UK tycoon Joe Lewis loses $800m on Wall Street

Comments (2)

1. • exMixxer

   I got one better,

   Recovering Auction Rate Securities Losses Investigation
   
   We have thoroughly investigated the sales practices of multiple brokerage firms in soliciting the purchases of auction rate securities. A summary of those finding are below.

   We have determined major brokerage firms have legal exposure in excess of $174 billion to institutional clients and high net worth individuals for fraudulent dealings in the sale of auction rate securities. These losses may be recoverable through a FINRA arbitration claim or lawsuit. Major brokerage firms like UBS, Merrill Lynch, Morgan Stanley, Goldman Sachs, Lehman Brothers and Citigroup solicited the purchase of auction rate securities with false, misleading statements that we believe are clear violations of state and federal securities laws.

   The auction rate securities investments were presented to clients as “ultra safe”, short term investment vehicles where clients could get a higher return on their investments than in money market funds with virtually no risk. Now, over $200 billion of auction rate securities have been frozen by major brokerage firms.

   Although this market will likely thaw in the near future, the value of these allegedly safe and secure auction rate securities will likely drop in value between what Stoltmann Law Offices is estimating will be 40 cents on the dollar to as high as 85 cents on the dollar once a secondary market gets established. In addition, multiple companies that needed access to this cash were unable to access it. This has led to business interruptions and in some cases, the necessity for bankruptcy protection.

   Stoltmann Law Offices is representing institutions and individuals who have suffered investment losses through the freezing of auction rate securities. We are pursuing brokerage firms like Merrill Lynch, UBS, Goldman Sachs, Lehman Brothers, and Morgan Stanley for losses sustained for claims involving fraud, misrepresentations and omissions in the purchase and sale of these auction rate securities, negligence, breaches of fiduciary duty and fraudulent sales material related to auction rate securities.

   Stoltmann Law Offices has determined Merrill Lynch, Morgan Stanley, Goldman Sachs, Lehman Brothers and UBS have liability to high net worth individuals and institutions of approximately $174 billion. The FINRA arbitration claims and lawsuits we are filing to recover our clients investment losses are centered around the claims below.

   http://investmentfraudpro.blogspot.com/2008/03/recovering-auction-rate-securities.html

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2. • Syxle

   I expected this.
   He got pwnt.

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