Colling, Gilbert, Wright & Carter Securites Fraud

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Monday, November 28, 2011

Judge Throws Out Citigroup's $285 Million CDO Settlement

A recent Forbes.com article reports a federal judge has tossed out what was believed to be the largest settlement with regulators regarding the marketing and sale of collateralized debt obligations (CDO).

In mid-October, Citigroup agreed to pay out $285 million to settle charges of misleading investors when purchasing collateralized debt obligations tied to the housing market. As is typical with such regulatory settlements, Citi did not admit or deny any wrongdoing in the matter.

Although the $285 million settlement appeared to be enough to satisfy the Securities & Exchange Commission investigators, it apparently was not enough for Judge Jed Rakoff, who rejected the settlement today.

The full article may be found here:

The attorneys at Colling Gilbert Wright and Carter are currently investigating and filing claims on behalf of investors who were sold products containing mortgage related debt without proper disclosure. If you have lost money in a bond fund or other fixed income security containing mortgage related paper, please contact our office for a free case evaluation. Thank you.

Labels: breach fiduciary duty, broker misconduct, fraud, misrepresentation/omission

posted by William B. Young Jr. Esq. at 10:34 AM

LPL Fined for Failing to Superivse Broker

According to a November 23, 2011 article in Financial Advisor Magazine, LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers who sold risky investments to clients, many of them elderly and without the mental capacity to make investment decisions.

The Oregon Securities division found LPL Financial violated securities laws, including failing to diligently supervise the actions of its broker and failing to ensure company policies and procedures were enforced.

The entire article may be found here.

The attorney's at Colling Gilbert Wright and Carter are currently investigating and filing claims against brokerage firms alleging lack of supervision as well as suitability, negligence, churning and fraud. If you believe you have lost money due to the actions of your financial advisor or broker, please contact our office for a free case evaluation. Thank you.

Labels: breach fiduciary duty, broker misconduct, neg

posted by William B. Young Jr. Esq. at 10:24 AM

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