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Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 10 out of 20 results for "Mutual Fund".

SLCG Research: Average Credit Quality

(Aug 2011)

SLCG released today 'What Does a Mutual Fund's Average Credit Quality Tell Investors?'

Bond mutual funds often report an "average credit quality" in their marketing materials. A fund's average credit quality is represented by a rating (e.g. A, A-) that is based on the credit ratings of the fund's individual securities, and these credit ratings come directly from rating agencies such as Standard and Poor's and Moody's.

In this paper, we explain a methodological flaw in the way average...

SEC Press Release: New Short Form Criteria

(Jul 2011)

SEC Adopts New Short Form Criteria to Replace Credit Ratings

The Securities and Exchange Commission (SEC) issued a press release today announcing that it had removed "credit ratings as eligibility criteria for companies seeking to use 'short form' registration when registering securities for public sale." The SEC unanimously voted for the adoption of this new rule, in response to the Dodd-Frank Wall Street Reform and Consumer Protection Act that encouraged financial regulators to rely...

Dishonest Sales of LEFTs by RBC Capital Markets

(Jul 2011)

Secretary Galvin Charges RBC Capital Markets and Agent with Dishonest Sales of Leveraged and Inverse Leveraged Exchange Traded Funds

The Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth alleges that Michael Zukowski, a registered representative of RBC Capital Markets, made "numerous unsuitable recommendations and sales" of leveraged and inverse leveraged exchange traded funds (ETFs) to clients who did not understand the risks...

SEC Press Release: Forex Ponzi Scheme

(Jul 2011)

SEC Charges Forex Ponzi Operator Who Fled After Scheme Unraveled

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"filed fraud charges Thursday against the CEO of a purported foreign currency trading firm, alleging he scammed hundreds of investors with false promises of high, fixed-rate returns while secretly using their money to fund his start-up alternative newspaper."

Lowrance, Chief Executive of First Capital Savings &...

SEC Press Release: State of Municipal Securities Market

(Jul 2011)

SEC Announces July 29 Field Hearing on the State of the Municipal Securities Market

The Securities and Exchange Commission (SEC) issued a press release today announcing that

"it will hold a municipal securities market field hearing in Jefferson County, Ala., on July 29. Topics will include distressed communities, small issuers, disclosure, derivatives and pre-trade price transparency."

The purpose of the field hearing is to understand the relevant issues affecting investors in...

SEC Press Release: Auction Rate Securities

(Jun 2011)

SEC Charges Raymond James for Auction Rate Securities Sales Practices

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged Raymond James & Associates Inc. and Raymond James Financial Services Inc. for making inaccurate statements when selling auction rate securities (ARS) to customers."

Here is the SEC's Administrative Proceeding.

According to Registered Rep., Raymond James has agreed to repurchase $300 million of ARS...

SEC Press Release: Morgan Keegan fined in connection with CDOs

(Jun 2011)

Morgan Keegan to Pay $200 Million to Settle Fraud Charges Related to Subprime Mortgage-Backed Securities

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that

"Morgan Keegan & Company and Morgan Asset Management have agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities. Two Morgan Keegan employees also agreed to pay penalties for their alleged misconduct, including one who is now barred from the...

SEC Press Release: JP Morgan Fined in Connect with CDOs

(Jun 2011)

J.P. Morgan to Pay $153.6 Million to Settle SEC Charges of Misleading Investors in CDO Tied to U.S. Housing Market

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that

"J.P. Morgan Securities LLC will pay $153.6 million to settle SEC charges that it misled investors in a complex mortgage securities transaction just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money...

SEC Press Release: Defrauding New York Investors Investors

(Jun 2011)

SEC Charges Investment Adviser With Defrauding Investors in Two Upstate New York Real Estate Funds

The Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged a Monticello, N.Y.-based investment adviser with fraudulently offering and selling securities in two upstate New York real estate funds he managed."

The press release also provides the SEC Complaint and the Litigation Release No. 21968.

According to the SEC, Lloyd v....

FINRA Press Release: Collateralized Mortgage Obligations

(Jun 2011)

FINRA Fines Northern Trust Securities, Inc. $600,000 for Inadequate Supervision of Sales of Collateralized Mortgage Obligations and Certain High-Volume Securities Trades

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has fined Northern Trust Securities $600,000 for deficiencies in supervising sales of collateralized mortgage obligations (CMOs) and failure to have adequate systems in place to monitor certain high-volume securities...

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