|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
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
|
|
Alger
|
Accusations of the company include late trading, and market-timing. Additionally, the former head of fund sales obstructed the investigation.
|
5/1/2005
|
HUGE conflicts of interest exist at many large firms. Never trust a company who is willing to break the law in order to stay out of the news.
|
Red Light
|
|
Alger
|
The company was accused of allowing market timing and late trading.
|
2/1/2005
|
What was the executive trying to hide?
|
Red Light
|
|
|
Alger
|
Allowed Conseco to market time in its funds. Conseco also market timed Van Eck funds.
|
8/13/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Allegations of marketing-timing and late-trading. Vice chairman tampered with evidence in trading probe.
|
8/1/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Allegation of market-timing and late-trading. Head of fund obstructed investigation.
|
6/1/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Former executive charged for market-timing was sentenced for 1-3 years and fined $400K.
|
2/1/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Smart Money magazine analyzed nine fund families and their tainted funds. They found that even before the mutual fund scandal began, these funds were underperforming and unimpressive.
|
2/1/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Allegations of marketing-timing and late-trading. Vice chairman tampered with evidence in trading probe.
|
2/1/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Vice Chairman is sent to jail for tampering with evidence related to later trading and market timing. First fund company executive to be jailed.
|
1/1/2004
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alger
|
Three marketing employees fired because they allowed a hedge fund client to late-trade and market-time mutual funds.
|
11/4/2003
|
Alger has historically had too many conflicts of interest and charges above average fees.
|
Red Light
|
|
Alliance Capital Manangement
|
Regulators imposed lower fees on Alliance, 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
|
|
Alliance Capital Manangement
|
ACM is working towards complying with the new SEC rules that prohibit fund companies from using commission to reward brokerage firms for promoting their funds.
|
10/27/2004
|
As much as firms like ACM will "try" to prevent abuses, this will be difficult when they are operating in the commission based brokerage business. Performance has also been so-so in recent years. Seek other choices.
|
Red Light
|
|
AllianceBernstein
|
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
|
|
AllianceBernstein
|
The company has been involved with market-timing arrangements with several outside firms.
|
5/1/2005
|
How many times does this company have to be busted before they clean up their act! Spin kick this company out before they end up costing more investors money.
|
Red Light
|
|
AllianceBernstein
|
Engaged in market-timing arrangements with several outside firms.
|
2/1/2005
|
They say go, and we say stop.
|
Red Light
|
|
AllianceBernstein
|
Rapid trading charges.
|
8/1/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Executives facilitated after-hour trading.
|
6/21/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Arrange with outside firms to allow market-timing.
|
6/1/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Improper mutual fund trading. Fined $250M and agreed to cut management fees by 20% over the next five years.
|
2/1/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Smart Money magazine analyzed nine fund families and their tainted funds. They found that even before the mutual fund scandal began, these funds were underperforming and unimpressive.
|
2/1/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Arranged with outside firms for market-timing trading.
|
2/1/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Market timing charges.
|
1/1/2004
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
AllianceBernstein's high fund expenses with poor returns were abused further by market-timing.
|
12/9/2003
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Settlement.
|
11/10/2003
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Two employees suspended for helping large investors rapid trade in mutual funds.
|
11/4/2003
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
AllianceBernstein
|
Fired executives for their roles in facilitating market-timed trades.
|
11/1/2003
|
20% fee decrease infers they may have been overcharging. Owned Enron stock and got fired by numerous pension plans.
|
Red Light
|
|
Allianz
|
Allianz Life Insurance is being accused of backing out of agreements with policy holders to pay them bonuses for continuing to pay premiums and keeping those policies in force. Hundreds of millions of dollars were lost as a result of the relationships.
|
11/1/2004
|
So when the insurance or annuity salesman implies you will get a bonus and the marketing materials hype the bonus and then you don't get the bonus, are we saying customers should not be upset? This is exactly why Prudential got in trouble in Florida for inferring higher rates of return than were eventually received. Allianz is one of the leading marketers of annuity products. FP has reviewed these products in detail and finds Allianz is doing a fine job of PAYING BIG COMMISSIONS to the agents and a POOR JOB DISCLOSING THE DETAILS of how the marketing hype may not be reality on the various gimmicky products. Your mother always told you, “If it looks to good to be true, it probably is”. STAY AWAY from Allianz.
|
Red Light
|
|
Allstate
|
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
|
You're in not-so-good-hands with Allstate. Their advertisements claim they reward good behavior. Well, FP awards them a red light for their hypocricy.
|
Red Light
|
|
American Express (changed name to Ameriprise)
|
New Hampshire has filed fraud charges against American Express for not putting their clients' interests first. Sales contests were used to sell poorly performing funds to investors, so brokers could be rewarded with paid-for car leases and other prizes.
|
4/19/2005
|
Basically Amex said that federal should be able to sue them, but not the state. OK, SEC, have your swing at it!
|
Red Light
|
|
