SEC News
- 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 […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | Tivo RCN loss
Soreide Law Group, PLLC, is currently investigating the sale of TiVo reverse convertible notes (RCN). The Wall Street Journal published an article in March, 2011, titled Complex Bond Faces Regulators’ Scrutiny; ‘Reverse Convertible Notes’ Can Tumble Along with Stock. In the Wall Street Journal article it states that, “Securities regulators have broadened their probes into whether Wall Street sold a complex type of bond without fully disclosing the drawbacks to individual investors.” According to the Wall Street Journal, the SEC is investigating whether Wall Street firms that developed the bonds allegedly failed to properly disclose the risks and fees to investors before they bought the notes. The SEC is also examining the disclosure of potential conflicts of interest, such as a bank selling a note linked to the stock of a company it is advising. The Wall Street Journal reported that the SEC is investigating reverse convertible notes issued last year by J.P. Morgan Chase & Co. and Barclays PLC linked to TiVo, Inc.
The article also states that the total return on the TiVo notes was less than $600 per $1,000 invested. TiVo shares dropped after the company lost a court ruling in May, 2010, in a patent dispute. The prospectuses for the RCNs contained disclosures on risk factors, but didn’t refer to the pending TiVo court ruling.
Reverse convertible notes or RCNs pay a fixed interest rate and guarantee the investor’s initial investment after a specified period, unless the linked stock falls below a certain point. If that should happen, the notes often pay back just a fraction of the original investment. RCNs typically have high commision fees and are considered by some money managers to be highly risky and even toxic assets.
Did you or a family member invest in TiVo Reverse Convertible Notes, or were you sold other risky RCNs by your broker or brokerage? If so, call Soreide Law Group, PLLC, for a free consultation on how to recover your losses. To speak with a Securities Arbitration 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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