Aidikoff, Uhl & Bakhtiari announced today that it is investigating potential claims on behalf of investors who invested in the following municipal arbitrage funds:1861 Capital ManagementCitigroup’s Mat and ASTA FundsAravali FundBlue River Asset ManagemenGEM Capital Havell Capital Enhanced Municipal Income FundRockwater Hedge Fund, LLCStone and Youngberg Municipal Advantage Fund TW Tax Advantaged FundAidikoff, Uhl & Bakhtiari represents high net worth investors who sustained losses in leveraged municipal bond arbitrage hedge funds sold by brokerage firms and banks across the country.The municipal bond arbitrage strategy employed by these funds was risky and exposed investors principal losses. For more information please visit our website or contact an attorney.
Posts Tagged ‘Banks’
Leveraged Municipal Arbitrage Funds Under Investigation
August 16th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 1861, Advantage Fund, Arbitrage, Bakhtiari, Banks, Bond Funds, Brokerage Firms, Havell, Hedge Funds, High Net Worth Investors, Losses, Municipal Bond, Tw, Uhl, Youngberg 
Comments OffFinancial industry shifts its focus to creation of regulations
June 28th, 2010 Before You Invest Congressional negotiators recently finalized legislation that would instruct federal agencies to address a wide range of issues. Before the final version of the bill was completed, the financial industry and consumer activists had started preparing to influence the development of specific rules. For example, regulators would choose how much money financial institutions would be required to set aside to cover unexpected losses. Industry groups have argued that squeezing banks too hard would hinder the broader economy.more at http://www.nytimes.com/2010/06/27/business/27regulate.html
Posted in Finance Fraud Tags: Address, Banks, Congressional Negotiators, Consumer Activists, Creation, Economy, Financial Institutions, Focus, How Much Money, Industry Groups, Legislation, Regulators, Unexpected Losses Comments OffSenate considers reining in proprietary trading at banks
May 13th, 2010 Before You Invest Senators are considering legislation that would give regulators authority to restrict proprietary trading by banks. Sens. Jeff Merkley, D-Ore., and Carl Levin, D-Mich., are seeking to prohibit such trading by banks, while other large financial firms would have restrictions on their proprietary trading. Ken Bentsen, executive director at SIFMA, said more studies are needed and that it is hard to define what constitutes proprietary trading.
Posted in Finance Fraud Tags: Banks, Carl Levin, Executive Director, Gray Area, Jeff Merkley, Ken Bentsen, Legislation, Proprietary Trading, Regulators, Senate, Senators, Sens, Stuff Comments OffAuthorities look into whether large banks misled investors
May 12th, 2010 Before You Invest Federal prosecutors are working with the Securities and Exchange Commission to look into whether some major banks, including Morgan Stanley, Deutsche Bank, UBS, JPMorgan Chase and Citigroup, might have misled investors regarding their role in collateralized debt obligations, a source said. Prosecutors reportedly are in the early stages of gathering evidence but have not issued subpoenas or started outlining potential cases.http://online.wsj.com/article/SB10001424052748704247904575240783937399958.html
Posted in Finance Fraud Tags: Authorities, Banks, Citigroup, Collateralized Debt Obligations, Deutsche Bank, Federal Prosecutors, Investors, Jpmorgan Chase, Morgan Stanley, Securities And Exchange, Securities And Exchange Commission, Subpoenas, Ubs, Wsj Comments OffBank tax gains ground after Senate forgoes resolution fund
May 10th, 2010 Before You Invest The Obama administration’s proposal to subject banks to a tax gained steam after the Senate chose to drop a measure to make a $50 billion resolution fund prepaid by financial institutions. The go means the House’s version of the fund measure will not survive. At a congressional hearing, Treasury Secretary Timothy Geithner underscored the White House’s preference for a bank tax.
Posted in Finance Fraud Tags: Banks, Cnbc, Financial Institutions, Gains Ground, Legal Obligation, Leverage, Losses, Obama, Preference, Proposal, Risk, Senate, Steam, Timothy Geithner, Treasury Secretary, Virtue, White House Comments OffFormer-Citigroup trader accused of providing confidential data to Deutsche Bank
May 5th, 2010 Before You Invest Gautam Hazarika, an ex-trader at Citigroup, is being sued by his former employers for allegedly handing over confidential information to Deutsche Bank, a newspaper report has claimed.According to Bloomberg, the banker sent messages containing trade secret details to the financial services provider, Standard Chartered and his own personal email account.The trader, who now works as the head of corporate flow sales for Deutsche Bank in Asia, has denied the allegations.He spent 15 years working for Citigroup in various locations across Asia.An investigation was launched by Citigroup after a senior executive at the financial service provider heard how Mr Hazarika had given Deutsche Bank “everything” when he joined.Siraj Omar, head of litigation at Premier Law, told the news provider that the case showed how increasingly competitive banks have become over the contact books of traders.“The thought is to make things as hard as possible for the bankers who are leaving, which is only logical from the banks’ perspective,” he clarified.Mr Hazrika was reported by Bloomberg as saying he had done nothing incorrect.
