|
| 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
|
|
ING
|
The company paid $1.4 million to the NASD for allowing market timing in a number of retirement funds going back to 2001.
|
6/15/2006
|
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.
|
Yellow Light
|
|
Merrill Lynch
|
A federal judge has dismissed a shelf-space suit against the company.
|
6/14/2006
|
Rare good news for a company with a poor track record.
|
Red Light
|
|
|
Ameriprise (Formerly American Express)
|
The company must pay $22 milion to Exxon Mobil retirees who accused the unit and a broker of fraud.
|
5/17/2006
|
HUGE conflicts of interest exist at many large brokerage firms. FP suggests you steer clear and seek advice from a FEE-ONLY planner.
|
Red Light
|
|
Man Fiancial
|
The company and seven of its employees were sued for fraud and racketeering. The company allegedly allowed a hedge fund to hide $140 million in losses by shifting losing trades to an account that wasn't shown to investors.
|
5/12/2006
|
We don't even have to explain ourselves for why we're kicking this company to the curb. Throw the bums out!
|
Red Light
|
|
Morgan Stanley
|
The company agreed to pay a $15 million civil fine to settle regulators' charges that the firm repeatedly failed to provide tens of thousands of e-mails which they sought in several major investigations over prior years.
|
5/10/2006
|
We don't even have to explain ourselves for why we're kicking this company to the curb. Throw the bums out!
|
Red Light
|
|
Deephaven Capital
|
The company was fined $5.75 million for using inside information about upcoming stock offerings to short sell the shares in order to cash in on the expected fall in the price of the stocks.
|
5/4/2006
|
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 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
|
|
Citigroup
|
Two former Citigroup Inc. executives are facing charges of cheating customers out of millions of dollars in savings on mutual-fund shareholder fees.
|
4/27/2006
|
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
|
|
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
|
|
Bear Stearns
|
The company has agreed to pay $250 million for facilitating unlawful late trading and deceptive market-timing of municipal and other mutual funds.
|
3/20/2006
|
Throw the bums out! FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
|
H&R Block
|
The company is being sued for allegedly selling IRAs that earned less money than what the customers paid in fees. The complaint accuses the company of not adequately disclosing their fees in their Express IRAs.
|
3/16/2006
|
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
|
|
Merrill Lynch
|
The company attempted to cover-up frequent trading in one of its mutual funds by making a one-time cash payment into the fund, which has artificially boosted the funds performance by approximately 10% in 2005.
|
2/14/2006
|
Hurting your shareholders and attempting to cover it up does not show signs of an honest company. If you haven't already, it is time to throw these bums out immediately!!!
|
Red Light
|
|
Bear Stearns
|
The NYSE has fined the company $1.5 million for trading violations, account mishandling and other improper analyst communications.
|
2/9/2006
|
|
Red Light
|
|
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
|
|
Oppenheimer
|
The company failed to give breakpoint discounts to investors who invested in Class-A mutual funds that appeared to be eligible for the discounts.
|
1/10/2006
|
The company have been very cooperative with regulators in providing information. This is a company who wants to correct their mistakes.
|
Yellow Light
|
|
Oppenheimer
|
The company has paid $4.4 million in fines for inadequate controls to prevent money laundering, and registration issues.
|
1/3/2006
|
These issues arose while the company was going through rapid expansion and as a result of this rapid growth, the company had not yet put in place all the processes and procedures they should have.
|
Yellow Light
|
|
Putnam
|
Six former officers of Putnam Fiduciary Trust, an entity of Putnam Investments, have been charged by regualtors over an alleged $4 million fraud scheme and attempted cover-up.
|
1/3/2006
|
Beware of conflicts of interest at these large investment companies.
|
Red Light
|
|
World Group
|
|
12/21/2005
|
|
Red Light
|
|
Linsco Private Ledger
|
The company was fined $2.4 million for selling investors higher-cost mutual fund shares when cheaper options may have been available.
|
12/20/2005
|
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.
|
Yellow Light
|
|
Merrill Lynch
|
The company was fined $14 million for selling investors higher-cost mutual fund shares when cheaper options may have been available.
|
12/20/2005
|
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
|
|
Wells Fargo
|
The company was fined $3 million for selling investors higher-cost mutual fund shares when cheaper options may have been available.
|
12/20/2005
|
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.
|
Yellow Light
|
|
Wells Fargo
|
The company has been hit with a class action lawsuit for pushing mutual funds that were participating in the company's revenue-sharing program.
|
12/19/2005
|
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.
|
Yellow Light
|
|
Ameriprise (Formerly American Express)
|
The company was fined a total of $59.3 million by the SEC, the NASD, and the state of Minnesota to settle charges of illegal mutual fund share trading and brokerage misconduct.
|
12/2/2005
|
Ameriprise, formerly American Express, is awarded another plaque on the "Wall of Shame"!
|
Red 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
|
|
DebtTraders
|
The company has been expelled from the industry by the NASD for charging excessive markups or markdowns on corporate high-yield bond trades.
|
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 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
|
|
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
|
|
