It has been reported that the Secretary of State of Georgia, who regulates stockbrokers, is investigating whether securities laws were violated by the sale of reverse convertible notes to Georgia investors. According to a July 21, 2011 report in Bloomberg, the Secretary has issued subpoenas to UBS AG, Morgan Stanley, and Ameriprise Financial Inc. in order […]
Ameriprise Financial May Let Securities America Go Under Due To Med Cap and Provident Private Placements
According to a report in Reuters, unnamed sources have stated that Ameriprise Financial is willing to let its broker-dealer subsidiary, Securities America, go out of business. Securities America is in financial trouble as a result of liabilities arising from its sales of $400 million in private placements of securities issued by Provident Royalties and Medical […]
Judge Frees Investors to Pursue Medical Capital Holdings and Provident Royalties Arbitration Claims
Brokerage firms normally want to stay out of court and force their clients to sue in arbitration; yet, Securities America, a subsidiary of Ameriprise Financial, Inc., went to court in an effort to cram down a class action settlement on its clients who had brought individual FINRA arbitration claims against it. Why? Money (of course). Securities […]
