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 | PPN
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Did You Sustain Losses from “Principal Protected Notes?”
Comments off · Posted by Securities Lawyer in FINRA
There are many questions about how Wall Street marketed a very complex product, sold as solid and secure, now emerging in investor arbitration cases. The product is named, incorrectly as it turns out, “100 percent principal protected notes.”
Securities regulators had warned brokerage firms that they should take special care when selling PPN’s and other structured products to retail customers because the products were so complex and, potentially, risky.
“Investors assumed that ‘principal-protected’ meant they couldn’t lose their initial investment, but they clearly could, and many investors unfortunately did,” said Lars Soreide, a securities lawyer from Soreide Law Group, PLLC. “Many of my clients were clearly given the wrong impression, and their brokers knew they were conservative, low-risk investors, but yet still sold them the PPNs.” Soreide adds, “Even though Lehman is gone we are actively pursuing claims against UBS for the sale of the Lehman Principal protected notes.”
One of the worst examples of PPN’s gone bad is Lehman Brothers’ Principal Protected Notes. Brokers at UBS (Switzerland’s largest bank, UBS in particular sold over $1 billion worth) and other firms sold these products with the added benefit of up to 100% principal protection if the market went down. However, Lehman Brothers declared bankruptcy in September, 2008, leaving the investors with worthless paper.
Securities Attorney, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide. If you or a family member have purchased Lehman’s principal protected notes, 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.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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