Securities Lawyer Blog | Victim of Fraud?

TAG | Freddie Mac

Feb/12

14

Former Wachovia/Wells Fargo Broker Barred by FINRA; Millions Recovered in Losses

Comments off · Posted by Securities Lawyer in FINRA

The following appeared on FINRA’s website’s ‘Disciplinary Actions, November, 2011:

Tom Douglas Hamsher (CRD #1708793, Registered Supervisor, Webb City, Missouri)

submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Hamsher consented to the described sanction and to the entry of findings that he made misrepresentations and omitted to disclose material facts to many of his customers in connection with the purchase or sale of preferred securities of financial institutions, in conversations and correspondence with multiple member firm customers who purchased the securities on Hamsher’s recommendation. The findings stated that after Hamsher’s resignation, the firm subsequently settled claims from many of Hamsher’s customers, including allegations of material misrepresentations and omissions involving preferred securities of financial institutions, for aggregate payments of approximately $8.9 million.

(FINRA Case #2009018421001)

This ends the FINRA website’s information.

Tom Hamsher, a former Wachovia Securities, LLC, and Wells Fargo Securities, LLC, broker, was accused of making false statements in connection with the sale of the Federal National Mortgage Association or “Fannie Mae” (“FNMA”) and the Federal Home Loan Mortgage corporation or “Freddie Mac” (“FMCC”). Hamsher falsely represented that the preferred securities were “bonds,” and that when they matured, the customers would recover their initial investment.

It has been reported that Hamsher falsely represented that the preferred securities were backed by the full faith and credit of the United States government, which misled investors into believing that their principal was guaranteed against loss. It has been reported that Wachovia and Wells Fargo paid approximately $8.9 million to settle their customer claims based upon Hamsher’s false statements.

Soreide Law Group, PLLC is currently investigating the sale of the preferred securities of financial institutions, including many cases against Wachovia Securities, L.L.C. and Wells Fargo Securities, L.L.C.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.
 
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

 

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Jul/11

30

Did you Purchase Fannie Mae/Freddie Mac Preferred Stock?

Comments off · Posted by Securities Lawyer in FINRA

Soreide Law Group, PLLC, is filing claims on behalf of Morgan Stanley Smith Barney clients that were sold Fannie Mae and Freddie Mac preferred stocks in 2007 and 2008.  Despite internal limitations to recommend no more than 10% of an investor’s portfolio in preferred stocks, Morgan Stanley Smith Barney investors were sold Fannie Mae and Freddie Mac preferred stocks in concentration.
 
The risks of subprime market exposure for Fannie Mae and Freddie Mac were largely known in the securities industry and by Morgan Stanley Smith Barney beginning in early 2007. Rather than advising its financial advisors and its clients to avoid these companies, Morgan Stanley Smith Barney profited handsomely from underwriting and investment banking fees  from these issuances, and by selling Fannie Mae and Freddie Mac preferreds to its clients in 2007 and 2008.
 
If you sustained significant losses in any of the following Fannie Mae issues you may have a claim:
 
9/28/07            Series P $1,000,000,000
10/7/07            Series Q $375,000,000
11/21/07            Series R $530,000,000
12/11/07            Series S $7,000,000,000
5/19/08            Series T $2,225,000,000
 
In addition, if you sustained significant losses in the following Freddie Mac non-cumulative preferred stock issue, you may also have a claim:
 
12/4/07            8.375% Preferred $6,000,000,000.
 
Securities Lawyer, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide before FINRA, the Financial Industry Regulatory Authority. If you or a family member purchased Fannie Mae or Freddie Mac preferred stock from Morgan Stanley Smith Barney, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses.  To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.

 

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