Annuities are insurance contracts that make routine payments to customers either immediately or at some point in the future. This insurance contract allows investors to protect and grow their retirement savings while providing them with guaranteed income. Some brokers and financial advisors recommend selling or exchanging annuities for “better” investment…
Below is the Regions press release related to regulatory order for it to pay $200 million due to its actions related to the Morgan Keegan bond funds. Strangely, it announced also that it retained Goldman to explore selling Morgan Keegan. Regions has been extremely aggressive in defending the scores of…
Below is FINRA’s press release of the $200M restitution order the SEC and FINRA levied on Regions Morgan Keegan (RMK) related to bond funds it misrepresented to investors. Big for investors. We had blogged about this in April 2010 when the SEC charged Morgan Keegan & Company, Morgan Asset Management…
Today, the SEC charged Morgan Keegan & Company, Morgan Asset Management and two employees with fraudulently overstating the value of securities backed by subprime mortgages. These are the first federal government allegations related to the Regions Morgan Keegan bond funds which lost significant value in 2008. The serious charges come…
Morgan Keegan lost two large FINRA arbitrations this week related to the Regions Morgan Keegan bond funds which were decimated in 2008. These awards are the second and third reported awards of over $1 million. A securities arbitration panel ordered brokerage firm Morgan Keegan & Co. to pay Andrew Stein,…
A former president of a Memphis gas company won a $51,000 arbitration award against Morgan Keegan & Co. related to the Morgan Keegan bond funds. It was approximately 64% of the investor’s out of pocket losses. This is just another in a string of victories by public customers against Morgan…
Morgan Keegan, a division of Regions Financial Group, lost yet another FINRA arbitration related to its Bond Funds. The case is allegedly the first successful arbitration on behalf of an investor who was not direct customer of Morgan Keegan. According the law firm who won the arbitration, the elderly investor…
Regions Morgan Keegan lost its biggest arbitration award to date related to its mutual funds which imploded during the subprime crisis. Former NBA ballplayer Horace Grant won an almost $1.5 million arbitration award against Morgan Keegan & Co. for losses in the bond mutual funds. The Los Angeles based Finra…
Morgan Keegan, whose bond funds imploded in spectacular fashion in 2008, disclosed that it received a Wells Notice from the SEC on July 7, 2009. A Wells Notice is notification that the SEC staff intends to recommend that it bring an enforcement action for possible violations of federal securities laws.…
Morgan Keegan has lost six FINRA arbitrations in the last two months related to the Regions Morgan Keegan funds which lost significant value in 2008. One of the recent awards included punitive damages. Many law firms around the U.S., including our firm, have been retained by investors who lost money…