|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
Raymond James
|
Overcharged investors who bought mutual funds (kept the breakpoint fees instead of returning them to the consumer)
|
1/8/2004
|
If you have to invest your money via a stock brokerage firm, these guys, along with LPL, are one of the better ones.
|
Yellow Light
|
|
Raymond James
|
Announce it may be charged by the SEC for failing to give breakpoint discounts.
|
11/17/2003
|
If you have to invest your money via a stock brokerage firm, these guys, along with LPL, are one of the better ones.
|
Yellow Light
|
|
RBC Capital Markets Corp.
|
The company has been fined $2 million in penalties and ordered to pay $108,000 in refunds by the NASD for charging excessive markups or markdowns on corporate high-yield bond trades to clients.
|
11/1/2005
|
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
|
|
|
RBC Dain Rauscher
|
The company has been fined $1 million in penalties and an additional $158,000 in refunds by the NASD for charging excessive markups or markdowns on corporate high-yield bond trades to clients.
|
11/1/2005
|
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
|
|
RBC Dain Rauscher
|
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
|
|
RBC Dain Rauscher
|
The company failed to report information about their brokers to customers. The information included customer complaints, regulatory actions, criminal charges and convictions.
|
12/2/2004
|
Hiding information from your clients does not make the problem disappear. FP wonders what else are they hiding? FP warns you to steer clear of companies who have “baggage” and are unwilling to come clean.
|
Red Light
|
|
Royal Alliance Associates
|
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
|
|
RS Investments
|
SEC may charge RS with market timing in their RS Emerging Growth fund.
|
2/1/2005
|
The SEC has already imposed lower fees on RS Investments, we'll have to see what their next move is.
|
Red Light
|
|
RS Investments
|
Regulators imposed lower fees on RS Investments, part of the settlement from the fund scandal suit.
|
12/29/2004
|
FP agrees with the punishment. Use a FEE-ONLY advisor and consider lower cost ETFs.
|
Red Light
|
|
RS Investments
|
SEC charged RS with allowing favored investors to rapidly trade in one of its funds. Improper trading deals were approved by the CEO and CFO.
|
10/7/2004
|
We love the fact that they have settled with SEC and reduced fees. We hate the fact they refuse to admit they did anything wrong. It is FP philosophy to deny green light status to groups that refuse to admit they wronged investors.
|
Red Light
|
|
RS Investments
|
RS Investments has agreed to settle charges related to rapid-trading that affected long-term shareholders.
|
10/5/2004
|
"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
|
|
RS Investments
|
RS Emerging Growth fund examined for market-timing activity. SEC staff has recommended action be taken against the company.
|
6/1/2004
|
Prior to any regulatory investigation, RS was delivering only spotty results across their various funds. In addition, the turnover of certain RS funds has caused the undisclosed brokerage expenses to rival the regular fund expense ratio.
|
Red Light
|
|
Schwab Institutional
|
Many Fee-Only advisors work with this division of the company. It is separate from the retail side of Charles Schwab Corp.
|
2/3/2005
|
Green light for Schwab Institutional and fee-only advisors. Both provide reputable advice to investors.
|
Green Light
|
|
Scudder
|
Allowed rapid trading in five international stock funds.
|
2/1/2005
|
Visit our Fund Alternatives section of the website for more info on better investment options.
|
Red Light
|
|
Scudder
|
Market-timing in AARP managed funds.
|
8/1/2004
|
While we do like it when companies quickly admit their wrong doing, we also don’t see much in the way of market beating results to suggest a hold here.
|
Red Light
|
|
Scudder
|
Allowed rapid trading in five international stock funds.
|
6/1/2004
|
While we do like it when companies quickly admit their wrong doing, we also don’t see much in the way of market beating results to suggest a hold here.
|
Red Light
|
|
Scudder
|
Rapid trading charges in five international-stock funds
|
2/3/2004
|
While we do like it when companies quickly admit their wrong doing, we also don’t see much in the way of market beating results to suggest a hold here.
|
Red Light
|
|
Securities America
|
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
|
|
Security Trust
|
Three executives worked with Canary Capital to trade funds illegally so they could make millions.
|
11/26/2003
|
Ouch: "grand larceny and fraud". It doesn't get much worse than that. Stay away.
|
Red Light
|
|
Security Trust
|
Alleged market timing and late-trading
|
11/1/2003
|
Ouch: "grand larceny and fraud". It doesn't get much worse than that. Stay away.
|
Red Light
|
|
Seligman
|
The SEC hit Seligman with a Wells Notice. Eliot Spitzer also released a press statement proclaiming that the improper trading that the company had previously been scrutinized for was much more extensive than the firm had originally reported.
|
9/30/2005
|
Their denial is a denial of reality! Steer clear of any fund group that will look you in the face and tell you the sky is blue when it is actually as dark as night.
|
Red Light
|
|
Seligman
|
Set up several timing arrangements with third parties. Also, there are charges the company violated directed-brokerage rules.
|
2/1/2005
|
We're unsettled with Seligman too.
|
Red Light
|
|
Seligman
|
Several market-timing arrangements in the past few years. Possibly violated directed brokerage rules.
|
6/1/2004
|
Their denial is a denial of reality! Steer clear of any fund group that will look you in the face and tell you the sky is blue when it is actually as dark as night.
|
Red Light
|
|
Seligman
|
Four timing agreements with third parties in the last three years. Direct brokerage rules may have been violated.
|
2/1/2004
|
Their denial is a denial of reality! Steer clear of any fund group that will look you in the face and tell you the sky is blue when it is actually as dark as night.
|
Red Light
|
|
Seligman
|
Seligman engaged in purchasing securities from brokers who sell Seligman's funds.
|
2/1/2004
|
Their denial is a denial of reality! Steer clear of any fund group that will look you in the face and tell you the sky is blue when it is actually as dark as night.
|
Red Light
|
|
Sentinel
|
Sentinel failed to prevent market timing in three of its mutual funds. The company was also charged for a lack of a supervisory system that would prevent improper trading.
|
10/26/2004
|
If you won't admit your guilt, FP will keep you at RED.
|
Red Light
|
|
Sentra Securities 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
|
|
SG Americas Securities
|
The company has been fined $3.75 million in penalties and ordered to pay $728,000 in refunds by the NASD for charging excessive markups or markdowns on corporate high-yield bond trades to clients.
|
11/1/2005
|
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
|
|
SII Investments
|
The company was fined $658,500 by the NASD for directed-brokerage violations.
|
10/17/2005
|
This is why fee-only advisors serve your best interest. Go to www.NAPFA.com for additional information.
|
Red Light
|
|
Smith Barney
|
The company paid $50 million to settle a class action lawsuit that alleged the firm loaded up customers of its broker-managed fee-based accounts with stocks of investment banking clients.
|
4/3/2006
|
Investors are better off seeking smaller fund firms where the manager has significant skin in the game. Beware of commission based stock brokers.
|
Red Light
|
|
