Stock Fraud Costs Investors' Savings
Picture this: you put
your trust in an investment firm and follow your stock broker's
recommendations, feeling secure with his expertise. The next thing
you know, your stocks have plummeted, the firm's CEO is all over
the news defending his company against allegations of securities
fraud, and your life savings is lost forever.
Sound familiar? Investment
fraud involving stocks, bonds, and other securities is widespread: Merrill Lynch analysts encouraged
customers to buy or hold poorly performing stocks,
while privately making fun of the same stocks. Salomon
Smith Barney stock analysts misled individual investors about stocks' performance, while giving
favorable reviews to corporate clients' stocks without actually
analyzing them. Goldman Sachs analysts
were troubled by the firm's endorsement of certain
telecommunications stocks, but in some cases didn't inform
investors of these doubts, in part because of concerns about possibly
jeopardizing investment-banking business and losing lucrative
corporate clients. Research analysts at Morgan
Stanley were subject to inappropriate influence by investment
bankers and passed on fraudulent stock advice to investors.
Despite the Securities
and Exchange Commission's decision to impose a record $1.4
billion in penalties on several top investment banks, investors
remain skeptical and have little hope that their brokers are giving
them the whole picture regarding stocks, bonds, and other securities.
The best bet for individual investors looking to recover losses
is to speak to an experienced lawyer regarding their stock fraud
If stock fraud took
away your life savings, you can do something about it. You have
a right to expect honest and competent advice from your stock
broker, and you may have a right to recover losses due to investment
fraud. If you have suffered losses, please contact
the Consumer Justice Group immediately for an evaluation
of your case.
have a right to expect honest and competent advice from
your stock broker, and you may have a right to recover losses
due to investment fraud.
lost your savings with Merrill Lynch, Salomon Smith Barney,
Goldman Sachs, or Morgan Stanley
company or union pension fund invested with Merrill Lynch,
Salomon Smith Barney, Goldman Sachs, or Morgan Stanley
owned Enron stock in a Merrill Lynch account
You owned WorldCom stock in a Salomon Smith Barney account
Contact the Consumer Justice
Group for an evaluation of your case.
The Investment & Stock Fraud News is a service of the Consumer Justice Group.