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Displaying 21-30 out of 30 results for "Leveraged ETF".

Direxion to Close Several Leveraged ETFs

(Aug 2012)

Direxion Shares ETF Trust announced last week that -- upon recommendation of the trust's advisor Rafferty Asset Management, LLC -- nine daily leveraged and inverse Exchange Traded Funds will be liquidated and shares will no longer be open for purchase as of early next month. From the announcement,

Due to the Funds' inability to attract sufficient investment assets, Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner. As a result,...

Massachusetts Securities Regulators Fine RBC for Selling Unsuitable Leveraged and Inverse ETFs

(May 2012)

RBC Capital Markets has agreed to pay $2.9 million in restitution to Massachusetts investors related to the sale of unsuitable leveraged, inverse, and inverse-leveraged ETFs. Secretary of the Commonwealth of Massachusetts William Galvin, who has previously investigated Bank of America over warehousing of CLO assets, issued the complaint in July 2011, accusing RBC and its registered representative Michael D. Zukowski of selling these products "to clients who did not understand what these...

FINRA Issues Sanctions on Sellers of Leveraged and Inverse ETFs

(May 2012)

Today FINRA issued sanctions on four firms for selling leveraged and inverse exchange-traded products. The story has also been picked up by the New York Times [UPDATE: the Wall Street Journal too]. The offending firms, with links to their respective Letters of Acceptance, Waiver, and Consent ('AWC's), were:

Wells Fargo Advisors
UBS Financial Services
Morgan Stanley & Co.
Citigroup Global Markets

These firms faced a total of $9.1 million in fines and restitution for sales occurring between January...

SPIVA Scorecard Year-End 2011

(Mar 2012)

S&P recently released their semiannual report comparing the performance of actively managed mutual funds against their appropriate benchmark indices. The S&P Indices Versus Active Funds (SPIVA) Scorecard contains information the mutual fund industry would likely prefer to be kept quiet.

The Year-End 2011 SPIVA Scorecard reports that "over a five-year horizon[...] a majority of active equity and bond managers in most categories lag comparable benchmark indices." Actively managed mutual funds...

Dishonest Sales of LEFTs by RBC Capital Markets

(Jul 2011)

Secretary Galvin Charges RBC Capital Markets and Agent with Dishonest Sales of Leveraged and Inverse Leveraged Exchange Traded Funds

The Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth alleges that Michael Zukowski, a registered representative of RBC Capital Markets, made "numerous unsuitable recommendations and sales" of leveraged and inverse leveraged exchange traded funds (ETFs) to clients who did not understand the risks...

SEC Press Release: State of Municipal Securities Market

(Jul 2011)

SEC Announces July 29 Field Hearing on the State of the Municipal Securities Market

The Securities and Exchange Commission (SEC) issued a press release today announcing that

"it will hold a municipal securities market field hearing in Jefferson County, Ala., on July 29. Topics will include distressed communities, small issuers, disclosure, derivatives and pre-trade price transparency."

The purpose of the field hearing is to understand the relevant issues affecting investors in...

SEC Press Release: Fraudulent Bidding Practices

(Jul 2011)

SEC Charges J. P. Morgan Securities with Fraudulent Bidding Practices Involving Investment of Municipal Bond Proceeds

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it has

"charged J.P. Morgan Securities LLC (JPMS) with fraudulently rigging at least 93 municipal bond reinvestment transactions in 31 states, generating millions of dollars in ill-gotten gains."

Here are the SEC Complaint, SEC Final Judgment and the Litigation Release...

SEC Press Release: Fraudulent Bidding Practices

(May 2011)

SEC Charges UBS with Fraudulent Bidding Practices Involving Investment of Municipal Bond Proceeds

The Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged UBS Financial Services Inc. (UBS) with fraudulently rigging at least 100 municipal bond reinvestment transactions in 36 states and generating millions of dollars in ill-gotten gains. To settle the SEC's charges, UBS has agreed to pay $47.2 million that will be returned to the...

SEC Press Release: Municipal Bond Fund

(Jan 2011)

SEC Charges Former Portfolio Managers With Defrauding Utah Municipal Bond Fund

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged two former portfolio managers with defrauding a mutual fund that invests primarily in municipal bonds issued by the State of Utah and its county and local authorities."

Young and Albright - co-portfolio managers of the Tax Free Fund for Utah at the time - charged municipal bond issuers over...

SEC Press Release: Banc of America Bid Rigging

(Dec 2010)

SEC Charges Banc of America Securities With Fraud in Connection With Improper Bidding Practices Involving Investment of Proceeds of Municipal Securities

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had charged Banc of America Securities, LLC (BAS) with securities fraud for its part in an effort to rig bids in connection with the investment of proceeds of municipal securities.

"BAS has agreed to pay over $36 million, together with...

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