January 30, 2010

Judge Gives Lower Sentence to Former Credit Suisse Broker Convicted of Auction-Rate Securities Fraud

Eric Butler, a former Credit Suisse Group AG broker, has been sentenced to five years in prison for securities fraud. A jury found the ex-stockbroker guilty of misleading clients into thinking that they were buying student loan-backed, low-risk auction-rate securities when they were actually buying ARS that were high-risk and backed by home mortgage assets. He modified the trade confirmations to conceal this discrepancy. His securities fraud scam collapsed when the ARS market did, but not before investors sustained $1.1 billion in losses.

The government asked that Butler be ordered to serve a 45-year prison sentence pay stiff penalties. However, U.S. District Court Judge Jack Weinstein sentenced him to just five years, imposed a $5 million fine, and ordered that he forfeit $500,000.

Following the guilty verdict, Weinstein expressed concern about placing all of the blame on Butler. He said that he gave the ex-Credit Suisse broker a reduced sentence because the financial services industry has a “pernicious and pervasive" corrupt culture.

Weinstein says the blame for misdeeds such as stockbroker fraud should be placed not only on individuals but also on the financial institutions that hire them. While stating that Butler abused his power, violated his clients’ trust, and defrauded them of significant sums of money, the judge also placed accountability for the former Credit Suisse broker’s crimes on the failure of lawmakers and government regulators to properly oversee the financial markets, the investors’ failure to supervise their financial transactions, and Credit Suisse’s failure to properly supervise Butler.

Our stockbroker fraud lawyers can’t help but wonder why investors continue to place their faith in an industry where so many brokers have proven that they lack the experience to successfully manage clients’ assets and the arbitration process is set up in a manner that makes it hard for investors to recover a substantial portion of their investment losses.


Related Web Resources:
Ex-Credit Suisse Broker Butler Gets Five-Year Prison Sentence, Bloomberg, January 23, 2010

Ex-Credit Suisse broker guilty in $1B scheme, NY Daily News, August 17, 2009

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Financial Firms

Bookmark: Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Google.com Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at del.icio.us Digg Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Digg.com Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Spurl.net Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Simpy.com Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at NewsVine Blink this Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at blinklist.com Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Furl.net Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at reddit.com Fark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Fark.com Bookmark Judge%20Gives%20Lower%20Sentence%20to%20Former%20Credit%20Suisse%20Broker%20Convicted%20of%20Auction-Rate%20Securities%20Fraud%20%20 at Yahoo! MyWeb

December 19, 2009

Credit Suisse to Pay $536 Million Settlement For Violating US Sanctions With Secret Transactions from Iran, Libya, Cuba, Burma, and Sedan

The Justice Department says Credit Suisse will pay a $365 million settlement for violating US economic sanctions. According to US Attorney General and Manhattan District Attorney Robert Morgenthau, the bank carried out secret transactions from Cuba, Libya, Iran, Burma, and Sedan that allowed “rogue players access to US dollars.”

The Justice Department says Credit Suisse admits to violating the International Emergency Economic Powers Act. The probe has resulted in about $1 billion in fines for the banks involved in the case. Credit Suisse reportedly stopped doing this kind of business in 2005, cooperated with investigators, and took additional measures to prevent this type of activity from happening again.

Under Credit Suisse’s deferred prosecution deal, however, the investment bank could be subject to further prosecution if more problems arise.

Holder says Credit Suisse showed clients how to transfer payments without capturing the attention of US authorities. He also claims that Credit Suisse profited by disregarding the law. Among the illegal activities, according to the Manhattan’s district attorney’s office, Credit Suisse,

• Between 2002 and 2006, processed over $700 million in payments that were in violation of US sanctions.
• Processed $1.1 billion in payments while concealing their Iranian ties.
• Illegally invested $150 million for two banned state-affiliated banks, one in Sudan and another in Lebanon.

Several other banks are under investigation for disregarding US sanctions. Morgenthau promises these banks are facing harsh penalties. Earlier this year, Lloyds TBS agreed to pay $350 million for helping Sudan and Iran despite US sanctions. Last month, federal authorities confiscated about $500 million in real-estate and bank deposits from Alavi Foundation for allegedly facilitating intelligence and financial activities for Iran. In 2008, a Manhattan federal court froze $2 billion that Citigroup was allegedly holding for Iran.

Related Web Resources:
Credit Suisse fine bigger w/o cooperation- US, Forbes/Reuters, December 16, 2009

Credit Suisse's Secret Deals, The Wall Street Journal, December 17, 2009

International Emergency Economic Powers Act

Continue reading "Credit Suisse to Pay $536 Million Settlement For Violating US Sanctions With Secret Transactions from Iran, Libya, Cuba, Burma, and Sedan " »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Financial Firms

Bookmark: Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Google.com Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at del.icio.us Digg Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Digg.com Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Spurl.net Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Simpy.com Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at NewsVine Blink this Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at blinklist.com Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Furl.net Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at reddit.com Fark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Fark.com Bookmark Credit%20Suisse%20to%20Pay%20%24536%20Million%20Settlement%20For%20Violating%20US%20Sanctions%20With%20Secret%20Transactions%20from%20Iran%2C%20Libya%2C%20Cuba%2C%20Burma%2C%20and%20Sedan%20 at Yahoo! MyWeb

August 21, 2009

Will Two Former Credit Suisse Group AG Brokers Convicted of Securities Fraud Get More Lenient Sentences Because of Industry’s “Culture of Corruption?”

