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ARS Fight Continues: Another Round with Oppenheimer

Posted by Larry Doyle on June 18, 2010 11:06 AM |

The fight for justice for auction-rate securities investors has many rounds yet to go. I remain determined to fight, cover this story, and highlight the ongoing fraud and injustice perpetrated on ARS investors everywhere until the last punch has been thrown. On that note, let’s get ready to rumble!

I received a recent message from an individual in Florida. The fact that the financial fraud in this specific case and the ARS market in totality remain largely unknown to the American public is an indictment of Wall Street, the financial industry at large, our financial regulators, the broad financial media, Congress, and ultimately our nation. Let’s strap it back on, and go after those individuals and institutions in our country who have failed to protect our brothers and sisters who were defrauded in the distribution of ARS.

In this corner is Sense on Cents. In that corner are the fraudsters and those who have aided and abetted the fraud or neglected to protect investors. Today’s specific opponent is once again the crowd at Oppenheimer and Company. Allow me to share with you the email I recently received:

Dear Larry,

I just read the article on the website auctionratepreferreds.org that either you wrote or that quoted you regarding ARS and Oppenheimer & Co.  I am in complete and total agreement with you regarding that matter.  You mentioned and quoted a group of NY investors who are in the situation of not having their money back and being disappointed with the settlement arrived at by Mr. Cuomo.  I am a Florida resident, and am in the exact same situation.  I would love to join their group or at least communicate with them to share my personal experiences.

My situation is even more dismal because the AG office of the state of FL claims that they have no money or in-house attorneys to sue Oppenheimer (or any brokerage house), so I don’t even have an AG to fight for me.  I am faced with having to hire a private attorney to file an arbitration claim against that firm.  All decent attorneys will not take it on a fee arragement of hourly rates, but all want a percentage of the recovery.  If I should prevail (and my case is very strong because it was quite clear from the very beginning that the money my wife and I turned over to our broker at Oppenheimer was from the sale of our house and was clearly designated for the purchase of our new condo which was under construction at the time we sold our home), we might not get back any damages or legal fees and we would be forced to give principal to the attorney.  That really adds insult to injury.  I cannot seem to get anyone in our state government to feel any compulsion to attack Oppenheimer.

Please get back to me with the names, phone numbers, or email addresses of anyone who might be in a similar situation as me with regard to Oppenheimer.  I am a retired physician and feel totally abused by a financial industry that really does not care about their clients.  If I treated my patients that way, I would have received many medical malpractice law suits against me.  Oppeheimer surely needs to be exposed.

Thanks.

There is strength in numbers, in knowledge, in determination, and in the blogosphere. I welcome being a conduit for this investor and any other investor to the group mentioned in this individual’s letter. Others can help by sharing this post with friends and colleagues.

For investors in Florida specifically, I hope you will take to heart the point highlighted by this investor as to the inability of the Florida Attorney General’s office to protect you.

Once again, the reality of our economic crisis is Caveat Emptor.

Keep punching!!

LD

Related Sense on Cents Commentary
ARS Investors Targeting Andrew Cuomo; (May 13, 2010)

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  • Screwed

    Perhaps the readers may want to share this story with Florida Attorney General Bill McCollum,

    Here you go, his contact info is

    http://myfloridalegal.com/contact

  • Al

    Oppenheimer brokers are criminals. What they did to the elderly people and others who invested with them is unspeakable. People now without money for food, shelter, medicines. Some on the brink of suicide maybe. and Cuomo don’t care.

  • jim

    Thanks Larry for staying with the ARS fight..we need your voice and are grateful for your determination. Raymond James is another broker, like Oppenheimer, who has not been brought to justice. Now that Cuomo has his eyes on being the next governor of NY this has become a issue he has no interest in dealing with any longer..too many Wall St contributions at stake. Can’t wait for November to vote against him. Please keep up the great work!

  • John W

    ADD E*TRADE (UN)SECURITIES TO THE MOST WANTED AUCTION RATE BANDIT LIST!

    E*Trade is in the same gang of outlaws and thieves as the other criminals listed here. How this outrage flys under the radar is a Madoff-esk scandal in itself. All have no ethics and no shame.

    E*Trade’s Auction Rate Security Fraud : I am almost 62 years old, and in the fall of 2007 I was lured by E*trade’s ad for a JP Morgan money market fund for an IRA. In short} I called to purchase this money market fund, (the trade could not be placed on-line) I was transfered to their “fixed-income” department and was solicitied to buy Auction Rate Securities, for which the market has been frozen since Feb 2008.

    E*Trade, in my opinion, knew the risk of this soon to be illiquid market, yet pawned them off on me and thousands more of their “clients=victims”. They have been totally uncooperative, intransigent, rude, threatening, and unwilling to accept responsibility for their fraud and lies perpetuated by their agents back in late 2007. They offer no solution to help assist those of us caught in this mess, and they continously deflect, deny, and defend their lack of accountability and irresponsible stance.

    They have effectively stolen my 50,000 in an IRA no less and they only put up a smoke screen with low rent mafioso like attorneys. E*Trade from my experience is pure pond scum, and has zero ethics, and morality. Who on Wall Street does? They are the worst of the worst. RUN, DON’T WALK AWAY FROM E*TRADE, They will screw you over financially given the chance and are totally untrustworthy to be a custodian of any one’s money.

    It is only because of Larry Doyle, and a few others that I have managed to keep some sanity and hope that there are venues to express our common injustice.

    I honestly don’t know how we crack this glacier, but I will keep trying.
    We have to continue to continue I suppose.

    If I had robbed a bank the FBI and police would be at my door in 10 minutes if I was the identified thief!
    I would have to put up bail, and spend jail time.

    These pond scum have stolen our money and walk freely, WHY?
    In part because FINRA, the SEC, and most politicians are crooks and on the take themselves. Banks get free money and bailouts. They all got the gold, we got the shaft.
    The fat cats all play with our money, and we suffer for 2 1/2 years.

    I am speechless

  • John W
  • Your readers should know that we also have a dedicated site — http://www.AuctionRatePreferreds.org. Please feel free to visit. It’s free. — Harry Newton

    • LD

      Harry,

      I should have linked to your site a long time ago. Sorry for that oversight. It’s being linked today!! Thanks for your work highlighting this travesty and helping provide a forum for those impacted.






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