Morgan Keegan /RMK Funds

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Mar 11, 2016

Former Broker Indicted On Fraud Charges

By |March 11th, 2016|FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Morgan Keegan /RMK Funds, Ponzi Scheme, Press Releases & News, Raymond James, Securities Law Violations, Smith Barney|

Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an [...]

Mar 11, 2014

The Commodity Futures Trading Commission Investigating Managed Future Funds

By |March 11th, 2014|FINRA News, Hedge, Bond & Mutual Funds, Morgan Keegan /RMK Funds|

The Commodity Futures Trading Commission (CFTC) is investigating the sky high fees that are charged to investors in managed futures funds. This comes after a December 19, 2013 letter that the Senate’s Special Committee on Aging sent to the CFTC asking them to work with the Securities and Exchange Commission (SEC) on investigating the fees [...]

Mar 1, 2013

Raymond James Drops Morgan Keegan’s Name After It Was Ordered to Buy Back Securities

By |March 1st, 2013|Morgan Keegan /RMK Funds|

Just a few weeks after the 11th Circuit Court ordered Morgan Keegan to buy back more of their ultra-risky auction rate securities, Raymond James dropped the name Morgan Keegan altogether. In November 2012, this blog reported that 11th Circuit Judge William Duffy dismissed an SEC claim against Morgan Keegan. According to the article underlining the [...]

Jun 27, 2012

MORGAN KEEGAN TO PAY OVER $630,000 AFTER DEPT. OF LABOR FINDS PENSION RULE VIOLATION

By |June 27th, 2012|Morgan Keegan /RMK Funds|

Morgan Keegan agreed to pay over $630,000 to 10 ERISA pension plans after an investigation by the US Department of Labor, according to the Department’s press release.  The investigation found that Morgan Keegan violated federal law when it recommended certain hedge funds to the pension plans. The press release went on to state that Morgan [...]

Jun 1, 2012

11TH CIRCUIT REINSTATES SEC’S FRAUD CLAIM AGAINST MORGAN KEEGAN

By |June 1st, 2012|Morgan Keegan /RMK Funds|

The United States Court of Appeals for the Eleventh Circuit reinstated the SEC’s civil securities fraud action against Morgan Keegan & Co. Inc., according to a Reuters.com article. This reversed the district court’s dismissal of the SEC’s action arising from Morgan Keegan’s sales of Auction Rate Securities (ARS). The Eleventh Circuit found that the alleged oral misstatements of the brokers [...]

May 15, 2012

MORGAN KEEGAN REP BARRED FOR LIFE

By |May 15th, 2012|Morgan Keegan /RMK Funds|

A Morgan Keegan broker has been barred from the industry by FINRA, according to an article on onwallstreet.com. Michael Venable, of Tyler, Texas, was barred for life from the financial industry after he jeopardized 10 of his clients. The article discussed Venable putting people into investments that were not suitable for them, sometimes without their knowledge at [...]

Feb 24, 2012

ARBITRATORS ORDER MORGAN KEEGAN TO REPAY CLAIMANTS’ RMK FUND LOSSES

By |February 24th, 2012|Morgan Keegan /RMK Funds|

Morgan Keegan must repay the financial losses of three Georgia RMK Fund investors, plus forum costs, according to the January 18, 2012 Order of an arbitration panel of the Financial Industry Regulatory Authority (FINRA), which heard the case in Atlanta, Georgia. The Claimants are among thousands of investors who lost money as a result of [...]

Feb 23, 2012

ARBITRATORS ORDER MORGAN KEEGAN TO REPAY CLAIMANTS’ RMK FUND LOSSES PLUS ATTORNEYS’ FEES

By |February 23rd, 2012|Morgan Keegan /RMK Funds|

Morgan Keegan must repay the financial losses of two Alabama RMK Fund investors, plus attorneys’ fees and forum costs, according to Orders from Arbitrators with the Financial Industry Regulatory Authority (FINRA). The Claimants are among thousands of investors who lost money as a result of Morgan Keegan’s fraudulent conduct in connection with the RMK (Regions [...]

Feb 22, 2012

ARBITRATION PANEL ORDERS MORGAN KEEGAN TO REPAY LOSSES, PLUS ATTORNEYS’ FEES AND COSTS

By |February 22nd, 2012|Morgan Keegan /RMK Funds|

Morgan Keegan must repay the financial losses of fourteen RMK investors, attorneys’ fees and the costs of the proceeding, according to the January 30, 2012 Order of an arbitration panel of the Financial Industry Regulatory Authority (FINRA) which heard the case in Birmingham, Alabama. The Claimants are fourteen out of thousands of investors who lost money [...]

Jan 15, 2012

FINRA ARBITRATION PANEL RULES AGAINST MORGAN KEEGAN AND IN FAVOR OF GEORGIA CHARITY IN RMK BOND FUND CASE

By |January 15th, 2012|Morgan Keegan /RMK Funds|

According to this news release, Morgan Keegan was ordered by a Financial Industry Regulatory Authority (FINRA) arbitration panel to repay a Georgia charity 115% of its losses in the speculative RMK family of bond funds.  The panel determined that Morgan Keegan wrongfully sold the risky funds to the charity and placed too high a percentage of [...]

Jan 11, 2012

ARBITRATOR ORDERS MORGAN KEEGAN TO REPAY LOSSES, PLUS PUNITIVE DAMAGES AND ATTORNEYS’ FEES

By |January 11th, 2012|Morgan Keegan /RMK Funds|

Morgan Keegan must repay the financial losses of an elderly RMK investor, plus interest, attorneys’ fees and punitive damages, according to the January 9, 2012 Order of an arbitrator with the Financial Industry Regulatory Authority (FINRA). The combined award of out-of-pocket losses plus punitive damages represents the maximum amount available to a claimant in a “simplified” (paperwork-only) [...]

Jan 3, 2012

WEAK REGULATION, POOR OVERSIGHT, LEAD TO MORGAN KEEGAN INVESTORS’ HEAVY LOSSES

By |January 3rd, 2012|Morgan Keegan /RMK Funds|

Morgan Keegan’s hometown newspaper, the Memphis Commercial-Appeal, recently published an article detailing the factors behind the collapse of Morgan Keegan’s RMK family of bond mutual funds.  Among the factors pointed out by the article are: Lack of regulatory oversight Lack of supervision by Morgan Keegan over Jim Kelsoe, the funds’ manager Kelsoe’s “bets” in the [...]

Jul 8, 2011

REGIONS BANK NOW TRYING TO SELL MORGAN KEEGAN

By |July 8th, 2011|Morgan Keegan /RMK Funds|

Birmingham-based Regions Financial Corp said that it may consider selling Morgan Keegan.  Analysts suggest that the investment unit of Regions may sell for as much as $1.5 billion.  Currently, Regions owed the Treasury Department approximately $3.5 billion in funds recieved from the TARP Program.  The announcement regarding the potential sale came soon after regulators announced [...]

Jun 29, 2011

MORGAN KEEGAN GETS HIT WITH REGULATORY SANCTIONS

By |June 29th, 2011|Morgan Keegan /RMK Funds|

On April 7, 2010, the securities regulators of four states, the United States Securities and Exchange Commission, and FINRA brought charges against Morgan Keegan, Morgan Asset Management, Mr. James Kelsoe and key Morgan Keegan employees alleging that they participated in a massive fraud in connection with the purchase, sale, marketing, pricing and public filings of [...]

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