A federal judge says that when sentencing former Credit Suisse Group AG brokers Eric Butler and Julian Tzolov, he will consider the fact that they committed their securities fraud crimes while working in the securities industry's “culture of corruption.” He also asked defense and government attorneys to touch upon this issue when they submit their sentencing recommendations.

Earlier this week, a jury found Butler found guilty of conspiracy and securities fraud for his involvement in an alleged scheme to mislead investors about auction-rate securities so that higher commissions could be generated. Butler faces a maximum 45 years in prison.
.
According to the government, Butler and Tzolov changed securities’ names on communications with investors so that clients wouldn’t find out that federally guaranteed student loans were not backing their investments. Instead, they put the funds in riskier products that were connected to ARS. Investors lost close to $1 billion when the ARS market collapsed.

Butler’s attorney, however, says the failed market, not his client, is at fault for the investors' losses. Butler plans to appeal the verdict.

Tzolov was arrested last month in Spain. He was under house arrest in New York City in May but fled the country. Tzolov pleaded guilty to securities fraud, conspiracy, visa fraud, wire fraud, and bail-jumping charges. Tzolov then testified for prosecutors in the criminal case against Butler.

While commenting on these recent developments, Ann Woolner, on Bloomberg.com, noted that just because federal regulators weren’t paying attention to misconduct on Wall Street doesn’t make it okay for brokers to lie to their clients—it just makes it easier for them to not get caught. She also commented that while people don’t die from white collar crimes, securities fraud can cause a great deal of suffering for investors who were robbed.

While the two former Credit Suisse brokers shouldn’t be punished because of the shortcomings within the securities industry, the “culture of corruption” argument shouldn’t be the reason to shorten their prison sentences. Just because everyone’s doing it doesn’t make it okay.

Related Web Resources:
Wall Street ‘Corruption’ Might Buy Crook a Break: Ann Woolner, Bloomberg.com, August 21, 2009

Broker Convicted in Auction-Rate Case, Wall Street Journal, August 19, 2009

Former Wall Street broker pleads guilty to fraud, MSNBC, July 22, 2009

Continue reading "Will Two Former Credit Suisse Group AG Brokers Convicted of Securities Fraud Get More Lenient Sentences Because of Industry’s “Culture of Corruption?” " »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Auction-Rate Securities , Broker Fraud , Credit Suisse , Financial Firms

Bookmark: Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Google.com Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at del.icio.us Digg Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Digg.com Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Spurl.net Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Simpy.com Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at NewsVine Blink this Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at blinklist.com Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Furl.net Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at reddit.com Fark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Fark.com Bookmark Will%20Two%20Former%20Credit%20Suisse%20Group%20AG%20Brokers%20Convicted%20of%20Securities%20Fraud%20Get%20More%20Lenient%20Sentences%20Because%20of%20Industry%E2%80%99s%20%E2%80%9CCulture%20of%20Corruption%3F%E2%80%9D%20 at Yahoo! MyWeb

July 29, 2009

Ex-Credit Suisse Broker Who Pleaded Guilty to Securities Fraud for Role in Auction-Rate Securities Scam Knew in Late 2007 that Clients’ Funds Were in Trouble

Julian T. Tzolov, a former Credit Suisse Securities (USA) LLC broker, has pleaded guilty to fraud charges over his involvement in an auction-rate securities scheme involving hundreds of millions of dollars. Tzolov, 36, is accused taking investor funds and placing them in high-risk ARS rather than government-backed conservative instruments.

In April, Tzolov was charged with wire fraud, conspiracy to commit securities fraud, and securities fraud. Tzolov and another man, Eric Butler, are accused of as early as November 2003 soliciting funds from companies to invest in ARS. Tzolov allegedly told potential clients that he would be investing their money in government-backed ARS. Instead, the former Credit Suisse broker placed the investors’ money in ARS that were connected to riskier, collateralized debt obligations. He is also accused of falsifying the names of products that investors bought to make it look as if they were purchasing conservative instruments, rather than CDO-ARS.

When the CDO-ARS market fell in late 2007, Tzolov was unable to sell the securities and repay clients who were demanding their returns. This incident is further evidence that broker-dealers and brokers knew before February 2008 that investors and their money were in trouble.

Tzlolov’s conviction is the first one connected to the ARS market. His sentencing is scheduled for October. Tzolov was captured earlier this month after he fled the US in May while under house arrest. He could end up serving 20 years in prison for each fraud count.

