|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
A.G. Edwards
|
The company allegedly received kickbacks from mutual fund companies in 2001 and 2002 in exchange for the marketing of their products to certain retail customers.
|
1/24/2006
|
They claim serving the customer first and professional integrity is at the heart of the company. Looks like the marketing dept. and the brokers never sat down and talked.
|
Red Light
|
|
A.G. Edwards
|
Questionalble sales of the companies Class B and C mutual fund shares has cost investors earnings.
|
5/10/2005
|
"OK judge, you should not send me to jail because the law does not specifically say that being a jerk is against the law". Throw the bums out.
|
Red Light
|
|
A.G. Edwards
|
Investors have accused A.G. Edward’s brokers of selling preferred funds without full disclosure.
|
4/14/2005
|
This is why fee-only advisors serve your best interest. Go to www.NAPFA.com for addtional information.
|
Red Light
|
|
|
A.G. Edwards
|
The Massachusetts Securities Division has subpoenaed 15 banks and broker/dealers for improperly selling annuities to seniors. Customer complaints drove the investigation into whether seniors were being taken advantage of so brokers could collect large commissions.
|
2/22/2005
|
Visit our Annuities section for more info on this type of investment.
|
Red Light
|
|
A.G. Edwards
|
A.G. Edwards was charged with improper trading.
|
2/17/2005
|
They claim serving the customer first and professional integrity is at the heart of the company. Looks like the marketing dept. and the brokers never sat down and talked.
|
Red Light
|
|
A.G. Edwards
|
The company is being sued by MA's Secretary of Commonwealth, William Galvin, for allowing market timing. One of the fund's market timing trades amounted to $2 Billion!
|
2/3/2005
|
We don't even have to explain ourselves for why we're kicking this company to the curb. Throw the bums out!
|
Red Light
|
|
AARP
|
Hired Scudder to manage their investments, Scudder was market-timing their funds.
|
8/1/2004
|
AARP makes bundles of $$ in marketing fees via the revenue sharing arrangement with Scudder-so they are anything but unbiased for retirees.
|
Yellow Light
|
|
Ace
|
Ace was invovled with Marsh and McLennan in a bid-rigging scandal. The company hasn't been charged but has been identified as a participant.
|
11/5/2004
|
Spitzer has implied that Ace was part of the "Cartel" designed by M & M to skim money from customers. FP says STAY AWAY.
|
Red Light
|
|
Ace
|
The investigation into Ace's invovlement in the bid-rigging scheme with Marsh and McLennan revealed an email that confirms the company's invovlement in the scheme was high level, with the President and CEO knowlingly misleading corporate customers.
|
10/19/2004
|
Spitzer has implied that Ace was part of the "Cartel" designed by M & M to skim money from customers. FP says STAY AWAY. The head rots from the top down on this one.
|
Red Light
|
|
Ace
|
Ace Ltd. participated in the bid-rigging with Marsh and McLennan by placing fake bids. The CEO of Ace is the son of the CEO of Marsh. They are being investigated and charged by Spitzer's office.
|
10/18/2004
|
Spitzer has implied that Ace was part of the "Cartel" designed by M & M to skim money from customers. FP says STAY AWAY. Nepotism+old boys netwok equals policy holders getting screwed.
|
Red Light
|
|
Ace
|
Participated in the bid-rigging scandal with Marsh and McLennan that Elliot Spitzer has exposed.
|
10/18/2004
|
Spitzer has implied that Ace was part of the "Cartel" designed by M & M to skim money from customers. FP says STAY AWAY. Nepotism+old boys netwok equals policy holders getting screwed.
|
Red Light
|
|
Advantage Capital Corp.
|
Involved in connection with receiving directed brokerage in exchange for preferential treatment from a number of mutual fund companies.
|
6/8/2005
|
HUGE conflicts of interest exist at many large brokerage firms. FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
|
Advest
|
Involved in connection with receiving directed brokerage in exchange for preferential treatment from a number of mutual fund companies.
|
6/8/2005
|
HUGE conflicts of interest exist at many large brokerage firms. FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
|
Advest
|
The Massachusetts Securities Division has subpoenaed 15 banks and broker/dealers for improperly selling annuities to seniors. Customer complaints drove the investigation into whether seniors were being taken advantage of so brokers could collect large commissions.
|
2/22/2005
|
Visit our Annuities section for more info on this type of investment.
