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 the charity’s investments in the funds. Notably, the panel also admitted the Georgia Securities Department’s Findings of Fact against Morgan Keegan and compelled the testimony of Gary Stringer (Morgan Keegan Director of Investments) and Michele Wood (RMK Fund compliance officer) to testify over Morgan Keegan’s objections.
The law firm of The Frankowski Firm has filed numerous complaints on behalf of investors in the same family of funds and has obtained numerous awards for their clients against Morgan Keegan.
If you or someone you know lost money in the RMK bond funds or in a Morgan Keegan investment, please contact the attorneys at The Frankowski Firm at 888-741-7503 to discuss your potential legal remedies.