Ex-Broker Pleads in Auction-Rate Case, WSJ, July 23, 2009

Julian Tzolov, Ex-Credit Suisse Broker, Target Of International Manhunt, The Huffington Post, June 5, 2009

Continue reading "Ex-Credit Suisse Broker Who Pleaded Guilty to Securities Fraud for Role in Auction-Rate Securities Scam Knew in Late 2007 that Clients’ Funds Were in Trouble" »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Auction-Rate Securities , Credit Suisse , Financial Firms

Bookmark: Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Google.com Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at del.icio.us Digg Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Digg.com Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Spurl.net Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Simpy.com Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at NewsVine Blink this Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at blinklist.com Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Furl.net Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at reddit.com Fark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Fark.com Bookmark Ex-Credit%20Suisse%20Broker%20Who%20Pleaded%20Guilty%20to%20Securities%20Fraud%20for%20Role%20in%20Auction-Rate%20Securities%20Scam%20Knew%20in%20Late%202007%20that%20Clients%E2%80%99%20Funds%20Were%20in%20Trouble at Yahoo! MyWeb

June 4, 2009

UBS Financial Services Misled Investors about Lehman Brothers Securities, Says New Hampshire Regulators

According to New Hampshire securities regulators, UBS Financial Services Inc., a unit of UBS AG, misled investors regarding complex securities that were issued by Lehman Brothers before the latter filed for bankruptcy protection in 2008. The Bureau of Securities Regulation says investors were misled when the representatives for the UBS unit told them that the securities were safe, while failing to let them know that Lehman Brothers was in trouble. The state regulators are also accusing UBS of failing to properly supervise the employees that sold the structured products and of engaging in improper sales practices.

Some 42 New Hampshire investors could lose more than $2.5 million from securities underwritten by Lehman Brothers. State regulators have filed a cease-and-desist order against UBS and they are seeking an unspecified sum from the financial firm.

UBS disputes the Bureau of Securities Regulation's allegations. The investment bank claims it didn’t do anything improper when it sold the Lehman products to UBS clients and that its employees engaged in the proper sales practices, followed all regulatory guidelines, abided by client disclosure guidelines, as well as followed firm procedures and industry regulations. The investment bank contends that any losses experienced by investors occurred because Lehman Brothers failed unexpectedly. UBS vows to combat the New Hampshire regulators' allegations.

Already, a number of investors have filed claims against Lehman Brothers. Last year, with $613 billion in debt, Lehman filed the largest bankruptcy in US history. Globally, the collapse of Lehman Brothers resulted in investor losses worth billions of dollars. Many clients have blamed lenders for failing to warn them that Lehman was in trouble.

Meantime, Credit Suisse has offered to pay $140.7 million to compensate more than 3,700 of its retail clients for their Lehman financial products that now have no value.

Securities Fraud Attorney Sam Edwards, partner of the law firm of Shepherd, Smith, Edwards & Kantas says: "While many smaller investors into Auction Rate Securities have now been paid, our firm is representing a number of larger investors, many of whom have millions of dollars that have been frozen for more than a year. Many of these are business which have been crippled by the loss of liquidity of these funds and are seeking resulting business losses."

Related Web Resources:
UBS says will fight New Hampshire Lehman case, Reuters, June 4, 2009

UBS Sold Unsuitable Lehman Securities, New Hampshire Alleges, Bloomberg.com, June 4, 2009

Bureau of Securities Regulation


Continue reading "UBS Financial Services Misled Investors about Lehman Brothers Securities, Says New Hampshire Regulators" »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Broker Fraud , Credit Suisse , Financial Firms , Lehman Brothers , UBS

Bookmark: Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Google.com Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at del.icio.us Digg UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Digg.com Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Spurl.net Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Simpy.com Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at NewsVine Blink this UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at blinklist.com Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Furl.net Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at reddit.com Fark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Fark.com Bookmark UBS%20Financial%20Services%20Misled%20Investors%20about%20Lehman%20Brothers%20Securities%2C%20Says%20New%20Hampshire%20Regulators at Yahoo! MyWeb

March 5, 2009

Wells Fargo, Goldman Sachs, JP Morgan Chase, Citigroup, UBS Securities, Bank of America, Moody’s Investment Services, and Fitch Ratings are Among Defendants Sued On Behalf of Wells Fargo Certificate Investors for Alleged Securities Fraud Violations

The Boilermaker-Blacksmith National Pension Trust is suing a number of investment banks, credit rating agencies, and underwriters, including Wells Fargo, WFASC, Morgan Stanley & Co., Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Bear Stearns & Co., Countrywide Securities Corp., Deutsche Bank Securities Inc., JPMorgan Chase Inc., Bank of America Corp., Citigroup Global Markets Inc., McGraw-Hill Cos., Moody's Investor Services Inc., and Fitch Ratings Inc., over allegations that they made false statements in the prospectus and registration statement for certificates that were collateralized by Wells Fargo Bank, NA. The lawsuit, filed on behalf of thousands of investors that bought the certificates from Wells Fargo Asset Securities Corp., accuses the defendants of violating the 1933 Securities Act by engaging in these alleged actions.

According to the securities fraud lawsuit, the defendants concealed from investors that Wells Fargo revised its underwriting practices in 2005 and became involved in high risk subprime mortgage lending. The complaint contends that WFASC and a number of defendants submitted to the Securities and Exchange Commision prospectus and registration statements representing that the mortgages were backed by certificates that were subject to specific underwriting guidelines for evaluating a borrower's creditworthiness. The plaintiffs contend that these prospectuses and registration statements were false because they neglected to reveal that the Wells Fargo-originated certificates were not in accordance with the credit, underwriting, and appraisal standards that Wells Fargo, per the companies, had supposedly used to approve mortgages.

