TD Ameritrade Inc. agreed to buy back $456 million of auction-rate securities from about 4,000 clients as part of a settlement with New York Attorney General Andrew Cuomo, the Securities and Exchange Commission and Pennsylvania securities regulators. The online brokerage firm intends to return the money to customers, including individuals, charities, nonprofit entities and businesses, […]
The SEC alleges that Morgan Keegan misrepresented to customers that ARS were safe, highly liquid investments that were comparable to money market funds. Morgan Keegan sold approximately $925 million of ARS to its customers between Nov. 1, 2007, and March 20, 2008, but failed to inform its customers about increased liquidity risks for ARS even […]
UBS AG, Switzerland’s biggest bank, sued Highland Capital Management LP in New York, claiming losses of at least $745 million in a failed collateralized debt obligation transaction. Highland Capital, the investment firm founded by James Dondero and Mark Okada, failed to fulfill terms of the deal reached in April 2007, UBS said in a breach-of-contract […]
The Securities and Exchange Commission today charged New York-based broker-dealer Sky Capital LLC and six individuals involved in a fraudulent boiler room scheme that raised millions of dollars from U.S. and UK investors who were then restricted from selling their stock, and their investments later became worthless. The SEC alleges that the firm’s founder, president […]
Two Ohio families and their pastor filed a federal lawsuit in Minneapolis this week accusing some “confusingly intertwined” Twin Cities investment advisers and a dozen business entities of fraud, misrepresentation and other breaches in the handling of their life savings. The eight plaintiffs claimed Trevor Cook, 37, of Burnsville and Gerald Durand, 58, of Lakeville […]