Free Consultation:
(800) 382-7969
Colorado settled with Wachovia Securities, which is changing its name to Wells Fargo Advisors this month, regarding its sale of auction-rate securities, the state’s securities commissioner announced. St. Louis-based Wachovia, formerly A.G. Edwards & Sons Inc., agreed to buy back $157 million of auction-rate securities from Colorado investors by June 30, Commissioner Fred Joseph said […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has entered into final settlements with four additional firms to settle charges relating to the sale of Auction Rate Securities (ARS) that became illiquid when auctions froze in February 2008. To date, FINRA has concluded final settlements with nine firms, imposing a total of $2.6 […]
The backlash from institutional investors over auction-rate securities ARS) is causing a world of problems for financial giant Citigroup. Braintree Laboratories, a large Pharmaceutical manufacturer is suing the bank for selling more than $33 million worth of auction-rate securities. Braintree is disputing the sale, which occurred in 2008, and alleging that is was orchestrated at […]
Carlyle Group is being probed by New York prosecutors and the U.S. Securities and Exchange Commission over whether the world’s second-largest private- equity firm made illegal payments to intermediaries to secure $1.3 billion in investments from the state’s pension fund, according to a person with knowledge of the matter. New York Attorney General Andrew Cuomo […]
Vikram Pandit, CEO for Citigroup, dismissed record low stock performances of just above $1 in a memo to employees, telling them that the bank’s earning power would ultimately prevail. Pandit’s memo was reproduced in on March 9, 2009 in a Wall Street Journal article.. In the letter, Pandit acknowledged his disappointment with Citigroup’s stock price […]