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Posts Tagged ‘auction rate securities cases’

Calling All Auction-Rate Securities Holders

Posted by Larry Doyle on August 10th, 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. (more…)

FINRA’s Enforcement Chief, Susan Merrill, Quits; How About a Subpoena?

Posted by Larry Doyle on March 18th, 2010 10:52 AM |

Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.

Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.

Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.

In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. (more…)

Will Ignorance Defense Continue to Screw Auction-Rate Securities Investors?

Posted by Larry Doyle on December 18th, 2009 8:03 AM |

Auction-rate securities investors remain at a decided disadvantage when it comes to pursuing legal claims. Misrepresentation by those distributing the auction-rate securities does not seem sufficient to warrant a claim, let alone retribution. The fact that investors are having difficulties bringing suit against Wall Street firms which distributed auction-rate securities should be further reason for investors to be cautious in engaging brokers and financial planners. Why? The fact that selected cases of auction-rate securities distribution have been designated as having occurred in a fraudulent fashion would seem to have established a significant precedent. The fact that the precedent has not been established is mind boggling.

$149 BILLION in auction-rate securities held by thousands of investors remain frozen. Where’s the justice?

Bloomberg provides a recent review of these developments in writing, Auction-Rate Investors Get Redo After Loss of First Fraud Suits:

Auction-rate securities investors who sued banks including Citigroup Inc. and UBS AG to recoup billions of dollars in losses went 0 for 5 as their first cases were thrown out. Now some are gearing up for a rematch over part of the $149 billion in securities that remain outstanding. (more…)






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