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The 1861 Capital funds, marketed initially as a relatively safe fixed income product promising slightly higher returns than municipal bonds, ultimately proved to be highly risky and volatile investments. Managed under a municipal arbitrage strategy, these funds were leveraged, significantly amplifying both potential gains and losses for investors. This strategy, as described by Ryan Bakhtiari, […]
A FINRA arbitration panel ordered UBS AG on Tuesday to pay $81 million in damages to a Bethesda, Maryland-based cellphone marketer that purchased auction-rate securities through the U.S. brokerage. FINRA documents posted online showed a panel comprised of three public arbitrators ordered to pay the damages to Kajeet Inc, which purchased student-loan auction-rate securities that […]
Pennsylvania regulators filed a civil complaint against broker-dealer TD Ameritrade, alleging it committed fraud in the sale of Reserve Yield Plus Fund. The Pennsylvania Securities Commission’s enforcement division alleges that TD Ameritrade and Amerivest Investment Management LLC repeatedly told investors, in calls that were recorded, that the fund was a money-market fund. It actually was […]
Bank of America Corp. raised $4.7 billion selling structured notes to U.S. investors through June, the most of any issuer and more than its 2009 total, as sales of the securities rose to a record pace. Banks have sold $22 billion of structured notes to individual investors in the U.S. this year, according to data […]
Legislators finally reached a compromise on the fiduciary standard bill late Thursday after fierce last-minute wrangling over its contents. While the House’s version pushed for the Securities and Exchange Commission to create a fiduciary standard, the Senate preferred instead to have the SEC study differences between its fiduciary standard and the suitability standard many brokers […]