Posted in Finance Fraud Tags: Allegations, Asia, Banks, Bloomberg, Citigroup, Confidential Data, Confidential Information, Contact Books, Deutsche Bank, Email Account, Financial Service Provider, Financial Services Provider, Gautam, Litigation, Newspaper Report, Perspective, Secret Details, Siraj, Standard Chartered Comments OffCitigroup’s Pandit writes a letter to Obama supporting reform
April 28th, 2010 Before You Invest Vikram Pandit, CEO at Citigroup, wrote a letter to President Barack Obama in support of regulatory changes. “I believe banks should not speculate with their capital,” Pandit wrote. “I believe in transparency of markets. I believe derivatives should be cleared and settled centrally. I believe there should be a strong federal consumer authority to protect consumer interests.” Obama had questioned titans in the financial industry “to place out a statement or a letter in support of reg reform,” an industry source said. http://www.politico.com/news/tales/0410/36441.html
Posted in Finance Fraud Tags: Banks, Barack Obama, Ceo, Citigroup, Consumer Interests, Derivatives, Federal Consumer, Industry Source, News Stories, Pandit, Regulatory Changes, Titans, Transparency Comments OffSEC requests Repo 105 information from major banks
April 20th, 2010 Before You Invest Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency sent letters to the 19 largest banks requesting information about Repo 105, an accounting strategy that has been blamed for the collapse of Lehman Bros. In testimony at a congressional hearing, Schapiro said the agency is looking into Lehman’s use of Repo 105.
Posted in Finance Fraud Tags: Accounting Standards Board, Banks, Ceo, Cnbc, Collapse, Financial Accounting Standards, Financial Accounting Standards Board, Information Strategy, Lawmakers, Lehman Bros, Mary Schapiro, Recollection, Richard Fuld, Sec, Securities And Exchange, Securities And Exchange Commission, Testimony Comments OffGoldman Sachs and Barclays could be sued by Lehman Brothers
April 16th, 2010 Before You Invest Lehman Brothers may be able to launch law suits against financial service providers, including Goldman Sachs and Barclays, which bought discounted assets after its collapse, a legal examiner has said.Anton Valukas made the comments as part of a 2,000 page report into the failure of the bank.In the paper, Mr Valukas stated that Lehman Brothers lost $1.2 billion through selling a number of deposits in derivatives to the banks.He said: “The examiner concludes that an argument can be made that the transfers at issue were fraudulent transfers.”The bankruptcy expert added that the trustees of Lehman Brothers may be able to make claims for the money to be returned against any of the firms, such as Barclays, DRW Trading and Goldman Sachs, which took advantage of the discounted positions.Lehman Brothers may also be able to launch legal proceedings against Chicago Mercantile Exchange (CME), the trading exchange which conducted the sale.According to the report, Goldman Sachs bought an additional $450 million on equity trades and $150 million from gas positions.Barclays received $335 million in additional funds from energy trades.
Posted in Finance Fraud Tags: Advantage, Assets, Bankruptcy, Banks, Barclays, Chicago Mercantile Exchange, Collapse, Derivatives, Drw Trading, Failure, Financial Service Providers, Fraudulent Transfers, Goldman Sachs, Launch, Law Suits, Legal Proceedings, Lehman Brothers, Money, Trades, Trading Exchange Comments OffTreasury reaps more than $10 billion on TARP repayments
April 7th, 2010 Before You Invest An analysis of the U.S. government’s Troubled Asset Relief Program shows that the Treasury Department has made more than $10 billion on the financial sector’s part of the program. The analysis, by consultancy SNL Financial, suggests that taxpayers could really turn a profit. The 8.5% annualized return earned on 49 banks’ preferred stock and warrants is less than that of other investments in the sector, but it might be enough to cool political backlash against using government funds to help the banking industry.more at http://www.reuters.com/article/idUSN0520351520100405
Posted in Finance Fraud Tags: Annualized Return, Backlash Against, Banking Industry, Banks, Consultancy, Financial Sector, Government Funds, Investments, Political Backlash, Preferred Stock, Repayments, Reuters, Snl, Tarp, Taxpayers, Treasury Department, Warrants Comments Off
