Charles A. Stokes and Mary E. Stokes v. Charles Schwab & Co., Inc. and Kimon Daifotis
Case Filed: September 30, 2009
Case involves purchase of approximately $600,000 in the Charles Schwab High Yield Fund. Allegations concern the marketing of this Fund as highly liquid low risk investment while the majority of the Fund's assets were concentrated in highly risky asset backed and mortgage backed securities. While Schwab was recommending investors to maintain their positions in Schwab High Yield Fund, Schwab allegedly failed to disclose that Schwab was liquidating its position in the Schwab High Yield Fund.
Brian C. Nixon and Roseanna M. Nixon v. Workman Securities Corporation, John M. Leonard, Tracy Anne Gustafason, Paul Jacob Maxa, Klaus Herbert Siepman, Robert Alan Vollbrecht and Dana Bruce Vietor
Case Filed: August 18, 2009
Case involves the recommended purchase of $180,000 in a Private Placement called Provident Energy No. 2, L.P. Allegations concern unsuitable recommendation to retired couple to purchase extremely risky Private Placement, failure to disclose 9% commission on the sale, violations of broker-dealer supervisory obligations under FINRA Rules and Regulations and violation of State of Illinois Securities Department Consent Order and Special Supervision Agreement
Patrick Purcell and Vincent Kearns v. Salomon Smith Barney
Case filed July, 2009
Case involves recommended purchase of Wachovia Corporation and allegations regarding Wachovia's purported non-involvement in subprime mortgage lending at the time of the recommendation.
Lee and Dolores Moran v. Edward Jones & Co. L.P.,
Case filed June 22, 2009
Claimants in their eighties lost bulk of their retirement portfolio (in excess of $300,000) as result of respondent's alleged hold recommendation.
Anthony and Virginia Nigido v. Morgan Stanley & Co. Inc.,
Case filed May 12, 2009
Case involves the recommendation to purchase Fannie Mae Non-Cumulative Preferred Stock, Series T and the purported safety characteristics of the investment.
Charles E. Anderson and Eric E. Anderson v. American Express Advisors, Inc.
FINRA Case No. 05-02010
Amended Statement of Claim filed: January 2009
Case involves purchases of short put option contracts and use of leverage and allegations of unsuitable aggressive short term option trading in Strategic Portfolio Service Advantage Accounts resulting in losses of approximately $2,000,000.
Arthur A. Bartone, Individually and on behalf of IRA and Barco Building Industries, Inc. v. Charles Caputo, Jr., Richard John Belz, Douglas Gene Belz, Thomas William Laundrie, Gary Ira Purcell, Mohandai Surajaballi and Basic Investors, Inc.
FINRA Case # 08-02651
Case Filed: December, 2008
Case involves the loss of approximately $320,000 and allegations of unauthorized and excessive trading, lack of supervision and issuance of fraudulent account statements to the client masking the losses in the accounts.
Amy Cooper, Individually and on behalf of IRA v. Charles Schwab & Co. Inc. and Kimon Daifotis
FINRA Case # 08-03556
Case Filed: October, 2008
Case involves purchases in the Schwab High Yield Fund. Allegations concern the marketing of this Fund as a highly liquid low risk investment while the majority of the Fund's Assets were concentrated in highly risky asset backed and mortgage backed securities. While Schwab was allegedly recommending investors to maintain their positions in Schwab high Yield Fund, Schwab allegedly failed to disclose that Schwab was liquidating its position in the Schwab High Yield Fund.
M. Freddie Reiss, Individually and on behalf of IRA v. Goldman Sachs Execution & Clearing, LLP,et.al.
FINRA Case # 08-04523
Filed: November, 2008
Case involves Goldman Sachs Execution & Clearing, LLP's ("GSEC") role as Prime Broker and Clearing Broker for the Bayou No Leverage Fund and other related Bayou Hedge Funds. From 1996 through August 2005, the Bayou Hedge Funds were run as a criminal Ponzi scheme resulting in losses to investors of approximately $250,000,000. Claim concerns numerous red flags that allegedly put GSEC on notice of the fraud and GSEC's failure to notify GSEC's clients of the fraudulent conduct while continuing to collect millions of dollars from the Bayou Hedge Funds as the Prime Broker and Clearing Firm for these Funds.
In re: Initial Public Offering Securities Litigation
Index No. 21MC 92 (SAS)
Securities Class Action against 309 issuers and 55 Investment Bank underwriter defendants alleging Federal violations of Section 11 of the Securities Act of 1933 and 10b-5 of the Securities and Exchange Act of 1934 regarding conflicts of interest between securities analysts and investment banking, manipulation, laddering and inappropriate tie-in arrangements in connection with the underwriting and purchase and sale of initial public offerings in 309 different companies from January 1998 through December 2000.
