|
|
SEC Administrative Judge Fines Piper Jaffray $2 Million
Piper Jaffray is paying another $2 million in connection with its now defunct Institutional Government Income bond fund, which lost 25% of its value in 1994 due to its use of derivative investments (specifically, mortgage-backed inverse floaters). The firm previously has paid about $90 million to cover lawsuits and other regulatory fines.
The fund was sold as one having an investment objective of preservation of capital. In fact, the use of derivatives made it risky, and that was not sufficiently disclosed.
Source: Wall Street Journal, December 4, 2000
|
About Us
|
News
|
Alerts
|
Articles
|
Caveat Emptor
|
SNSFE News
|
Research
|
Calendar
|
Contact
Register
|
Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2005-2007 FinancialCounsel.com, Inc. except where noted. All rights reserved.
20 North Wacker Drive, Suite 2900, Chicago, Illinois 60606
Telephone: 312-621-4400 | Fax: 312-621-0268
|
|
|
|
