UBS’s Sales of SinoTech Energy Limited Shares
Dimond Kaplan & Rothstein, P.A. is investigating brokerage firm UBS’s sales of American Depository Shares (the “shares”) issued by SinoTech Energy Limited (“SinoTech”) (symbol: CTE). UBS AG and UBS Securities LLC were underwriters for SinoTech’s initial public offering in November 2010 and then sold millions of dollars of SinoTech shares to UBS customers. It recently was reported that SinoTech’s financial statements were fraudulent and investors have lost millions of dollars. UBS’s failure to detect SinoTech’s alleged fraud could subject UBS to liability for SinoTech investors’ losses. If you lost money in SinoTech shares that you bought from UBS, please call attorney Jeffrey Kaplan at Dimond Kaplan & Rothstein, P.A. for a free consultation.
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MF Global Admits Using Clients' Money
Corzine's Firm Admits Approximately $700 Million Missing
DKR is investing claims against MF Global and its principals in an effort to recover investment losses suffered at the firm. The investigation stems from MF Global’s apparent admission that it used customers’ funds to bolster its finances after billions of dollars of bad bets on European sovereign debt caused problems for the now-bankrupt investment firm. MF Global was led by Jon Corzine, Goldman Sachs former CEO and former New Jersey Governor. MF Global appears to have comingled customer funds with the firm’s own accounts. If you are an MF Global investor, please contact attorney Jeffrey Kaplan at (888) 578-6255 or jkaplan@dkrpa.com for free consultation.
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David Lerner & Associates Sales of Apple REITs
Investors who bought Apple REITs from brokerage firm David Lerner & Associates, Inc. may be able to recover their investment losses through FINRA arbitration. FINRA has accused David Lerner & Associates of misrepresenting and omitting material information when selling the Apple REITs and making unsuitable recommendations and sales to elderly investors. If you lost money in Apple REITs, contact a Dimond Kaplan & Rothstein, P.A. lawyer.
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Santander Securities of Puerto Rico Sales of Reverse Convertible Notes
Puerto Rican residents who bought First Puerto Rico Family of Funds that invested in reverse convertible notes may be able to recover their investment losses. The Financial Industry Regulatory Authority (FINRA) fined Santander Securities of Puerto Rico (“Santander”) $2 million for selling risky reverse convertible securities to elderly investors who were not willing or able to accept a high risk of loss and for failing to properly train and supervise its brokers. If you live in Hato Rey, Bayamón, Ponce, Rincón, San Juan, Isabela, Mayaguez, or other places in Puerto Rico and you lost money in reverse convertible notes that you bought from Santander Securities please call a Dimond Kaplan & Rothstein, P.A. lawyer for a free consultation about a securities arbitration claim.
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Puerto Rico Conservation Trust Fund and Other Puerto Rico Investment Losses
Puerto Rican residents who invested in Puerto Rico Conservation Trust Fund notes, Lehman Brothers “principal protection” notes, and RG Financial, Western Bank, and First Bank preferred shares may be able to recover their investment losses. Brokerage firms, such as UBS Financial Services, Inc. of Puerto Rico, Santander Securities, Popular Securities, and Oriental sold many of these securities as safe and secure investments. But the securities oftentimes were more risky than they were represented to be and the securities often comprised an unsuitably large concentration of investors’ brokerage accounts. Puerto Rican residents, including investors from Hato Rey, Bayamón, Ponce, San Juan, Isabela, Rincón, and Mayaguez, who lost money in these investments may be able to recover their losses through FINRA arbitration. To discuss the recovery of your investment losses, call a Spanish-speaking securities lawyer at Dimond Kaplan & Rothstein, P.A. at (888) 578-6255.
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UBS Sales of Lehman Brothers Principal Protected Notes and other Structured Products
Investors in Lehman Brothers structured products, including so-called "principal protection notes," may be entitled to recover their investment losses from UBS. UBS marketed and sold these Lehman securities as safe and even represented that some of them offered "100 percent principal protection." But after Lehman Brothers went bankrupt in September 2008, holders of these Lehman Brothers securities now have to wait in line with other unsecured creditors.
