SEC News
- SEC Charges Institutional Shareholder Services in Breach of Clients' Confidential Proxy Voting Information May 23, 2013FOR IMMEDIATE RELEASE2013-92 Washington, D.C., May 23, 2013 — The Securities and Exchange Commission today charged a Rockville, Md.-based proxy adviser for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests. Additional Materials SEC Order An SEC investigation found that an employe […]
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
TAG | muni bond loss lawyer
21
Edward Jones & Co, St. Louis, Fined and Sactioned by FINRA
Comments off · Posted by Securities Lawyer in FINRA
Edward D. Jones & Co., L.P. dba Edward Jones (CRD #250, St. Louis, Missouri)
was censured, fined $55,000 and ordered to pay $13,231.52, plus interest, in restitution to customers. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in corporate fixed income transactions for or with an individual customer, they failed to use reasonable diligence to arrive at the best inter-dealer market, and failed to buy or sell in such market so that the price to its customer was as favorable as possible under the prevailing market conditions.
FINRA’s findings stated that the firm’s supervisory system did not comply with the applicable securities laws, regulations and FINRA rules concerning the best execution of corporate fixed income transactions.
These findings also stated that the firm purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price. FINRA’s findings also included that the firm submitted incorrect short interest position reports to NASD® or FINRA.
(FINRA Case #2006005438901)
This information was obtained on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”
Soreide Law Group, PLLC, has represented clients nationwide. If you have sustained investment losses due to Edward Jones, St. Louis, MO, please 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: http://www.securitieslawyer.com.
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31
Investors Still Fearful About Municipal Bond Market Collapse
Comments off · Posted by Securities Lawyer in FINRA
The municipal bond market is nowhere near as bad as it was few years ago. That doesn’t mean the muni market is free of risks and challenges for financial advisers building bond portfolios for clients writes Jeff Benjamin in a May, 2012, article from InvestmentNews.com.
George Friedlander, managing director and chief municipal strategist with Citi Investment Research & Analysis said, ‘Investors know the market has changed and there’s a real challenge for advisers working with individual investors.”
Friedlander cautioned that the typical muni bond investors believes he or she has too much duration risk, but in fact could have too little.
Benjamin writes that Mr. Friedlander attributed the “sharp outflows” from muni bond funds over the last two years to many of the predictions that the muni market was on the brink of widespread collapse. And he acknowledged that “we do have more defaults to deal with. But not the kind of magnitude that scared people out of muni funds in 2010.”
The fear among individual investors is noted by the $347 billion worth of redemptions last year, against $295 billion in new muni bond issuance. In 2012, Friedlander is expecting issuance to reach $350 billion. However, is concerned about the level of fear among individual investors.
“Individual investor demand has been just okay, because they are resistant to the lower rates,” he said. “Whenever there’s a reduction in rates individuals go into rate shock, and that is purely an individual investor mindset because institutional investors will consider whether rates are going up — not whether or not rates used to be higher.”
Securities Lawyer, Lars K. 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 in municipal bonds, 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: http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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