, Wells Fargo
Posted by Page PerryonMay 7, 2011
Wells Fargo Securities LLC is the subject of an investor class action lawsuit alleging that it violated intended third-party beneficiaries of an auction rate securities settlement with the SEC by refusing to buy back auction rate securities from trusts that purchased and held those securities as trust property, according to a Law360 article by Richard […]
Categories: Auction Rate Securities, Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Wachovia, Wells Fargo
Posted by Page PerryonMay 4, 2011
The Financial Industry Regulatory Authority (FINRA) has fined Wells Fargo Advisers $1 million for failing to timely deliver prospectuses to approximately 934,000 customers who bought mutual funds in 2009, according to an InvestmentNews article entitled “Wells took up to 153 days to get prospectuses to mutual fund buyers: Finra.”
Categories: Brokerage Firms, Common Securities Broker Abuses, Investment Advisers, Investor Rights, Mutual Funds, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Wells Fargo
Posted by Page PerryonApril 18, 2011
Wells Fargo & Co. has agreed to pay $11.2 million to settle SEC charges that Wachovia Capital Markets LLC sold mortgage-backed securities called collateralized debt obligations (CDOs) at prices that were 70% higher than its own estimate of the mark-to-market value of the securities, according to articles by Liz Skinner of InvestmentNews (“Wells Fargo to […]
Categories: Brokerage Firms, CDOs, Common Securities Broker Abuses, Derivatives, Investment Advisers, Investor Alerts, Investor Rights, Mortgage Securities & Collateralized Debt Obligation Problems, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Wachovia, Wells Fargo
Posted by Page PerryonApril 11, 2011
Structured products are little more than IOUs from issuers and brokers who have come up with complex ways to take investors’ money. They are marketed as “low risk and high yield” ? an oxymoron when dealing with stocks and the market. But to many older, fixed income investors and those tired of low interest money […]
Categories: Bank of America, Brokerage Firms, Citigroup/Smith Barney, Common Securities Broker Abuses, Derivatives, Goldman Sachs, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Reverse Convertibles, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Structured Notes, UBS, Wachovia, Wells Fargo
Posted by Page PerryonMarch 17, 2011
Rumors persist that Wells Fargo & Co. is in discussions with UBS AG about acquiring its retail-wealth-management operations in the U.S., according to Andrew Osterland’s InvestmentNews article, “Wells Fargo and UBS at the table again?” The rumors seem to be supported by Wells Fargo CEO John Stumpf, who was quoted as saying: “In the wealth […]
Categories: Brokerage Firms, Employment Issues, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS, Wells Fargo