|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
Bank of America
|
The SEC is bringing chargings against Banc of America Securities, a division of Bank of America, regarding trading and research-related matters.
|
9/7/2005
|
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
|
|
Bank of America
|
Bank of America paid out the most in 2004 for settling with Elliot Spitzer over improper trading. The company was settled for over $675 million.
|
4/11/2005
|
Go Spitzer!
|
Red Light
|
|
Bank of America
|
Parent company to Nations Funds and Columbia Funds, Bank of America finally settled with regulators over charges of abusive trading.
|
3/1/2005
|
Big fines mean big trouble. Red Light.
|
Red Light
|
|
|
Bank of America
|
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
|
|
Bank of America
|
Regulators are looking into cases where fund managers and brokerage firms are exchanging lavish gifts. A stock trader from Fidelity attended a celebrity golf outing, partially paid for by Bank of America.
|
12/16/2004
|
This type of problem happens with commissioned-based brokers. FP suggests you seek a fee-only advisor. Check out www.NAPFA.com for people who care about your interests, not funding their next exotic vacation.
|
Red Light
|
|
Bank of America
|
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
|
|
BankNorth
|
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
|
|
Bear Stearns
|
The company has agreed to pay $250 million for facilitating unlawful late trading and deceptive market-timing of municipal and other mutual funds.
|
3/20/2006
|
Throw the bums out! FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
|
Bear Stearns
|
The NYSE has fined the company $1.5 million for trading violations, account mishandling and other improper analyst communications.
|
2/9/2006
|
|
Red Light
|
|
Bear Stearns
|
The SEC will most likely charge an executive and three former brokers at the company for their roles in processing improper trades.
|
2/23/2005
|
There is no difference between "kind of illegal" and "completely illegal."
|
Red Light
|
|
Bear Stearns
|
The company assisted brokers with illegal late-trading.
|
2/22/2005
|
Bear Stearns has a rap sheet when it comes to scandals that harm investors.
|
Red Light
|
|
Bear Stearns
|
Recently required by the SEC to admit if it had made any financial deals with investors without sending them the prospectus related to their stock or bond offering.
|
11/16/2004
|
Stay away from.
|
Red Light
|
|
Bear Stearns
|
SEC charged Bear with creating multiple programs/outlets to cover broker's illegal trading.
|
6/17/2004
|
Beware of commission based stock brokers
|
Red Light
|
|
Bear Stearns
|
NASD charged Co. with failing to give investors breakpoint discounts.
|
2/1/2004
|
Beware of commission based stock brokers
|
Red Light
|
|
Bear Stearns
|
Market-timing abuse charges.
|
11/17/2003
|
Beware of commission based stock brokers
|
Red Light
|
|
Bisys Group
|
Bisys Group is being investigated by the SEC for making arrangements to use fees paid to them by mutual fund companies to make payments to particular advisers and to pay certain expenses.
|
4/19/2005
|
Fundpolice looks unfavorably at inappropriate behavior.
|
Yellow Light
|
|
Bjurman, Barry and Associates
|
The SEC released a strongly worded summary claiming the company overcharged the mutual funds it managed for certain services, essentially taking interest-free loans from investors.
|
8/25/2005
|
Not acting in the best interests of the investors - Throw the bums out!
|
Red Light
|
|
Bjurman, Barry and Associates
|
Bjurman, Barry is being sued for charging investors a 12b-1 fee on a closed fund.
|
9/8/2004
|
Throw the bums out! FP suggests you steer clear and seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Red Light
|
|
Bjurman, Barry and Associates
|
A lawsuit over excessive fees charged by Bjurman, Barry and Associates has been moved forward. A motion to dismiss the lawsuit was denied. The money manager was charging 12b-1 fees for a fund that was closed to new investors.
|
9/2/2004
|
Throw the bums out!
|
Red Light
|
|
Brean Murray
|
Aided Bear Stearns will illegal, late-trading.
|
2/22/2005
|
Stay away from brokers who do not serve investor's interests first. Visit www.NAPFA.com for a fee-only advisor who is not commissioned based.
|
Red Light
|
|
Brean Murray
|
Arranged to clear trades for Canary Capital who participated in late trading and market-timing.
|
6/17/2004
|
Small outfit.
|
Red Light
|
|
Brecek
|
NASD charged Co. with failing to give investors breakpoint discounts.
|
2/1/2004
|
Small outfit.
|
Red Light
|
|
Bridgeway Capital Management
|
The president of Bridgeway issued a personal apology to shareholders for the company's improper trading activities.
|
10/25/2004
|
What a guy. In a business where so few are willing to admit any culpability, they fully admit they made a mistake. Game, set, and match. FP says you can trust a man who quickly admits his mistakes and fixes them without going through lawyers trying to make it sound like he did nothing wrong.
|
Green Light
|
|
Bridgeway Capital Management
|
SEC charged Bridgeway with overcharging its customers in funds from an advisor's mistaken computation of performance-based fees of those funds.
|
9/17/2004
|
In a business where so few are willing to admit any culpability, they fully admit they made a mistake. Game, set, and match. FP says you can trust a man who quickly admits his mistakes and fixes them without going through lawyers trying to make it sound like he did nothing wrong.
|
Green Light
|
|
Bridgeway Capital Management
|
Illegal performance-based fees were charged to investors in three mutual funds from Bridgeway Capital Management.
|
9/16/2004
|
In a business where so few are willing to admit any culpability, they fully admit they made a mistake. FP says you can trust a man who quickly admits his mistakes and fixes them without going through lawyers trying to make it sound like he did nothing wrong.
|
Green Light
|
|
Bridgeway Capital Management
|
SEC charged the company with over-charging mutual-fund customers.
|
9/16/2004
|
In a business where so few are willing to admit any culpability, they fully admit they made a mistake. Game, set, and match. FP says you can trust a man who quickly admits his mistakes and fixes them without going through lawyers trying to make it sound like he did nothing wrong.
|
Green Light
|
|
Bridgeway Capital Management
|
An extra $5 million of performance-based advisory fees was charged to investors in three Bridgeway funds.
|
9/15/2004
|
In a business where so few are willing to admit any culpability, they fully admit they made a mistake. Game, set, and match. FP says you can trust a man who quickly admits his mistakes and fixes them without going through lawyers trying to make it sound like he did nothing wrong.
|
Green Light
|
|
Callan Associates
|
Consultants for pension funds. Advice is biased, as the consultants recommend investment firms for the funds, the consultants sell other products to those same investment firms, so the benefit mutually, creating a tainted relationship.
|
8/16/2004
|
FundPolice predicts that the up until this point "hidden and guarded conflicts of interest arrangements" will become the next big investigations from the likes of the NASD, SEC and Elliot Spitzer.
|
Red Light
|
|
Canadian Imperial Bank of Commerce
|
The company provided financing to hedge fund clients who engaged in mutual fund market timing.
|
7/20/2005
|
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
|
|
Canary Capital Partners
|
Late Trades, arranged by broker Theodore Sihpol (former broker for Bank of America).
|
5/1/2004
|
Like Martha Stewart and Rush Limbaugh, why can't people simply admit it when they have been caught red handed. As bad as Canary's actual accused wrongdoing is the permission of this by Bank One.
|
Red Light
|
|