The Financial Industry Regulatory Authority (FINRA) has fined UBS millions of dollars for misleading investors the about safety of 100% Principal-Protection Notes. FINRA found that UBS failed to emphasize or even disclose that the Lehman principal protection notes were nothing more than unsecured debt of the financially troubled Lehman, and that the securities subjected investors to significant risk of loss. FINRA also found that UBS failed to properly train and supervise its brokers. Our investigation has revealed that at the time UBS was recommending that retail investors purchase the Lehman securities, UBS was simultaneously advising its institutional clients to sell Lehman securities and even to make financial bets that Lehman Brothers would fail. While UBS did not admit or deny the charges when it consented to FINRA's findings, the evidence in support of investor claims against UBS appears to be overwhelmingly against UBS. Arbitrators already have awarded money to a number of investors.
If UBS sold you a Lehman Brothers principal protection note or a Lehman Brothers structured product, please call a securities lawyer at Dimond Kaplan & Rothstein, P.A. for a free consultation. Our law firm represents numerous investors throughout the United States and Latin America who have lost money in these investments. We have reviewed hundreds of thousands of UBS's internal documents and are well-versed on the facts and information that we believe can help our clients recover Lehman investment losses from UBS.
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Foresee Strategies Insurance Funds 3(c)(1) and 3(c)(7) Losses
Dimond Kaplan & Rothstein, P.A. has been retained by investors who have lost money in the Foresee Strategies Insurance Funds 3(c)(1) and 3(c)(7) (the "Foresee Funds"). These funds were offered through an annuity issued by Sun Life Financial, and were sold to investors by brokerage firms such as SagePoint Financial, Inc. and Lincoln Financial. The Foresee Funds were part of the of the SALI Multi-Series Funds 3(c)(1) and 3(c)(7), L.P. The Investment Sub-Advisor was Jemico, Inc., of which Jeff Collings was the Director and CEO. Although the investment strategy used in the Foresee Funds was represented to be low-risk, on May 5, 2010, the Foresee Funds were closed after experiencing tremendous losses due to, among other things, speculative, naked options trading on the S&P 500. Investors may have suffered losses of up to 100% of their investment principal. If you lost money in the Foresee Funds please contact a lawyer at the law firm of Dimond Kaplan & Rothstein, P.A. for a free case evaluation.
> To file a claim submission, click here
Regions Bank Pays $1 Million Penalty to Settle SEC Complaint
Regions Bank agreed to pay a $1 million penalty to settle a complaint filed by the U.S. Securities and Exchange Commission ("SEC"). The SEC sued Regions Bank for its role in an alleged investment fraud. The bank served as trustee of investment plans through which unregistered broker-dealers, U.S. Pension Trust Corp. ("US Pension Trust") and U.S. College Trust Corp. ("US College Trust") (collectively, "USPT") allegedly defrauded investors. According to the SEC, USPT charged millions of dollars in undisclosed commissions and fees. The SEC accused Regions Bank of violating securities law and aiding and abetting USPT's violations of Federal securities laws. USPT sold mutual funds to investors and, until March 2006, neither USPT nor Regions disclosed that USPT took up to 85% of investors' annual contributions and as much as 18% of investors' lump-sum contributions to pay exorbitant sales commissions to sales agents and profits. The SEC alleged that Regions knew or should have known that the commissions and fees were not disclosed to investors. USPT's marketing materials touted the safety investing with USPT by emphasizing that Regions is a long-standing U.S. bank with significant trustee experience. The marketing materials also claim that Regions applies "the most prudent approach" in the "management of assets," which the SEC alleged was misleading because Regions did not "manage" the USPT assets. Regions created a video that USPT posted on its website that featured two Regions trust department employees who boasted the history of the bank and Regions' trust services. The video welcomed USPT and its "customers" and claimed that Regions' trust department had been protecting trust clients' interests for over 100 years. The video presumably served to assure investors of the safety of investing with USPT because of Regions' role as trustee.
