A FINRA panel ordered Raymond James to pay $2.5 million to investors who alleged that Raymond James failed to divulge ‘risk of illiquidity’ in auction-rate securities marketRaymond James Financial Inc., still carrying $600 million in auction rate securities. The firm is reportedly working to draw down its position in the ARS market, which seized up in February 2008, precipitating the credit crisis. When the market froze, Raymond James clients held $1.9 billion of the securities.
Posts Tagged ‘5 Million’
Raymond James Loses $2.5 Million FINRA Arbitration
July 28th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 5 Million, Arbitration, Auction Rate, Credit Crisis, Illiquidity, Investors, James 1, Raymond James, Risk 
Comments OffIn Focus: Cotton
May 23rd, 2010 Before You Invest On May 11, the U.S. Department of Agriculture forecast global cotton consumption of 115.9 million bales for the 2009/2010 season ending July 31, 2010. While this level of consumption is considerably lower than the 2006/2007 record of 123.6 million bales, it represents an increase from 2008/2009, when consumption fell more than 10% to 109.7 million bales as a result of the global economic crisis.China is the world’s leading importer and consumer of cotton, accounting for more than 40% of global cotton consumption in 2009/2010 and more than half of the increase in global consumption from 2008/2009.
Posted in Finance Fraud Tags: 1 Million, 5 Million, 6 Million, Bales, Cotton Acreage, Cotton Crop, Cotton Exporter, Cotton Trade, Department Of Agriculture, Fifth Consecutive Year, Global Consumption, Global Cotton, Global Economic Crisis, Global Exports, India And Pakistan, Stocks, Three Seasons, U S Department, Usda Estimates, Usda Forecasts Comments OffCME sees 2% rise in March trading volume
April 6th, 2010 Before You Invest (AP) — CME Group, a derivatives exchange operator, said Monday that its average daily trading volume rose 2 percent in March.The company said average daily trades increased to 11 million contracts last month, up from 10.8 million contracts in March 2009.Electronic volume averaged 9.1 million contracts per day, up 4 percent from last year.Average daily trades for interest rate contract rose 30 percent to 5 million, but equity index contracts fell by 35 percent to 2.7 million.For the first quarter, average daily trading volume rose 12 percent to 11.5 million contracts.
Posted in Finance Fraud Tags: 1 Million, 5 Million, Cme, Derivatives, Electronic Volume, Equity Index, Exchange Operator, Index Contracts, Interest Rate, Rate Contract, Rose, Trades, Volume Ap Comments OffMadoff Aide Daniel Bonventre Is Indicted for Fraud
March 25th, 2010 Before You Invest (Bloomberg) — Bernard M. Madoff’s ex-operations chief, who was arrested last month, was indicted by a federal grand jury for helping his boss run a Ponzi scheme that bilked investors and illegally infused $750 million into parts of the business that Madoff insisted was legitimate.Daniel Bonventre, 63, is the sixth person charged in the largest-ever U.S.
Posted in Finance Fraud Tags: 5 Million, Accountant, Billions Of Dollars, Computer Operators, Cr, Federal Grand Jury, Fraud, George Perez, Indictment, Investment Securities, Lieutenant, New York Manhattan, O Hara, Operations Chief, Ponzi Scheme, Prosecutors, Queens New York, Regulators, Sixth Person, Southern District Of New York Comments OffNorthern Trust CEO Waddell paid $11.9M, a 42% hike
March 16th, 2010 Before You Invest (Crain’s) — Northern Trust Corp. CEO Frederick “Rick” Waddell saw his total compensation for 2009 rise 42% to $11.9 million, including a $2-million cash incentive plot payment.His 2009 salary increased to $900,000 from $856,250 in 2008, when that salary was the only cash payment Mr. Waddell received.
Posted in Finance Fraud Tags: 5 Million, 6 Million, Cash Awards, Cash Incentive, Cash Payments, Descendants, Equity Stake, Federal Compensation, Financial Crisis, Incentive Plan, Laflin, Net Income, Northern Trust Corp, Preferred Shares, Rick Waddell, Salary, Senior Executives, Smith Family, Substantial Equity, Treasury Department Comments OffCME Group volume up 17% in Feb ‘10
March 2nd, 2010 Before You Invest (AP) — Derivatives exchange operator CME Group Inc. said Tuesday its February volume averaged 12.5 million contracts per day, a 17 percent increase from a year ago.Total volume was 238 million contracts in February, with 84 percent traded electronically.Electronic volume averaged 10.5 million contracts per day, up 23 percent from February 2009.CME Group’s exchanges offer a range of products representing all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.
Posted in Finance Fraud Tags: 5 Million, Agricultural Commodities, Asset Classes, Cme, Contracts, Derivatives, Electronic Volume, Equity Indexes, Exchange Energy, Exchange Operator, Foreign Exchange, Futures And Options, Group Volume, Interest Rates, Metals, Real Estate, Weather Comments OffTwo Arbitration Awards Against Morgan Keegan & Co. Bond Funds in One Week
February 24th, 2010 Before You Invest A recent arbitration panel has awarded three holding companies over $1 million for losses sustained by investments in various Morgan Keegan & Co. bond funds. The funds in question were heavily backed by mortgage-related securities, experiencing a near total loss in the subprime mortgage crisis of two years past.
Posted in Finance Fraud Tags: 1 Million, 5 Million, Amp, Arbitration Awards, Arbitration Panel, Bond Funds, Co Bond, Conservative Investments, Degree Of Risk, Investment Funds, Investor, Investors, Losses, Morgan Keegan, Second Time, Subprime Mortgage Crisis, Volatility Comments OffGuilty Plea in Westgate Capital Ponzi Likely
December 11th, 2009 Before You Invest James Nicholson, a Saddle River hedge fund manager accused of bilking investors of as much as $160 million, has tentatively agreed to plead guilty to charges his Westgate Capital Management LLC was a Ponzi scheme. A plea hearing is set for noon Friday in federal court in Manhattan, according to a court order signed by U.S.
Posted in Finance Fraud Tags: 5 Million, Attorneys, Capital Management Llc, Criminal Case, Currency Transactions, District Judge, Edwards, Federal Prosecutors, Guilty Plea, Hedge Fund Manager, Investment Adviser, James Nicholson, Mail Fraud, Manhattan, Ponzi Scheme, Redemption, Retirement, Richard Sullivan, S College, Saddle River No Comments »This Day in Wall Street History 1845: Polk goes after Mexican territory
December 10th, 2009 Before You Invest This day in 1845 saw President James Polk make a bold go to radically expand the burgeoning United States. Polk gave Congressman John Slidell the go-ahead to settle a border dispute concerning Texas, as well as to buy New Mexico and California, from Mexico. As per Polk’s demand, Slidell anted up $5 million for New Mexico and $25 million for California; but, Mexico refused the offer, emboldening the president to marshal a war effort in the name of “re-annexing” the territory.Source: History.com
John Reed : I’m Sorry I Ever Built Citigroup
November 9th, 2009 Before You Invest John S. Reed, who helped engineer the merger that made Citigroup Inc., apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that huge should be divided into separate parts.“I’m sorry,” Reed, 70, said in an interview yesterday.
Posted in Finance Fraud Tags: 5 Million, Banking Services, Capital Markets, Citicorp, Citigroup, Citigroup Inc, Consumer Banking, Depression Era Glass, Fixed Income Trading, Glass Steagall Act, Investment Firm, John Reed, Lawmakers, Park Avenue, Recession, Salomon Smith Barney, Sanford I Weill, Term Profitability, Traditional Customer, Travelers Group, Treasury Department No Comments »
