|
| Company |
Problem
|
Date |
Fund Police Opinion
|
Rating |
|
|
AARP
|
Hired Scudder to manage their investments, Scudder was market-timing their funds.
|
8/1/2004
|
AARP makes bundles of $$ in marketing fees via the revenue sharing arrangement with Scudder-so they are anything but unbiased for retirees.
|
Yellow 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
|
|
Charles Schwab
|
A claim was filed by a retired woman who alleges that Schwab sold her improper investment products, ignoring her needs over their profit margin.
|
2/3/2005
|
Check out more stories about Annuities in our Annuities section. One bad apple on the retail side of Schwab doesn't necessary spoil the bunch. We're keeping this side of company under watch.
|
Yellow Light
|
|
|
Charles Schwab
|
Late-trading charges against Schwab for allowing customers to alter mutual fund orders after the markets had closed.
|
9/15/2004
|
Very small issue and settlement.
|
Yellow Light
|
|
Charles Schwab
|
Schwab setteled with the SEC over charges that it allowed investors to change their trades after the markets closed.
|
9/15/2004
|
No harm, no foul.
|
Yellow Light
|
|
Charles Schwab
|
Allowed for large clients to rapid trade in its Excelsior funds.
|
8/1/2004
|
This company hasn't entirely soiled its reputation...yet. FP cautions investors to do your homework before investing with Schwab.
|
Yellow Light
|
|
Charles Schwab
|
Excelsior funds were market-timed. Mutual Fund Marketplace had late trading occur.
|
2/1/2004
|
This company hasn't entirely soiled its reputation...yet. FP cautions investors to do your homework before investing with Schwab.
|
Yellow Light
|
|
Charles Schwab
|
Announced to stockholders that the company had found the occurrence of market-timing and late trading at the company and its subsidiaries.
|
11/30/2003
|
This company hasn't entirely soiled its reputation...yet. FP cautions investors to do your homework before investing with Schwab.
|
Yellow Light
|
|
Charles Schwab
|
Market timing and rapid trading charges in Excelsior Funds. Employees involved were caught deleting emails during the company's investigation.
|
11/17/2003
|
This company hasn't entirely soiled its reputation...yet. FP cautions investors to do your homework before investing with Schwab.
|
Yellow Light
|
|
Columbia
|
The Columbia Young Investor fund has had six different portfolio managers in two years!
|
7/29/2005
|
We advise to walk away and don't look back!
|
Yellow Light
|
|
Columbia
|
The company has been charged for market-timing arrangements in several funds.
|
5/1/2005
|
Again? You know what to do.
|
Yellow Light
|
|
Columbia
|
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.
|
Yellow Light
|
|
Columbia
|
Improper trading in funds. A portfolio manager approved a sales manager's request to allow favored investors to market time their funds. The CEO knew of the market timing and failed to take action.
|
2/9/2005
|
This company took swift action at the beginning of the scandals' investigation to correct their poor behavior. But the problem was not limited to three executives, there were hundreds of accounts where the timing occured.
|
Yellow Light
|
|
Columbia
|
Several funds were affected by market timing
|
2/1/2005
|
We advise to walk away and don't look back!
|
Yellow Light
|
|
Columbia
|
Charged with allowing market-timing in many of its funds.
|
6/1/2004
|
One of the better attempts by a fund company to reform their situation. We especially like the requirement that fund trustees to own shares in the fund.
|
Yellow Light
|
|
Columbia
|
Allowed market-timing arrangements in three funds.
|
2/1/2004
|
One of the better attempts by a fund company to reform their situation. We especially like the requirement that fund trustees to own shares in the fund.
|
Yellow Light
|
|
Eastern
|
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
|
|
ING
|
The company paid $1.4 million to the NASD for allowing market timing in a number of retirement funds going back to 2001.
|
6/15/2006
|
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
|
|
ING
|
The company had arrangements to allow improper trading in some of its funds.
|
2/1/2005
|
We like ING Direct Savings but their mutual funds have not enjoyed the same treatment.
|
Yellow Light
|
|
ING
|
Improper trading practices have prompted Morningstar to issue a warning to investors not to place new money in ING mutual funds.
|
10/29/2004
|
FP suggests you seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Yellow Light
|
|
ING
|
ING informed the SEC that it had found improper trading practices at the firm.
|
9/10/2004
|
Look at this. A company informing the SEC first. FP commends their effors to "come clean" but we still assign caution to their funds.
|
Yellow Light
|
|
ING
|
Improper trading at ING was comprised of isolated incidents, rather than a widespread occurance.
|
9/9/2004
|
FP likes the word isolated. Unfortunately, they still allowed for improper trading.
|
Yellow Light
|
|
Legg Mason
|
Legg Mason will soon settle with the SEC for improper trading of mutual funds. It is currently being investigated to late trading and market timing but will not comment further on the investigation.
|
11/8/2004
|
Appears to be a minor infraction based upon small 1.2 million settlement.
|
Yellow Light
|
|
Legg Mason
|
Withheld rebates from investors, failed to properly track which clients were eligible for breakpoints.
|
1/8/2004
|
This fund shop has some funds that have provided investors good returns over the years. Bill Miller is a legendary stock picker. Situation appears to have been limited in nature.
|
Yellow Light
|
|
Legg Mason
|
Announce it may be charged by the SEC for failing to give breakpoint discounts.
|
11/17/2003
|
This fund shop has some funds that have provided investors good returns over the years. Bill Miller is a legendary stock picker. Situation appears to have been limited in nature.
|
Yellow Light
|
|
Linsco Private Ledger
|
The company was fined $2.4 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
|
|
Linsco Private Ledger
|
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
|
|
Linsco Private Ledger
|
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!
|
Yellow Light
|
|
Linsco Private Ledger
|
The company failed to disclose fee arrangements when selling annuities products to investors. Linsco was recieving payments as incentives to sell preferred products.
|
1/31/2005
|
It looks like their shady practices has changed our opinion. HUGE conflicts of interest exist at many large brokerage firms. FP suggests you seek advice from a FEE-ONLY planner. Visit www.napfa.com.
|
Yellow Light
|
|
Linsco Private Ledger
|
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
|
While FP does not condone hiding information from your clients, Linsco has generally treated their clients fairly over the years.
|
Yellow Light
|
|