|
Red Light
|
|
Aetna
|
Elliot Spitzer has requested information from Aetna to obtain documents that describe possible improper payments made to brokers for life insurance sales.
|
10/20/2004
|
While FP is not sure of the depth of involvement, we are sure that insurance companies in general have flawed customer ethics procedures.
|
Red Light
|
|
Aetna
|
Elliot Spitzer is investigating the hidden compensation deals between the firms and brokers who sell the insurance.
|
6/17/2004
|
Go Spitzer! Fund Police believes the layers of fat and hidden arrangements are probably the worst with insurance products, such as annuities.
|
Red Light
|
|
AIG
|
The company is facing a class action lawsuit that alleges that they participated in a self-serving kickback scheme referred to as "selling shelf space" which caused the brokers to give biased information.
|
5/1/2006
|
We don't even have to explain ourselves for why we're kicking this company to the curb. Throw the bums out!
|
Red Light
|
|
AIG
|
The company has been fined more than $1.1 million by the NASD for directed brokerage and other violations.
|
4/5/2006
|
HUGE conflicts of interest exist at many large brokerage firms. FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
|
AIG
|
AIG’s improper accounting over-inflated the company’s worth by $1.7 billion.
|
4/4/2005
|
AIG's problems aren't over yet!
|
Red Light
|
|
AIG
|
The CFO and VP were fired for not cooperating with government investigators. AIG's board also removed the CEO, Maurice Greenberg.
|
3/22/2005
|
The company's attempt to self-regulate is a good sign. We need more like that.
|
Red Light
|
|
AIG
|
AIG sold PNC an earnings management product which helped PNC's financial reporting look more favorable. The SEC has deemed the product innapropriate and holds AIG liable for the misstatements in PNC's financial disclosures to clients.
|
11/30/2004
|
When it rains it pours. This is an entire separate topic from the insurance scandal. FP says STAY AWAY.
|
Red Light
|
|
AIG
|
AIG is in trouble with the SEC for helping PNC commit account fraud.
|
11/15/2004
|
Do not invest your money with insurance companies.
|
Red Light
|
|
AIG
|
AIG's chairman is not defending the company's invovlement with Marsh and McLennan's bid-rigging scandal.
|
10/20/2004
|
Spitzer has implied that AIG was part of the "Cartel" designed by M & M to skim money from customers. FP says STAY AWAY.
|
Red Light
|
|
AIG
|
Involved in the bid-rigging scandal with Marsh and McLennan.
|
10/18/2004
|
Spitzer strikes like lightning. FP says STAY AWAY until Spitzer gets all the bad guys in the paddywagon.
|
Red Light
|
|
AIG
|
Two executives have pleaded guilty for involvement with bid-rigging at AIG with Marsh and McLennan. The CEO of AIG is the father of the CEO at Marsh and McLennan.
|
10/18/2004
|
Spitzer has implied that AIG was part of the "Cartel" designed by M & M to skim money from customers. FP says STAY AWAY. Nepotism+old boys network equals customers getting screwed.
|
Red Light
|
|
AIG
|
AIG has made misleading statements in news releases about their transcations with PNC Financial Services Group to help improve the appearance of the bank's quarterly results.
|
10/5/2004
|
Lies, Lies and Damm Lies. When you are fighting a war with the law on multiple fronts, it shows the public that you do NOT have your act together. FP says STAY AWAY.
|
Red Light
|
|
AIG
|
AIG has been warned by regulators that it may face civil action if it continues transactions with PNC Financial Services Group to assist with keeping bad loans off the bank's book.
|
9/22/2004
|
When it rains it pours. This is an entire separate topic from the insurance scandal. FP says STAY AWAY.
|
Red Light
|
|
AIM Investments
|
The company has been accused of fraud for allowing market-timing in some of its mutual funds.
|
5/1/2005
|
Go Spitzer! Clean these fund groups up.
|
Red Light
|
|
Alex Brown
|
Alleged fraud, mismanagement, inept options trading, and conflict of interest.
|
7/5/2004
|
Beware of commission based stock brokers.
|
Red Light
|
|
Alger
|
The company paid $45 million in reimbursements, fines and fee reductions to settle charges that it allowed certain investors to improperly market time its mutual funds.
|
6/15/2006
|
This company has its own space in the newspaper for getting into trouble frequently. Kick these bums to the curb!
|
Red Light
|
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