The lawsuit also claims that because Wells Fargo decided to enter the subprime mortgage mortgage market in 2005, the investment bank had to take significant write-downs in 2008 because of its massive exposure to the subprime market and the WFASC certificates that these mortgages backed dropped significantly in value. The Boiler-Blaksmith fund reports that it lost about $5 million, which is more than half of what it invested.

Related Web Resources:
Read the Complaint

The Boilermakers National Funds

Continue reading "Wells Fargo, Goldman Sachs, JP Morgan Chase, Citigroup, UBS Securities, Bank of America, Moody’s Investment Services, and Fitch Ratings are Among Defendants Sued On Behalf of Wells Fargo Certificate Investors for Alleged Securities Fraud Violations" »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Bank of America , Broker Fraud , Citigroup , Credit Ratings Agencies , Credit Suisse , Deutsche Bank , Financial Firms , Fitch , J P Morgan - Chase , Moody's , Morgan Stanley

Bookmark: Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Google.com Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at del.icio.us Digg Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Digg.com Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Spurl.net Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Simpy.com Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at NewsVine Blink this Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at blinklist.com Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Furl.net Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at reddit.com Fark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Fark.com Bookmark Wells%20Fargo%2C%20Goldman%20Sachs%2C%20JP%20Morgan%20Chase%2C%20Citigroup%2C%20UBS%20Securities%2C%20Bank%20of%20America%2C%20Moody%E2%80%99s%20Investment%20Services%2C%20and%20Fitch%20Ratings%20are%20Among%20Defendants%20Sued%20On%20Behalf%20of%20Wells%20Fargo%20Certificate%20Investors%20for%20Alleged%20Securities%20Fraud%20Violations at Yahoo! MyWeb

February 25, 2009

Credit Suisse Securities Ordered by FINRA Panel to Pay $406 Million for Improper ARS Sale to Semiconductor Manufacturer STMicroelectronics NV

A Financial Industry Regulatory Authority Panel says Credit Suisse Securities must pay STMicroelectronics $406 million. The award, issued in favor of the semiconductor manufacturer, is over Credit Suisse Securities's sale of unauthorized auction rate securities. Consequential damages and legal fees are also part of the FINRA award. STMicroelectronics also gets to keep some $25 million in interest award.

STMicroelectronics N.V. had filed for arbitration because Credit Suisse had made unauthorized purchases of credit link notes and collateralized debt obligations when it should have bought student loan securities that were Federally guaranteed, which was what the semiconductor company had mandated and authorized. STMicroelectronics N.V. says Credit Suisse Group engaged in fraud because of its actions.

Also, in STMicroelectronics's securities fraud lawsuit against Credit Suisse Group, which was filed last year, the semiconductor company alleged that Credit Suisse purposely set out to defraud the company. It also claims that transferring clients’ accounts into auction-rate securities was part of a plan to receive higher fees for the service it was providing.

FINRA Arbitration
FINRA provides a dispute resolution forum for business disputes between investors, individual registered representatives, and securities firms. Recent FINRA dispute resolution statistics through January 2009:

• 525 cases filed through January 2009
• 267 cases were closed

FINRA Dispute Resolution has the biggest securities dispute resolution forum in the world. FINRA oversees nearly all such mediations and arbitrations in the United States.

STMicroelectronics Sues Credit Suisse Over Securities, The New York Times, August 7, 2008

FINRA Awards STMicroelectronics $406 Million Against Credit Suisse Securities (USA) LLC, PRNewswire.com, February 16, 2009


Related Web Resources:
STMicroeiectronics N.V. (Claimant) vs. Credit Suisse Securities (USA) LLC
(Respondent), Case Number: 08-00512, FINRA

Credit Suisse

Continue reading "Credit Suisse Securities Ordered by FINRA Panel to Pay $406 Million for Improper ARS Sale to Semiconductor Manufacturer STMicroelectronics NV" »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Financial Firms

Bookmark: Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Google.com Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at del.icio.us Digg Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Digg.com Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Spurl.net Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Simpy.com Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at NewsVine Blink this Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at blinklist.com Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Furl.net Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at reddit.com Fark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Fark.com Bookmark Credit%20Suisse%20Securities%20Ordered%20by%20FINRA%20Panel%20to%20Pay%20%24406%20Million%20for%20Improper%20ARS%20Sale%20to%20Semiconductor%20Manufacturer%20STMicroelectronics%20NV at Yahoo! MyWeb

September 3, 2008

Two Former Credit Suisse Brokers Charged With Fraud and Conspiracy Related to Auction-Rate Securities Scam

The Securities and Exchange Commission and the US Attorney’s Office in Brooklyn are charging Eric Butler and Julian Tzolov, two ex-Credit Suisse brokers, with coming up with an auction-rate securities scam to mislead customers and increase their commissions. The fraud and conspiracy charges relate to the alleged deceptive sales of subprime-related auction-rate debt, and charges include violation of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, civil money penalties, and prejudgment interest.

Butler and Tzolov are accused of deceiving customers into thinking that ARS were backed by federally guaranteed securities loans that were a safe and liquid investment choice when, in fact, the securities that the men bought for clients were backed by collateralized debt obligations, subprime mortgages, and other non-student loan collateral.

The SEC says ARS scam resulted in clients purchasing over $1 billion in subprime-related securities. According to the complaint, Butler and Tzolov sent out e-mail confirmations to foreign corporate customers with short-term cash management accounts that included the terms “Education” and “St. Loan” added to the names of securities that were not related to student loans. The terms “Mortgage” and “CDO” were deleted from the emails.

