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Calling All Auction-Rate Securities Holders

Posted by Larry Doyle on August 10, 2010 6:42 AM |

Without information there can be no real truth. Without truth there can be no real justice. Without justice, what is the quality of our nation and ultimately our civilization?

Why do so many Americans remain enraged at the economic travesty of the last few years? For the very simple reason that those regulators who were charged to protect American investors not only failed in their initial charge but to a large extent have continued to fail investors by not aggressively pursuing justice where financial improprieties–if not outright fraud–transpired.

To this end, why am I not surprised that many auction-rate securities holders have quickly directed their attention and focus to the state of Colorado where securities commissioner Fred Joseph has filed a complaint against E*Trade for improperly marketing and distributing auction-rate securities. Other ARS holders are hoping Commissioner Joseph will take a similar tact on their behalf against other firms for the same reason.

In order for the Colorado state securities commissioner to pursue the truth, he needs the information.

On that note, I am happy to provide a link to a form ARS holders need to submit to the Colorado Securities Commissioner’s Office in order for the office to even consider pursuing a complaint. I would not believe the Colorado securities commissioner is looking to chase down every financial planner or broker who may have improperly marketed or distributed ARS. I am of the belief and opinion that to the extent that there are firms, much like E*Trade, which the commissioner deems were involved in the improper marketing and distribution of auction-rate securities in the state of Colorado, he obviously has serious interest in pursuing them. 

On that note and for that sole reason, I am happy that Sense on Cents can be a conduit to facilitating the pursuit of the truth.

I am not a lawyer nor do I care to be one. In the spirit of full disclosure, I have NO vested interest in any individual or entity with any connection to the auction-rate securities market. I do not now own nor have I ever owned an auction-rate security. I have no vested interests on either side of the ARS debacle. My only interest is that the truth will out so that real justice can be served.

I firmly believe our markets, our economy, and ultimately our nation will be better for it.

Comments, color, questions, constructive criticism always encouraged and appreciated.  


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