Friday, April 09, 2010
Kentucky Included In Brokerage Pursuit
KENTUCKY....
Kentucky, Mississippi, Alabama, South Carolina, the Securities and Exchange Commission and the Financial Industry Regulatory Authority have taken action against the Memphis-based brokerage firm of Morgan Keegan & Co. They've accused the firm of costing investors, including retirees, more than $2 billion through fraudulent and reckless business practices. Regulators allege that Morgan Keegan overstated the value of funds backed by subprime mortgages and used false and misleading sales materials. According to the Kentucky Department of Financial Institutions, about 13,000 Kentuckians invested in the six funds, which lost $2 billion from March 31, 2007, to March 31, 2008, while losing more than $9.4 million in just one of the funds. No criminal charges have been filed. Morgan Keegan & Co. is owned by Birmingham, Alabama-based Regions Financial Corp.
Kentucky, Mississippi, Alabama, South Carolina, the Securities and Exchange Commission and the Financial Industry Regulatory Authority have taken action against the Memphis-based brokerage firm of Morgan Keegan & Co. They've accused the firm of costing investors, including retirees, more than $2 billion through fraudulent and reckless business practices. Regulators allege that Morgan Keegan overstated the value of funds backed by subprime mortgages and used false and misleading sales materials. According to the Kentucky Department of Financial Institutions, about 13,000 Kentuckians invested in the six funds, which lost $2 billion from March 31, 2007, to March 31, 2008, while losing more than $9.4 million in just one of the funds. No criminal charges have been filed. Morgan Keegan & Co. is owned by Birmingham, Alabama-based Regions Financial Corp.
# posted by Homer Owens @ 9:55 AM 