As a result, investors were left holding over $800 million in illiquid securities once the market started to collapse. The value of their ARS have dropped significantly since then.

Credit Suisse says it is working with authorities on the case. The investment bank says it suspended the two men after they found out they were involved in prohibited activities. The SEC investigation is part of a larger probe into whether potential market manipulation, fraud, and breaches of fiduciary duty played a role in the problems the credit markets are experiencing.

Related Web Resources:

Ex-Credit Suisse Brokers Charged With Subprime, Bloomberg.com, September 3, 2008

SEC Charges Two Wall Street Brokers in $1 Billion Subprime-Related Auction Rate Securities Fraud, SEC, September 3, 2008

Read the SEC Complaint (PDF)

Continue reading "Two Former Credit Suisse Brokers Charged With Fraud and Conspiracy Related to Auction-Rate Securities Scam " »

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Auction-Rate Securities , Credit Suisse

Bookmark: Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Google.com Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at del.icio.us Digg Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Digg.com Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Spurl.net Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Simpy.com Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at NewsVine Blink this Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at blinklist.com Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Furl.net Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at reddit.com Fark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Fark.com Bookmark Two%20Former%20Credit%20Suisse%20Brokers%20Charged%20With%20Fraud%20and%20Conspiracy%20Related%20to%20Auction-Rate%20Securities%20Scam%20 at Yahoo! MyWeb

June 12, 2008

Former JP Morgan Chase and Credit Suisse Banker is Sentenced to 10 Years in Prison for Insider Trading Tip Scam

In the U.S. District Court for the Southern District of New York, former JP Morgan Chase and Credit Suisse investment banker Hafiz Muhammed Zubair Naseem was sentenced to 10 years in prison for his involvement in an insider tip scam.

Prosecutors say that Naseem retrieved insider information from the internal bases of both Credit Suisse and JP Morgan Chase. Confidential information that he pulled from Credit Suisse’s files included data related to possible deals with TXU Corp., John H. Harland Co., Caremark Rx Inc., Hydril Co., Trammell Crow Co., Jacuzzi Brands Inc., Veritas DGC Inc., Energy Partners Ltd., and Northwestern Corp.

Insider information from JP Morgan Chase dealt with possible transactions in Engineered Support Systems, Computer Science Systems, Alliance Data Systems, K2 Inc., Education Management Corp., Aramark Corp., Huntsman Corp., and Northwestern Corp.

Prosecutors also say that Naseem was observed going through papers on analysts’ desks. Naseem would then give the information he acquired to Ajaz Rahim, the investment banking head of Faysal Bank in Pakistan. The two men would then use the information to execute securities transaction.

The investment scheme netted over $7.5 million, and Naseem and Rahim were charged last year. Naseem was convicted on 29 counts of insider trading, and a warrant is still out for Raheem’s arrest.

District Court Judge Robert P. Patterson ordered forfeiture of $7.5 million, three years of supervised release, and a mandatory $2,900 special assessment. Naseem’s lawyer calls his client’s sentence “grossly unfair.”

Investment bank-related misconduct is against the law. If you are an investor who has lost money because of securities fraud, contact Shepherd Smith and Edwards today.


Related Web Resources:

Convicted investment banker to file appeal, Dawn.com, June 10, 2008

Former Credit Suisse Investment Banker Sentenced To 10 Years In Prison For Insider Trading, News for Press.com

Feds Charge Prominent Pakistani Banker In CSFB-TXU Insider Trading Case, Dealbreaker.com, May 30, 2007

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Insider Trading , J P Morgan - Chase

Bookmark: Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Google.com Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at del.icio.us Digg Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Digg.com Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Spurl.net Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Simpy.com Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at NewsVine Blink this Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at blinklist.com Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Furl.net Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at reddit.com Fark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Fark.com Bookmark Former%20JP%20Morgan%20Chase%20and%20Credit%20Suisse%20Banker%20is%20Sentenced%20to%2010%20Years%20in%20Prison%20for%20Insider%20Trading%20Tip%20Scam at Yahoo! MyWeb

February 24, 2008

Ex-Credit Suisse Investment Banker Appeals Insider Trading Charges Conviction

Former Credit Suisse Securities USA LLC investment banker Hafiz Naseem says he will appeal his conviction for insider trading charges, which include 1 count of conspiracy and 28 counts of securities fraud involving stolen nonpublic data allegedly used for insider trading that generated at least $7.5 million. He faces a maximum 5-year prison sentence and fines two times the gross loss or gain of the violation.

The Justice Department says that the ex-Credit Suisse Securities investment banker told Ajaz Rahim, a Pakistan resident and the former head of Faysal Bank, about nine upcoming merger and acquisition deals from April 2006 to February 2007 including:

- Apollo Management LP’s Jacuzzi Brands acquisition
- NorthWestern Corp.’s acquisition by Babcock & Brown Infrastructure
- Veritas DGC Inc.’s acquisition by Compagnie Generale de Geophysique SA
- The merger between Energy Partners Ltd. and Stone Energy Corp.
- The TXU buyout

Rahim then used a Bahrain-based brokerage account to purchase stocks in the deals’ target companies. Although Naseem was not involved in working on any of the acquisition deals, he allegedly poured through internal databases and papers on his coworkers’ desks for confidential data that he passed on to Rahim.

