Bank of America Merrill Lynch’s (“Merrill Lynch”) brokerage unit offered Strategic Return Notes (“SRNs”) to customers, resulting in losses of as much as 95% of the principal invested. First issued in November 2010 and maturing November 27, 2015, the SRNs were designed to be linked to Merrill Lynch’s own proprietary volatility index (the “VOL”) which…
Continue reading ›On October 31, 2017, Carmel, Indiana financial advisor Thomas J. Buck, 63, was charged under federal securities laws with one count of securities fraud. The unsealed criminal charges brought in the U.S. District Court for the Southern District of Indiana allege that Mr. Buck defrauded his clients by charging excessive commissions. Mr. Buck has agreed…
Continue reading ›On May 3, 2017, Puerto Rico filed for a form of bankruptcy protection pursuant to a federal law passed in 2016 known as Promesa, thereby allowing Puerto Rico to facilitate a debt restructuring process in court akin to U.S. bankruptcy protection. As recently reported in Barron’s, Puerto Rico’s bonds backed by sales tax revenue, known…
Continue reading ›Recently, Wade James Lawrence was barred from the financial industry by the Financial Industry Regulatory Authority (FINRA). Investors’ rights lawyers are exploring accusations made against Lawrence regarding misappropriation of funds during his time as a broker. According to the FINRA report, Lawrence failed to respond to these allegations, and in doing so forfeited his opportunity…
Continue reading ›David Zeng was recently barred from working within the securities industry after he failed to respond to inquiries concerning over a dozen customer complaints about his investment activities. These complaints alleged misrepresenting an investment, unauthorized stock trading, unsuitable investment advice and fraud. Prior to starting with Merrill Lynch in 2009, Zeng worked for UBS Financial…
Continue reading ›Securities fraud attorneys are currently investigating claims on behalf of investors who suffered significant losses as a result of doing business with Wade James Lawrence. Lawrence, a former broker for Lubbock Investments, recently surrendered his securities license because the Financial Industry Regulatory Authority (FINRA) requested he give testimony regarding his conduct and Lawrence failed to…
Continue reading ›Securities fraud attorneys are currently investigating claims on behalf of Merrill Lynch customers who suffered significant losses as a result of their hedge fund investments and/or Fannie Mae Preferred Shares investments with the firm. In particular, these stock fraud lawyers are looking into the sales practices of Merrill Lynch and its brokers in regards to…
Continue reading ›Securities fraud attorneys are currently investigating claims on behalf of victims of James Ryan Lanier, a financial advisor for Merrill Lynch. Reportedly, Lanier was arrested on fraud, identity theft and money laundering related to embezzlement. Allegedly, Lanier, 33, embezzled over $800,000 from Merrill Lynch clients and was arrested in San Diego, California. According to the…
Continue reading ›Principal Protected Notes, or PPNs, are structured investments, meaning they connect the performance of commodities, equities, currencies and other assets to fixed income notes and CDs. PPNs are legitimate investments, though they have received a lot of negative attention lately. PPNs may have a full principal protection, but only partial principal protection is possible as…
Continue reading ›Once again, Wall Street insiders win and retail investors lose. The outside advisers handling Lehman Brothers’ bankruptcy – mostly bankers and lawyers – have made over $1.4 billion for their services since Lehman Brothers went bankrupt three years ago. If you’re a Wall Street insider, Lehman Brothers, which is bankrupt and out-of-business, is a fantastic…
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