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 […]
Ashland Chemical Company, Inc., the maker of Valvoline motor oil, filed a lawsuit against Oppenheimer & Co., in 2009 for the sale of nearly $194 million worth of auction rate securities during 2007 and early 2008. According to the complaint by Ashland Inc., Oppenheimer misrepresented the risks and liquidity related to the securities When the […]
Marc Dreier, the New York law firm founder charged with defrauding hedge funds, will plead guilty to federal charges including conspiracy and wire fraud on May 11, his lawyer said. Dreier sold more than $700 million in phony promissory notes to at least 13 hedge funds and three individuals, according to an indictment unsealed against […]
Fairfield Greenwich Group, the hedge fund that steered $7 billion to Bernard Madoff, faces new claims of fraud by investors who previously alleged negligence against co-founders Walter Noel, Jeffrey Tucker and Andres Piedrahita. The class-action suit, first filed in January in Manhattan federal court, was amended April 24 to include claims that the three co-founders […]