The jury handed out the conviction on February 4 during his second trial. Naseem’s first trial ended in December because two jury members did not follow instructions provided by the court.

If you are an investor who has lost money because of the misconduct of an investment adviser or another member of the securities industry, one of our stockbroker fraud attorneys may be able to assist you. Contact Shepherd Smith and Edwards today.

Related Web Resources:

Ex-Credit Suisse Banker Naseem Convicted Of Insider Trading, Wall Street Journal, February 4, 2008

Banker Convicted on NY Insider Trading, CNN, February 4, 2008

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Financial Advisers

Bookmark: Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Google.com Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at del.icio.us Digg Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Digg.com Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Spurl.net Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Simpy.com Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at NewsVine Blink this Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at blinklist.com Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Furl.net Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at reddit.com Fark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Fark.com Bookmark Ex-Credit%20Suisse%20Investment%20Banker%20Appeals%20Insider%20Trading%20Charges%20Conviction at Yahoo! MyWeb

January 24, 2008

Deutsche Bank Trust Company, Goldman Sachs Group, and Bank of America Corporation are Among the 21 Lenders Named in Cleveland, Ohio Lawsuit

The city of Cleveland, Ohio is suing 21 financial institutions for hundreds of millions of dollars in damages caused by subprime lending and securitization. The defendants named in the lawsuit are:

• Deutsche Bank Trust Company
• Ameriquest Mortgage Company
• Bank of America Corporation
• The Bear Stearns Companies
• Citigroup, Inc.
• Countrywide Financial Corp.
• Credit Suisse (USA)
• Fremont General Corporation
• GMAC-RFC
• Goldman Sachs Group
• Greenwich Capital Markets, Inc.
• HSBC Holdings, PLC
• Indymac Bancorp., Inc.
• J.P. Morgan Chase Co.
• Lehman Brothers Holdings, Inc.
• Merrill Lynch & Co., Inc.
• Morgan Stanley
• Novastar Financial Inc.
• Option One Mortgage Corporation
• Washington Mutual Inc.
• Wells Fargo & Co.

The city of Cleveland says that the defendants issued loans to people who would never have been able to pay them back and that the foreclosures were inevitable. The lawsuit says that not only did the financial institutions issue loans to ill-qualified borrowers, but they securitized the loans and used the profits to fund more subprime mortgages, make more money, and secure more borrowers.

In the past two years, Cleveland has experienced over 7,000 foreclosures. Entire city blocks have been vacated and violent crime and arson incidents have increased. 1,000 abandoned homes have been torn down. Cleveland is calling the “propagation of subprime mortgages… and the corresponding foreclosures... a public nuisance as defined by Ohio common law.

As a result, the city of Cleveland’s population was 444,000 last year—way down from its nearly one million residents in 1950. The decrease in population size has negatively affected the city’s budget.

The stockbroker law firm of Shepherd Smith and Edwards represents investors who have lost money due to the misconduct or negligent actions of broker-dealers and other financial institutions. Contact Shepherd Smith and Edwards today and one of our stockbroker fraud lawyers will be happy to offer you a free consultation.

Related Web Resources:

Cleveland Sues 21 Lenders Over Subprime Mortgages, Herald-Tribune, January 12, 2008

Read the Complaint (PDF)

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Ameriprise - Securities America , Bank of America , Credit Suisse , Deutsche Bank , Financial Firms , J P Morgan - Chase , Lehman Brothers , Merrill Lynch , Morgan Stanley , Wells Fargo

Bookmark: Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Google.com Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at del.icio.us Digg Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Digg.com Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Spurl.net Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Simpy.com Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at NewsVine Blink this Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at blinklist.com Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Furl.net Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at reddit.com Fark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Fark.com Bookmark Deutsche%20Bank%20Trust%20Company%2C%20Goldman%20Sachs%20Group%2C%20and%20Bank%20of%20America%20Corporation%20are%20Among%20the%2021%20Lenders%20Named%20in%20Cleveland%2C%20Ohio%20Lawsuit at Yahoo! MyWeb

October 9, 2007

Citigroup, Lehman Brothers, DeutscheBank and other Firms Fined for Failing to Deliver Trade Confirmations.

NYSE Regulation fined 14 of its member firms a total of $10.4 million in fines for failing to deliver trade confirmations to their clients and other violations.

Citigroup Global Markets received the heaviest fine of $2.25 million for failing to deliver trade confirmation documents in more than a million consumer transactions. Lehman Brothers and DeutscheBank were each fined $1.25 million.

Other firms sanctioned included UBS Securities; Bear Stearns & Co.; Credit Suisse Securities (USA) LLC ; Banc of America Securities LLC; Goldman Sachs & Co.; JP Morgan Securities; Wachovia Capital Markets LLC; and Keefe, Bruyette & Woods Inc. Fines levied against these firms ranged from $375,000 to $800,000.

According to the New York Stock Exchange (NYSE) enforcement wing, the violations occurred between July 1, 2003 and Oct 31, 2004. These include failures to ensure delivery of prospectuses to customers who purchased securities and mutual funds, failure to deliver product descriptions to customers purchasing exchange traded funds and failure to establish and maintain appropriate supervisory procedures regarding such activities.

