|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
Smith Barney
|
Fund companies were previously not disclosing commissions paid to brokers for selling favored funds.
|
10/1/2004
|
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
|
|
Smith Barney
|
Charged with rapid-training and late-trading
|
2/1/2004
|
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
|
|
Smith Barney
|
The firm divides mutual fund groups into three tiers for brokers to sell to clients
|
1/14/2004
|
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
|
|
|
Southwest Securities
|
Market timing and late trading occured at Southwest Securities. The SEC charged the company for improper trading.
|
1/11/2005
|
The SEC found that the managers were alerted by hundreds of notices, warnings, complaints, and trading restrictions, and still failed to take action. Looks like no one was watching out for the investor here.
|
Red Light
|
|
Southwest Securities
|
Late trading and market timing occured at the company. The SEC found that the managers were alerted by hundreds of notices, warnings, complaints, and trading restrictions, and still failed to take action. Looks like no one was watching out for the investor here.
|
1/10/2005
|
While no one is home in their management office, Fundpolice takes over and alerts you to their deficiencies. Steer clear.
|
Red Light
|
|
Southwest Securities
|
NASD charged Co. with failing to give investors breakpoint discounts.
|
2/1/2004
|
Small outfit.
|
Red Light
|
|
Sovereign
|
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.
|
Yellow Light
|
|
Spelman & Co.
|
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
|
|
St. Paul Travelers Companies
|
St. Paul Travelers are being investigated by federal regulators for their role in assisting companies with inflating their financial results. Insurance policies were used to help hide losses and exaggerate earnings.
|
11/17/2004
|
If they've been subpoenaed five times, something must be catching the eye of the SEC. FP advises to proceed with caution.
|
Yellow Light
|
|
State Street Global Markets
|
The company has been fined $1.4 million by the NASD for failing to report numerous corporate and municipal bond trades. The company was also cited for supervisory deficiencies related to the trades.
|
11/28/2005
|
While no one is home in their management office, Fundpolice takes over and alerts you to their insufficiencies. Steer clear.
|
Red Light
|
|
Strong
|
President accused of market-timing the firm's funds. Also, allowed hedge funds to improper trade in their funds.
|
2/1/2005
|
The President is gone, but the atmosphere has not entirely cleared.
|
Red Light
|
|
Strong
|
Improper trading charges.
|
8/1/2004
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Co's founder was market-timing in funds. Also, allowed for hedge funds to market-time.
|
6/1/2004
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Market-timing abuse
|
5/1/2004
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
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
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Founder stepped down following allegations of rapid-trading in his firm's funds.
|
2/1/2004
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Allowed Canary Capital hedge fund to market-time its funds. The company's founder and chairman, Richard Strong, was improperly trading in its funds for years.
|
11/4/2003
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Hedge fund back-dating trades
|
11/1/2003
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Named in the mutual fund scandal.
|
11/1/2003
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Investors paid brokerage commissions and research costs above the market rates for services.
|
10/31/2003
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
Strong
|
Trade agreements made with favored brokers and transfer agents in exchange for cash payments and Wall Street research.
|
10/31/2003
|
Dick Strong is one of the poster children for greed and stupidity wrapped into one. Prior to him doing the unthinkable, this mutual fund family had a few bright spots among a remaining very average line up of funds. Now they have been sold. Stay away f
|
Red Light
|
|
SunAmerica
|
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
|
|
SunAmerica
|
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
|
|
SWS Securities
|
NASD charged Co. with failing to give investors breakpoint discounts.
|
8/1/2004
|
Small outfit.
|
Red Light
|
|
T. Rowe Price
|
T. Rowe is working towards complying with the new SEC rules that prohibit fund companies from using commissions to reward brokerage firms for promoting their funds.
|
10/27/2004
|
TRP has come through very clean during the whole fund scandal mess. If you are a self directed investor, this is a good fund family.
|
Green Light
|
|
T. Rowe Price
|
The SEC has requested documents that cover the details of how funds are chosen for 401(K) and other retirement plans to see if there are conflicts of interest. This investigation began as a result of the rampant abuses among mutual funds.
|
7/7/2004
|
FundPolice predicts that the up until this point "hidden and guarded conflicts of interest arrangements" will become the next big investigations from the likes of the NASD, SEC and Elliot Spitzer.
|
Green Light
|
|
TD Waterhouse
|
SEC charged the company with paying "independent" investment advisors that encouraged them to use Waterhouse services for their clients. Payments ranged from $7,500 to $50,000.
|
9/16/2004
|
While we despise not admitting guilt TFQ gets positive kudos for trying to battle the SEC/NASD over stiffer rules for the brokerage industry.
|
Green Light
|
|
Thomas Weisel Partners
|
SEC charged Thomas Weisel with using biased research to sell favored stocks. Analysts who issued the research were compensated for their "advice."
|
8/27/2004
|
Beware of commission based stock brokers.
|
Red Light
|
|
Tremont
|
A study conducted by Analysis Group found that Tremont, a hedge fund provider, overstates the performance of their hedge fund to attract wealthy investors.
|
12/10/2004
|
There are better ways to invest your money. There are also better people who can help you invest your money. Check out www.napfa.com for help.
|
Red Light
|
|
UBS
|
The company pushed it's sales person to steer clients into purchasing certain UBS Funds and UBS Tier I Funds.
|
9/9/2005
|
Too often is this company involved in conflicts of interests with its clients. Throw these bums out!
|
Red Light
|
|
