Posts Tagged ‘ Stockbroker Fraud ’

InSecurities: Securities Fraud Roundup 7.5.11

July 5th, 2011. By LucyC

Top Securities Fraud Stories

By now you know the script. InSecurities takes a look at some of the latest securities fraud happenings—where folks who thought they’d made some secure investments have found those investments, well, a bit insecure due to fraudulent—or alleged fraudulent—activity. So be prepared for those omnipresent words and phrases—like “materially false and misleading statements”. They tend to pop up here with some regularity, as you’ll see…

New Securities Lawsuits Filed

Our first Madoff Meter contender is Deutsche Bank AG. And DB brings us another of those omnipresent securities fraud phrases: “mortgage-backed securities” (you’ve heard that one before, right?)…

 

Company:                                        Deutsche Bank AG

Ticker:                                             DB

Class Period:                                  Jan-3-07 to Jan-16-09

Date Filed:                                      Jun-21-11

Lead Plaintiff Deadline:                  Aug-20-11

Court:                                             Southern District of New York

Madoff Meter:                      

The Allegations:

Not to be left out of the fray, Deutsche Bank (DB) is facing a securities class action brought on behalf of an institutional investor. Details above, and we’re talking big bucks, allegedly lost on ordinary shares during the period between January 3, 2007 and January 16, 2009 (the “Class Period”).

The complaint alleges that during the Class Period, DB issued materially false and misleading Read the rest of this entry »

Tags: Insecurities, Investment Broker, securities, Securities Fraud, Securities lawsuit, securities settlement, Stock Fraud, Stockbroker Fraud
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5 Lawyer Quotes we loved from 2009

December 27th, 2009. By AbiK

Memorable, thought-provoking, grounded in principle—and one that capped off an emotional trial in New Orleans and marked a victory long overdue—the following are some quotes from attorneys we interviewed in 2009…(in no particular order)…

1. Ron Goldman, Baum, Hedlund Aristei & Goldman:

On plane crash lawsuits…

“The ultimate objective of every member of the plaintiff’s aviation bar that I know who regularly handles aviation cases, is to reveal the dangers in aircraft and in the aviation system to enhance the safety of aviation,” Goldman says. “That’s our major objective. It’s not just about getting an award for the plaintiffs, it’s about making aviation safer.” 

2. Michael Levine: RappaportGlassGreen & Levine:  

On personal injury lawsuits…

“I always tell my clients, just tell it like it is,” says Levine. “I have told my clients two and a half million times that there is no substitute for the truth. The truth never hurts you.”

3. Andrew Stoltmann, Stoltmann Law Offices:

On stockbrokers who pilfer money from their clients…when it comes to arguing his case to recover money, Stoltmann says he goes down his four-letter checklist (aka “SCUM”): 

S – was the investment suitable for the client given their age and risk tolerance

C – was the investor’s account churned or repeatedly rolled over in order to earn fees for the broker

U – were the trades and changes in the account unauthorized

M – were the risks and type of investment misrepresented to the client

On the stockbrokers themselves: “How can they sleep at night?” says Stoltmann. “They sleep very nicely in their mansions.” 

4. Joseph M. Bruno, the Law Office of Joseph M. Bruno:

On the federal court ruling that the Army Corp of Engineers which built the canal linking New Orleans to the Gulf of Mexico, was to blame for the catastrophic flooding that followed Hurricane Katrina… 

“The people of New Orleans are vindicated,” said Bruno before a throng of media representatives. “They (the Army Corps of Engineers) can no longer hide behind an immunity. It is time for the people of this city to be compensated.”

5. Norah Hart, Treuhaft & Zakarin:

On the high percentage of Match.com profiles that were allegedly still shown as “reachable” even though the profiles did not belong to active subscribers…

“A simple analogy is—I sell you a six pack of ginger ale and two of the cans are empty,” says Hart. “If I sold you six cans and you believe that all six are the same, but they are not. Four of them are what you are looking for and two of them are empty—now how do you feel about that?”

Tags: Andrew Stoltmann, Army Corps of Engineers, Joseph Bruno, Lawyers, match.com, Michael Levine, Norah Hart, Personal Injury, plane crash, Ron Goldman, Stockbroker Fraud
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