Each of the member firms also agreed to certify that its current policies and procedures are reasonably designed to ensure compliance with current federal securities laws and regulations regarding such requirements. This action was one of the final acts by the regulatory staff of the NYSE prior joining the Financial Industry Regulatory Authority (FINRA) which has taken over all former NASD and NYSE regulatory responsibilities.

Shepherd Smith and Edwards represents investors nationwide in claims against securities firms. We have represented investors in more than 1,000 securities cases. To learn whether we may be able to assist you with a claim contact us to arrange a free consultation with one of our attorneys.


Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Bank of America , Bear Stearns , Citigroup , Credit Suisse , Deutsche Bank , Goldman Sachs , J P Morgan - Chase , Stockbroker Regulation , UBS , Wachovia

Bookmark: Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Google.com Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at del.icio.us Digg Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Digg.com Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Spurl.net Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Simpy.com Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at NewsVine Blink this Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at blinklist.com Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Furl.net Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at reddit.com Fark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Fark.com Bookmark Citigroup%2C%20Lehman%20Brothers%2C%20DeutscheBank%20and%20other%20Firms%20Fined%20for%20Failing%20to%20Deliver%20Trade%20Confirmations.%20%20 at Yahoo! MyWeb

June 11, 2007

Credit Suisse Employee Arrested in Insider Trading Scheme

A employee of the Global Energy Group of Credit Suisse was arrested and charged for his role in an alleged scheme using material nonpublic information on nine merger transactions involving Credit Suisse clients to obtain over $7.5 million in profits. The Securities and Exchange Commission also brought charges against the country head of investment banking at the Pakistan-based Faysal Bank.

Prosecutors said the Faysal Bank agent traded on tips about forthcoming announcements on acquisitions of publicly traded companies Northwestern Corp., Energy Partners Ltd., Veritas DGC Inc., Jacuzzi Brands Inc., Trammell Crow Co., Hydril Co., Caremark Rx Inc., John H. Harland Co., and TXU Corp. Credit Suisse advised either the target company or the acquiring entity in transactions involving each of those companies, they said.

Based on tips from the Credit Suisse employee, the Pakistani banker allegedly purchased securities in advance of a public disclosure, then quickly sold the securities once the public disclosure of an acquisition was made. Through dozens of transactions, including trades in an offshore account, the alleged scheme netted more than $7.5 million in profits, prosecutors charge.

The law firm of Shepherd Smith and Edwards represents investors nationwide. We have has also assisted foreign investors in claims against U.S. investment firms. To learn whether we can assist you or your firm to recover losses, contact us to arrange a free confidential consultation with one of our attorneys.

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Crime , Fraudulent Trading

Bookmark: Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Google.com Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at del.icio.us Digg Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Digg.com Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Spurl.net Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Simpy.com Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at NewsVine Blink this Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at blinklist.com Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Furl.net Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at reddit.com Fark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Fark.com Bookmark Credit%20Suisse%20Employee%20Arrested%20in%20Insider%20Trading%20Scheme at Yahoo! MyWeb

May 22, 2007

SEC Says Credit Suisse First Boston Broker's Tips on TXU Used by Pakistani Banker

The SEC says it is requesting that the name of Pakistani banker Ajaz Rahim be added to the lawsuit charging the trading in of call options for TXU Corp that were based on insider information regarding an investment group’s leveraged buyout of the entity. The commission filed its third amended complaint in the U.S. District Court for the Northern District of Illinois.

The SEC is accusing Rahim of accepting tips offered by CSFP banker Hafiz Naseem, who is said to have misappropriated information from Credit Suisse, LLC, which advised TXU regarding the buyout.

Naseem was charged in connection to his alleged involvement in the controversy in the SEC’s second amended complaint. The SEC had issued allegations of insider trading just before the TXU buyout against “Certain Unknown Purchasers of TXU Call Options.

The SEC says that on five days last February, Naseem breached his fiduciary duties to his client and Credit Suisse when he informed Rahim of a proposed LBO of TXU by an investor group being led by Texas Pacific Group and Kohlberg Kravis Roberts & Co.

Rahim bought, through UBS AG London, 6,700 TXU call option contracts that had March 2007 expiration dates. He also purchased 15,000 shares of TXU stock from Bank Julius Baer Co. Limited. The commission says that these purchases let Rahim make about $5.1 million in unlawful profits following the announcement of the LBO.

The commission says that Naseem also told Rahim about upcoming deals with nine other issuers and that Rahim traded in these issuers’ securities at least 25 times within minutes of getting the information from Naseem. Rahim is also accused of allegedly buying securities with these companies, before public mergers were announced, via accounts at Bank Julius Baer Co. Ltd and/or Merrill Lynch Pierce Fenner & Smith. From these transactions, he illegally garnered $2.425 million in profits.

To make sure that he would gain personally and financially from his illegal behavior, Naseem opened a brokerage account in 2006 in Pakistan and gave trading authority to Rahim.

The SEC wants the court to order an injunctive relief against Rahim, as well as civil penalties and disgorgement.

For years, Shepherd Smith and Edwards has helped investors that have been the victims of securities fraud recoup their losses. Of the more than 1,000 clients we have represented in the United States, more than 90% of them have recovered all if not some of their losses. If you would like to speak with a securities litigation attorney, contact Shepherd Smith and Edwards to schedule an appointment for your free consultation.

