SEC News
- SEC Charges Dallas-Based Trader With Front Running May 24, 2013FOR IMMEDIATE RELEASE2013-93 Washington, D.C., May 24, 2013 — The Securities and Exchange Commission today announced fraud charges and an asset freeze against a trader at a Dallas-based investment advisory firm who improperly profited by placing his own trades before executing large block trades for firm clients that had strong potential to increase the stoc […]
- SEC Charges Institutional Shareholder Services in Breach of Clients' Confidential Proxy Voting Information May 23, 2013FOR IMMEDIATE RELEASE2013-92 Washington, D.C., May 23, 2013 — The Securities and Exchange Commission today charged a Rockville, Md.-based proxy adviser for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests. Additional Materials SEC Order An SEC investigation found that an employe […]
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
TAG | recovering Maddoff losses
Jeffrey and Marisel Lieberman invested $200,000 in 2007, with Morgan Keegan, in what they allegedly felt was a safe and conservative investment. All of their money was deposited into the Fairfield Greenwich Group hedge fund, which was a conduit to Bernie Madoff’s Ponzi scheme.
Recently they were awarded a $265,000 arbitration settlement against Morgan Keegan by FINRA. Besides the $200,000.00 restitution, Morgan Keegan was also ordered to pay the Liebermans $65,000 in damages and court costs.
The Financial Industry Regulatory Authority (FINRA) arbitration panel called Morgan Keegan “grossly negligent” in its ruling. FINRA stated that “there is clear and convincing evidence that Morgan Keegan was grossly negligent in not performing substantial due diligence and as a result it fraudulently misrepresented the risk of this investment.” The FINRA panel also found Morgan Keegan liable for failing to conduct “substantial due diligence” as required by Morgan Keegan’s own internal procedures. It should be noted that the FINRA arbitration panel also mentioned in their ruling, that not only do Morgan Keegan’s internal procedures require them to perform due diligence, but this obligation extends to all brokerage firms that recommend these types of investments to their customers.
Soreide Law Group, PLLC, is currently investigating potential claims on behalf of investors who lost money through the purchase of hedge funds recommended by brokers/brokerages. If you invested in these “feeder hedge funds,” such as Greenwich, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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