|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
UBS
|
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
|
|
UBS
|
Fund companies were previously not disclosing commissions paid to brokers for selling favored funds.
|
10/1/2004
|
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
|
|
UBS
|
SEC charged Deutsche Bank with using biased research to sell favored stocks. Analysts who issued the research were compensated for their "advice."
|
8/27/2004
|
Investors have a failed belief that trading bonds is cleaner and cheaper that trading mutual funds and/or stocks. Bonds operate in the murky world of bid/ask spreads and lack real time pricing. The SEC is working hard to bring bond trading into the 21st
|
Red Light
|
|
|
UBS
|
Accused of overcharging investors for the purchase of corporate bonds and underpaid them when the bonds were sold. Also charged with a lack of supervisory control or acknowledgement. Charged with failing to register supervisors.
|
7/23/2004
|
Investors have a failed belief that trading bonds is cleaner and cheaper that trading mutual funds and/or stocks. Bonds operate in the murky world of bid/ask spreads and lack real time pricing. The SEC is working hard to bring bond trading into the 21st
|
Red Light
|
|
UBS
|
Fined by the SEC and NASD for not giving investors breakpoint discounts.
|
2/1/2004
|
Beware of commission based stock brokers.
|
Red Light
|
|
UnumProvident
|
Elliot Spitzer has requested information from UnumProvident to obtain documents that describe possible improper payments made to brokers for life insurance sales.
|
10/20/2004
|
While FP is not sure of the depth of involvement, we are sure that insurance companies in general have flawed cutomer ethics procedures.
|
Red Light
|
|
Van Eck
|
Charged with market-timing. Allowed Conseco to market time in its funds. Conseco also market timed Alger funds.
|
8/17/2004
|
High cost + market timing + mediocre performance. Need we say more!
|
Red Light
|
|
Van Hedge Fund
|
A study conducted by Analysis Group found that Van, a hedge fund provider, overstates the performance of their hedge fund to attract wealthy investors.
|
12/10/2004
|
There are better ways to invest your money. There are also better people who will invest your money. Check out www.napfa.com for help.
|
Red Light
|
|
Van Wagoner
|
SEC has also brought civil charges against former director of Van Wagoner funds and a former analyst of Van Wagoner.
|
8/27/2004
|
This once red hot manager has been cold for a very long time. Poor performance, high fees and regulatory trouble spells get the heck out of Dodge City for investors.
|
Red Light
|
|
Van Wagoner
|
SEC charged the company with defrauding fund shareholders and mispricing securities.
|
8/27/2004
|
This once red hot manager has been cold for a very long time. Poor performance, high fees and regulatory trouble spells get the heck out of Dodge City for investors.
|
Red Light
|
|
Van Wagoner
|
Van Wagoner misstated securities valuations in several funds. Also accused of misleading investors about the market-value of their shares.
|
8/27/2004
|
Throw the bums out.
|
Red Light
|
|
Vanguard
|
Due to Mutual Fund Scandals, Vanguard's funds have seen a large increase in investments. Potential for problem.
|
8/5/2004
|
Green light due to low costs and very little trouble with the law. Great for self directed investors. Not so great for investors looking for full service advice.
|
Green Light
|
|
Vanguard
|
Will not disclose information to the SEC about how much it pays its fund managers.
|
5/1/2004
|
Green light due to low costs and very little trouble with the law. Great for self directed investors. Not so great for investors looking for full service advice.
|
Green Light
|
|
Vanguard
|
Announced it was subpoenaed to release mutual fund trading activity. The New York Attorney General's office is accusing the company of improper trading.
|
9/5/2003
|
Green light due to low costs and very little trouble with the law. Great for self directed investors. Not so great for investors looking for full service advice.
|
Green Light
|
|
Wachovia
|
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
|
|
Wachovia
|
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
|
|
Wachovia
|
Fund companies were previously not disclosing commissions paid to brokers for selling favored funds.
|
10/1/2004
|
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
|
|
Wachovia
|
SEC may charge Wachovia's retail brokerage subsidary with improper mutual-fund trading.
|
9/29/2004
|
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
|
|
Wachovia
|
SEC is preparing to charge the company with rapid-trading in its mutual funds.
|
8/9/2004
|
Beware of commission based stock brokers.
|
Red Light
|
|
Wachovia
|
Will face charges by SEC for rapid trading and insider trading.
|
8/4/2004
|
Beware of commission based stock brokers.
|
Red Light
|
|
Wachovia
|
Failed to give investors breakpoint discounts.
|
2/1/2004
|
Beware of commission based stock brokers.
|
Red Light
|
|
Wachovia
|
Announce it may be charged by the SEC for failing to give breakpoint discounts.
|
11/17/2003
|
Beware of commission based stock brokers.
|
Red Light
|
|
Waddell and Reed Financial
|
Charged by NASD with improperly switching investor's funds into versions that were more profitable for the company and costlier to the investor.
|
1/15/2004
|
The "denial" shuffle. What can't these companies admit the truth? Poor performance, high fees and regulatory trouble spells get the heck out of Dodge City for investors.
|
Red Light
|
|
Wellington Management
|
Favoring some clients over others, offering exclusive investments to a select group without the consent of the rest of investors.
|
4/1/2004
|
Little past trouble.
|
Yellow Light
|
|
Wells
|
Company manufactured/altered dividend pay-outs to reflect a more desirable amount for investors. NASD charged Wells with exceeding the non-cash perk limit brokers are allowed to give financial planners.
|
8/1/2004
|
There are many other lower cost ways (REIT ETF's) to allocate some of your assets to real estate. Leo Wells is a very nice guy getting filthy rich form the layers of high fees his programs have. Financial advisors love Wells due to the high commissions.
|
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
|
|
Wells Fargo
|
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.
|
Yellow Light
|
|
Wells Fargo
|
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
|
We aren't writing off their behavior just yet.
|
Yellow Light
|
|
Wilshire
|
Charged with rapid trading by Money magazine. Former CEO of Wilshire, now CEO of Fog Cutter, serving 18 month prison sentence.
|
2/1/2004
|
"Say it ain't so Joe!" Ouch.
|
Red Light
|
|