Related Web Resources:

Securities and Exchange Commission Charges Ajaz Rahim, Pakistani Banker, With Insider Trading, SEC.gov

SEC: asset freeze against unknown foreign purchasers of call option for TXU Corp stock prior to acquisition announcement, Journal of Derivative Accounting

Read the SEC's Third Amended Complaint (PDF)

TXU Corp.

Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , SEC Enforcement

Bookmark: Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Google.com Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at del.icio.us Digg SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Digg.com Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Spurl.net Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Simpy.com Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at NewsVine Blink this SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at blinklist.com Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Furl.net Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at reddit.com Fark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Fark.com Bookmark SEC%20Says%20Credit%20Suisse%20First%20Boston%20Broker%27s%20Tips%20on%20TXU%20Used%20by%20Pakistani%20Banker at Yahoo! MyWeb

May 7, 2007

A Warning on Risk in Securities backed by Commercial Mortgages

In the wake of the collapse of the subprime residential mortgage market, the leading bond rating agencies are beginning to crack down on what they see as risky lending practices in commercial real estate as well.

Like residential loans, commercial mortgages are pooled and packaged into bonds that are sliced up into portions carrying different degrees of risk. According to Moody’s, there were $769.6 billion in commercial mortgage-backed securities at the end of last year, representing 26.1 percent of all outstanding commercial mortgages, including apartment buildings.

The agencies that rate these securities have issued warnings in the past, but last month they sounded a new note of urgency, saying that for the first time they would adjust their ratings to reflect their concerns.

“Underwriting has gotten so frothy that we have to take a stand,” said Jim Duca, a group managing director at Moody’s Investors Service. “The industry was heading to Niagara Falls.”

Standard & Poor’s said that in the first quarter of this year, the delinquency rate for such bonds reached its highest level since its delinquency index was created in 1999.

Fitch also predicted a 15 percent increase in defaults of loans being currently written and bond analysts agree that a large number of the loans issued recently could result in large problems down the road.

As was the case in the overheated residential mortgage market, many loans for commercial transactions were designed to be borrower-friendly, including interest-only payments for the first 10 years with balloon payments at the end of the term. The agencies point out that, unlike the vast majority of residential loans, commercial lenders are not requiring landlords to set aside adequate reserves to cover taxes, insurance and other costs. Many lenders are prone to accept overly optimistic projections by borrowers, including occupancy and rental rate growth.

While the agencies are just starting to reflect their new credit-tightening standards, their warnings are already having repercussions in the bond market. Investors are demanding higher rates of return, making the bonds costlier for the dealers, said Rob Brennan, the global head of real estate financing for Credit Suisse. “The fact is that the marketplace forces the change immediately,” he said.

Many investors who own these commercial mortgages and mortgage backed securities have experienced default losses. As recent credit rating warnings have caused interest rates to rise on newer loans this has also caused the value of loans and securities held by these investors to fall in value, in some cases precipitously.
Last month, a new $4.2 billion commercial-mortgage-backed security offered by GE Capital had to be restructured after investors complained. Five loans totaling $226.7 million were removed from the offering, and the investment-grade portion of another loan was further trimmed by $50 million. Most of the loans removed from the offering were originated by Deutsche Bank, which also provided $6 billion in debt financing for the purchase nearly all the Manhattan portions of a portfolio. Deutsche Bank declined a request for comment on the restructuring of the GE Capital bond.

Brenan, a securitization industry veteran, said the changes were necessary even though they would result in higher costs to the investment banks. “We’re trading some short-term pain for long-term gain,” he said. “If we do this right, we’ll stop a level of excess from getting out of hand. We want to avoid the kind of train wreck that the subprime market experienced.”


At Shepherd, Smith, and Edwards our attorneys and staff have more than 100 years of collective past experience in securities regulation and the securities industry. We represent institutional and individual clients who have sustained significant losses in their investments. Phone toll free at (800) 259-9010 or contact us online at Shepherd, Smith, and Edwards to schedule a free consultation with one of our attorneys.


Posted by Shepherd Smith Edwards & Kantas | | Email This Post

Posted In: Credit Suisse , Deutsche Bank , Mortgage Backed Securities

Bookmark: Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Google.com Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at del.icio.us Digg A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Digg.com Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Spurl.net Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Simpy.com Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at NewsVine Blink this A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at blinklist.com Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Furl.net Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at reddit.com Fark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Fark.com Bookmark A%20Warning%20on%20Risk%20in%20Securities%20backed%20by%20Commercial%20Mortgages at Yahoo! MyWeb

Call for a Free Consultation
(800) 259-9010

Contact Us

The code above is for the protection of your information.

Browse

  • Topics
  • By Date
  • Search
Topics
By Date
Search

Subscribe

  • By RSS
  • By Email
By RSS
Subscribe to the blogs's ATOM feed Subscribe to the RSS feed
Add to your Google Home Page or Google Reader Add to your My Yahoo!
Add to your My MSN Add to your My AOL
Add to your My Feedster Add to your NewsGator
Add to your Bloglines Add to your News Burst
Add to your Rojo Add to your Pluck
By Email


Recent Entries

Legal Blogs