by Brian Mahany For most consumer purchases, getting a refund for a defective product or service that doesn’t meet our expectation is a relatively easy process. Purchase a hedge fun or private placement and its impossible. You may be able to sell the investment but thats much different than obtaining a refund. In most instances, […]
Four Stockbroker Giants Fined Millions For Selling Risky Investments
by Brian Mahany Everyday we seem to encounter another story of a big bank doing something wrong. Often it has to do with mortgage lending and foreclosure practices. Sometimes it involves helping Ponzi scheme fraudsters hide their crimes. Today’s story involves Citi, Wells Fargo, UBS and Morgan Stanley and their sale of risky investments. According […]
God’s Unanswered Prayers – Wall Street Style
There is a popular country song by Garth Brooks suggesting that we should thank God for the prayers he doesn’t answer. Evidently a securities arbitrator had the same idea when deciding a case filed by investor Fred Holczer against Wells Fargo Investments. Holczer asked his Wells Fargo stockbroker to invest $207,000 of his 401(k) money […]