|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
Loomis Sayles
|
Company announced it found occurrences of rapid-trading.
|
11/30/2003
|
Loomis is most well known for the legendary performance of bond fund manager Dan Fuss. The extent that investors were hurt appears to have been minimal.
|
Yellow Light
|
|
Loomis Sayles
|
Accepted investments from frequent traders.
|
11/14/2003
|
Loomis is most well known for the legendary performance of bond fund manager Dan Fuss. The extent that investors were hurt appears to have been minimal.
|
Yellow Light
|
|
Lord Abbett Distributor
|
The mutual fund distributor was fined $255,000 by the NASD for their participation in directed-brokerage violations.
|
10/17/2005
|
This is why fee-only advisors serve your best interest. Go to www.NAPFA.com for additional information.
|
Red Light
|
|
|
MainStay
|
SEC investigates a claim that if their funds lose money, the shareholder receives their original investment money plus sales fees.
|
8/1/2004
|
Fund Police believes that investors should shy away from "gimmicky" investment products. There is usually no such thing as a free lunch!
|
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
|
|
Marsh and McLennan
|
The insurance brokerage company was recieving payoffs for directing clients to insurance companies that were the "highest bidders."
|
1/31/2005
|
We applaud the SEC for giving the money back directly to the consumer. Marsh apologized for "unlawful" and "shameful" conduct. They're only sorry they got caught!
|
Red Light
|
|
Marsh and McLennan
|
The company was charged with bid-rigging by the SEC.
|
1/11/2005
|
Guilty! Red Light!
|
Red Light
|
|
Marsh and McLennan
|
Marsh and McLennan has been charged by the SEC with rigging bids and collecting large fees from insurance companies for steering business their way.
|
11/4/2004
|
The commissioner’s verdict is in. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
Marsh and McLennan are eliminating 5% of its workforce, or about 3,000 jobs.
|
11/4/2004
|
The commissioner’s verdict is in. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
The new CEO for Marsh is friends with Elliot Spitzer. Marsh and Mclennan have recently been charged by the SEC with a civil lawsuit over the brokerage unit getting paid high commissions for rigging bids of corporate insurance contracts.
|
10/26/2004
|
FP loves the insertion as CEO someone Spitzer trusts. That said, the commissioner’s verdict is in. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
Marsh's leadership changes; former CEO steps down amidst scandal, new CEO will give company new image and policy changes.
|
10/26/2004
|
We like the steps tha are taking place, but the commissioner’s verdict will remain the same for quite a while yet. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
Board members of Marsh and McLennan are scrambling to take action on the investigation into the company for bid-rigging.
|
10/20/2004
|
The commissioner agrees with the "D" grade. Skim is supposed to be a kind of milk, but M&M thought it meant gouge the customer. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
Elliot Spitzer is using a 111-year-old law to charge Marsh and McLennan with bid-rigging. The law is supposed to preserve business competition.
|
10/19/2004
|
The commissioner’s verdict is in. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
After exposing the insurance scandal at Marsh and Mclennan, Elliot Spitzer is now investigating the rest of the insurance industry such as life, homeowners' and auto-insurance.
|
10/19/2004
|
The beat goes on. The insurance industry needs major reform across ALL procuct lines, especially annuities. Stay away from M & M.
|
Red Light
|
|
Marsh and McLennan
|
Called a Cartel by Elliot Spitzer, Marsh and Mclennan's bid-rigging scandal is being exposed, along with the other companies that were invovled.
|
10/18/2004
|
The commissioner’s verdict is in. Stay away from M & M.
|
Red Light
|
|
McDonald Investments
|
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
|
|
Medford Co-Operative
|
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
|
|
Mercer
|
The pension consulting and human resources unit of Marsh and McLennan may have been recieving illicit business referrals.
|
3/14/2005
|
Months after investigations into Marsh's bid-rigging scheme have been settled, there is evidence the unethical practices were rampant every place Marsh had been.
|
Red 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
|
|
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
|
|
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
|
|
Merrill Lynch
|
The company allegedly did not properly oversee a number of its brokers who mishandled accounts for some of their smaller clients by placing them in call centers that often had higher fees.
|
10/18/2005
|
They don't avoid the scandals, they keep making new ones!
|
Red Light
|
|
Merrill Lynch
|
Merrill Lynch fined $10 million for not delivering prospectuses to clients in mutual-fund transactions, as well as other supervisory and operational lapses.
|
8/16/2005
|
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
|
|
Merrill Lynch
|
Several Merrill brokers have been involved in allowing daytraders access to an internal "squawk box," in exchange for substantial commissions.
|
6/15/2005
|
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
|
|
Merrill Lynch
|
Merrill failed to monitor employees who were improperly trading mutual funds.
|
3/14/2005
|
They don't avoid the scandals, they keep making new ones!
|
Red Light
|
|
Merrill Lynch
|
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.
|
Red Light
|
|
Merrill Lynch
|
The company is being sued for not adequately disclosing payments recieved to promote favored annuity products.
|
1/31/2005
|
If you were sold an investment without knowing that the company was paid to promote the product, then you were not adequately informed of biased advice. Case closed!
|
Red Light
|
|
Merrill Lynch
|
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
|
|
Merrill Lynch
|
Four former Merrill executives were convicted of conspiracy and fraud for their role in Enron's collapse.
Merrill created a bogus sale with Enron of power plants mounted on barges so that Enron would appear to have met earning goals.
|
11/4/2004
|
While this is not a fund scandal, it speaks to the HUGE conflicts of interest that 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
|
|
Merrill Lynch
|
Merrill Lynch helped Enron boost their year-end earnings fraudulently by purchasing $7 million worth of interest in barges off Nigeria's coast.
|
10/18/2004
|
While this is not a fund scandal, it speaks to the HUGE conflicts of interest that exist at many large brokerage firms. Don't you love it when they pay $80 million but refuse to admit they did anything wrong. Can you say "Michael Jackson"? FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
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