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Dec 27 2012Consumer Fraud, Securities Fraud
The U.S. Financial Industry Regulatory Authority (FINRA) directed Morgan Keegan & Co. Inc. to pay $1.4 million as compensation to an investor from Texas over losses related to bond funds that the brokerage allegedly misrepresented as a stable, low-risk investment.
According to the suit filed in October 2010, the plaintiff and a family trust owned by him bought shares worth $16 million in a bond fund from Morgan Keegan and experienced heavy losses even though he was assured by the brokerage that the fund was a "safe and conservative investment," reports Law360 (subscription required).
In the complaint, the plaintiff charged Morgan Keegan with breach of fiduciary duty and breach of contract, misrepresentation, and securities violations. The lawsuit demanded $4.3 million in damages and interest.
If you or a loved one has been a victim of securities fraud, contact Sokolove Law today for a free legal consultation and to find out if a securities fraud lawyer may be able to help you.
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