Archive for June, 2010
SEC Charges NY Investment Advisor Thomas Priore and ICP Asset Management
The Securities and Exchange Commission (SEC) announced today that it has charged a New York-based investment adviser Thomas Priore and three of his affiliated firms with fraudulently managing investment products tied to the mortgage markets as they came under pressure in 2007.
The SEC alleges that ICP Asset Management LLC [...]
Auction Rate Securities, Credit Suisse and other Brokerage Firms
Investors have been successful in winning awards in arbitration against Credit Suisse and other brokerage firms after sustaining billions of dollars in losses when the market for auction rate securities froze in 2008. Auction rate securities (ARS) are fixed-income debt instruments – typically municipal bonds, preferred shares of closed end mutual [...]
Napoli Bern Ripka LLP Investigates Arbitration Claims Against Proshares Trust
The ecurities Fraud Department Napoli Bern Ripka LLP is investigating arbitration claims on behalf of individuals who lost money investing in Proshares Ultrashort Financials Fund (the “SKF Fund”), a leveraged exchange traded fund (“ETF”) offered by Proshares Trust.
Proshares Trust, the fifth largest provider of ETF’s in the United States, manages approximately 99 percent of the [...]
Napoli Bern Ripka, LLP Notice To Bear Stearns High Grade Investors
Recently, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded over $3 million damages following the collapse of the Bear Stearns High Grade Structured Credit Fund and Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund (“Bear Funds”). The Bear Funds were highly leveraged hedge funds that purchased collateralized debt obligations (“CDOs”) backed primarily by risky [...]
Medical Capital Holdings (MedCap) and Securities America
Napoli Bern Ripka, LLP is currently seeking clients who have incurred losses investing in Medical Capital Holdings. In July 2009, the Securities and Exchange Commission (SEC) sued Medical Capital for fraud, claiming that Medical Capital misappropriated $18.5 million of investors’ money and misrepresented its own business records by keeping several defaults under wraps. A court-appointed [...]
Brokers’ Misrepresentation of Risks Associated with “100 percent principal protected absolute return barrier notes.”
Throughout 2008 many brokers pushed their clients to purchase principal -protected notes issued by Lehman Brothers –notes that were marketed to investors as “safe” but that are now essentially worthless since the market seized and Lehman went under. Investors are seeking to enforce their right to be compensated for losses stemming from their advisors misrepresentation [...]
Medical Capital Investor Receives $400,000 Arbitration Award For Reg D Private Placement Investment
June 1 - In the first successful claim against a broker for selling Medical Capital notes, FINRA has ordered broker-dealer Peak Securities Corp. to pay customer Marilyn Hazell $400,000 that she lost in a Medical Capital Holdings fund.
Hazell filed arbitration claims against Peak Securities, the broker-dealer that sold Hazell Medical Capital notes. Hazell alleged breach [...]
