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Articles tagged with: ARS

[3 Oct 2009 | No Comment | 3,112 views]
Colorado Division of Securities Charges Stifel Nicolaus with Fraudulent Sales of Auction Rate Securities

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On October 1, 2009, Colorado Securities Commissioner Fred Joseph announced that the Securities Division had filed a complaint against Stifel, Nicolaus & Company. According to the Division’s news release, the complaint alleges:
Stifel Nicolaus falsely represented auction rate securities as liquid, short-term investments to Colorado investors without discussing the risks. These representations gave investors a false sense of security that the investments would always be liquid when auction rate securities, in fact, faced significant, inherent liquidity risks.
A copy of the Notice …

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[23 Sep 2009 | No Comment | 2,061 views]
JP Morgan Returns More Than $28 Million to Missouri Auction Rate Securities Investors

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From Investment Fraud Blawg, Securities Fraud Blawg, and Stockbroker Fraud Blawg:
On September 21, 2009, Missouri Secretary of State Robin Carnahan announced that her office had finalized a consent order with JP Morgan Chase & Co. related to the firm’s marketing and sale of auction rate securities (ARS) to Missouri investors.
According to the press release, Missouri investors will receive more than $28 million. In addition, JP Morgan will pay $86,000 to the Missouri Investor Education and Protection Fund, which is used …

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