SEC News
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- SEC Charges Two Executives in Ponzi Scheme At Dallas-Based Medical Insurance Company June 17, 2013FOR IMMEDIATE RELEASE2013-113 Washington, D.C., June 17, 2013 — The Securities and Exchange Commission today charged two executives at a Dallas-based medical insurance company with operating a $10 million Ponzi scheme that victimized at least 80 investors. Additional Materials SEC Complaint The SEC alleges that Duncan MacDonald and Gloria Solomon solicited i […]
- Amelia Cottrell Named Associate Regional Director for Enforcement in New York Office June 14, 2013FOR IMMEDIATE RELEASE2013-112 Washington, D.C., June 14, 2013 — The Securities and Exchange Commission today announced the promotion of Amelia A. Cottrell to Associate Regional Director for Enforcement in the agency's New York Regional Office. Ms. Cottrell, who came to the SEC in 2005, has been serving as an Assistant Regional Director in the New York o […]
- Former Mutual Fund Directors Agree to Settle Claims That They Failed to Properly Oversee Asset Valuation June 13, 2013FOR IMMEDIATE RELEASE2013-111 Washington, D.C., June 13, 2013 — The Securities and Exchange Commission today announced a settlement in an enforcement proceeding against eight former directors of five Regions Morgan Keegan open- and closed-end funds that were heavily invested in securities backed by subprime mortgages. The proceeding, which began in December […]
- SEC Charges Revlon with Misleading Shareholders in Going Private Transaction June 13, 2013FOR IMMEDIATE RELEASE2013-110 Washington, D.C., June 13, 2013 — The Securities and Exchange Commission today charged cosmetics and beauty care manufacturer Revlon with violating federal securities laws when the company misled shareholders during a "going private transaction." Additional Materials SEC Order Going private transactions can occur in ma […]
TAG | Greenberg Traurig
Mar/12
5
Lars K. Soreide Wins Award for Defrauded Elderly Fannie Mae Investor Against Wells Fargo Advisors (f/k/a Wachovia Securities)
Comments off · Posted by Securities Lawyer in FINRA
Lars K. Soreide of the Soreide Law Group, recently won an award of $61,040.00, plus statutory interest from July 11, 2008, amounting to approximately $15,000 in interest payments, and, additionally being reimbursed for all forum fees and costs.
This award stems from the sale of Fannie Mae and Freddie Mac preferred securities by former Wells Fargo broker, Patrick Zych, to an elderly investor. Wells Fargo Advisors were represented by Greenberg Traurig. This award, won by Lars K. Soreide, of the Soreide Law Group, is significant because the several published awards concerning Fannie Mae and Freddie Mac preferred securities resulted in zero awards for the investors.
This case involved Fannie Mae Series S and Freddie Mac series Z preferred shares. Most investors purchased the preferred securities at $25 per share and quickly watched the stock drop to below $1 in less than 6 months.
New evidence concerning Wells Fargo’s early warnings of extreme volatility that largely went ignored by brokers has breathed new life into Fannie and Freddie preferred cases. There is a 6 years statute of limitations for claims brought through the Financial Industry Regulatory Authority (“FINRA”) so Fannie and Freddie preferred share investors still have time to file a claim. The statute of limitations will begin to run out for most investors in 2013.
If you purchased Fannie Mae or Freddie Mac preferred shares call Lars K. Soreide of the Soreide Law Group at (888) 760-6552 or visit http://www.securitieslawyer.com. Representing defrauded Fannie and Freddie Investors Nationwide.
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