Securities Fraud Blog | Find out if your broker is liable for your losses

TAG | lawsuit

May/11

9

Recover Bernstein Multi-Strategy Fixed Income Hedge Fund “MFSI Fund” Losses

Comments off · Posted by admin in FINRA

Sanford C. Bernstein & Co., LLC, and Alliance Bernstein, LP, have been actively marketing the Berstein Multi-Strategy Fixed Income Hedge Fund (or MFSI Fund) as a safe investment with less volatility than a comparable intermediate bond fund. The MFSI Fund was in fact a hedge fund that exceeded leverage of 12 times with excessive volatility.
Soreide Law Group is actively investigating the Bernstein Multi-Strategy Fixed Income Hedge Fund and is pursuing claims against Sanford C. Bernstein & Co., LLC, and Alliance Bernstein, for various misrepresentations and omissions made in connection with the sale of the MFSI fund.
If you were an investor in the Bernstein Multi-Strategy Fixed Income Fund contact Soreide Law Group today at (888) 760-6552 or visit www.stockmarketlawsuit.com,  you may be able to recover a portion or possibly all of your losses. Soreide Law Group, PLLC, representing defrauded investors nationwide before the Financial Industry Regulatory Authority (FINRA). No fee if no recovery.

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Mar/10

22

Six broker-dealers subpoenaed over private placements.

Comments off · Posted by admin in FINRA

 By Bruce Kelley

Mass. securities regulator looking for more info from independent firms Massachusetts securities regulators are chasing down information from six independent broker-dealers concerning the sales of two private placements that blew up last summer. Secretary of the Commonwealth William Galvin said in a statement today that subpoenas have been sent to QA3 Financial Corp., National Securities Corp., CapWest Securities Inc., Independent Financial Group LLC, Investors Capital Corp. and Centaurus Financial Inc. The Massachusetts Securities Division is requesting information on due-diligence efforts, suitability data and promotional materials related to the sale of private placements marketed by Medical Capital Holdings Inc. and Provident Royalities LLC, according to the statement. The regulator has been increasing its scrutiny of sales of private placements by independent broker-dealers. In late January, the Securities Division slapped Securities America Inc. with a lawsuit, alleging that the firm misled investors who were sold high-risk private placements. Specifically, the agency alleged that Securities America advisers sold $7.2 million in promissory notes to Massachusetts investors without disclosing all the risks involved. That case is pending. Medical Capital and Provident issued billions in notes and other securities sold by a number of broker-dealers, according to today’s statement. “It also has become apparent that Securities America Inc. was not the only broker-dealers selling these” private placements, according to the statement. Mark Goldwasser, CEO of National Securities, said he hadn’t yet seen the subpoena and therefore could not comment. Officials at the five other broker-dealers were not immediately available for comment. Dale Hall, the CEO of CapWest, said that the firm had done a preliminary search of its records so far, and it appeared that it had one client in Massachusetts. The information that Massachusetts regulators are looking for about the sale of private placements was similar to what the Securities and Exchange Commission and the Financial Industry Regulatory Authority had requested he said.

Call a FINRA Securities arbitration lawyer for a free consultation on how to recover stock losses and tax loss selling. Call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC. Representing investors nationwide before FINRA and the NFA.

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Mar/10

11

ETrade Clients May Be Able To Recover Auction Rate Securities Losses

Comments off · Posted by admin in FINRA

February 17, 2010 — Many E Trade investors are finding themselves with illiquid Auction Rate Securities (“ARS”) that have little or no resalable value. E Trade allegedly contacted many of its high net worth individuals and solicited them to purchase auction rate securities and in many instances marketed the auction rate securities as “cash equivalents”, “similar to a money market” and highly liquid. Now that many of the issues of the Auction Rates securities sold through ETrade are frozen investors are not sure what to do. Many are finding out that their only recourse is to hire a securities attorney to file an arbitration claim with the Financial Industry Regulatory Authority “FINRA”. Lars Soreide, Esq., of Soreide Law Group, PLLC, has filed several arbitrations before FINRA for burned E Trade clients.

Auction Rate securities investors. Soreide Law Group represents investors nationwide before the FINRA. If you are one of the investors you should contact Soreide Law Group at (888) 760-6552 for a free consultation.

Securities Fraud Attorneys

Representing Clients Nationwide Before FINRA

Unfortunately, many of the burned E Trade ARS investors were conservative, income oriented investors in Auction Rate Securities are now discovering that these “just like cash” investments are not liquid and may have little or no value unless they take legal action.

ARS investors thought they had a money market or CD-like securities that they could cash out when needed. As early as last summer, the $330 billion auction rate market began locking up. As the global credit crunch continued, it has been increasingly hard to resell the securities.

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