SLCG in the News

SLCG's research and testimony frequently results in press coverage and awards, decisions or orders.

 


Reuters, May 7, 2018 - "FINRA arbitration claims surge on Puerto Rico bond losses, worsened by Hurricane Maria"

2018-05-08 By Richard Satran, Thompson Reuters Regulatory Intelligence

By Richard Satran of Thomson Reuters Regulatory Intelligence. Arbitration claims filed with the Financial Industry Regulatory Authority have surged from customers who lost money in the fiscal crisis that hit Puerto Rico debt over the past half-decade. The

The Wall Street Journal, March 22, 2017 - "What You Won't Learn From One Wall Street Watchdog Report"

2017-03-22 By Heather Gillers

Heather Gillers' "What You Won't Learn From One Wall Street Watchdog Report" Wall Street Journal story reports on a problem SLCG identified, illustrated by recent arbitration filings in Puerto Rico. Her article cites SLCG's analysis BrokerCheck records showing

Market Watch, January 19, 2017, "Opinion: Borrowing its way out of trouble, Puerto Rico sinks"

2017-01-19 By Elliot Blair Smith

Market Watch's "Opinion: Borrowing its way out of trouble, Puerto Rico sinks," by Elliot Blair Smith highlights the causes of the Puerto Rico's financial debacle. The Article quotes Craig McCann on UBS's investing of their own investor's assets in pension debt and

Kiplinger, January 1, 2017, "Beware Pitches for High-Yielding CDs"

2017-01-01 By Eleanor Laise

Kiplinger's "Beware Pitches for High-Yielding CDs" by Eleanor Laise reports on CDs promising high yields or capturing market upside, but many of these safe-sounding investments are loaded with risk. The article quotes Craig McCann on the complexity and limitations

Bloomberg|Quint, December 9, 2016, "Deutsche Bank May Have Rigged Index in Paschi Deal, Audit Shows"

2016-12-08 By Elisa Martinuzzi, Verson Silver, Donal Griffin

Bloomberg's "Deutsche Bank May Have Rigged Index in Paschi Deal, Audit Shows" reports on a Deutsche Bank internal audit report showing banker abuse of benchmarks, amid accusations of a widespread effort to rig rates for financial gain. The article quotes Craig

Financial Times, July 29, 2016, "Fears grow over Wall St's appetite for securities-based lending"

2016-07-29 By Ben McClannahan

The Financial Times continues to cover the substantial increase in securities-based lending to customers of broker-dealers. Lending has become the primary focus of sales and marketing efforts at retail wirehouses like Merrill Lynch, Morgan Stanley and UBS. Paul

AdvisorHub, June 20, 2016 - "Spy Novelist Who Claimed Deception by Morgan Stanley Wins $3.6 Million"

2016-06-20

Mason Braswell's "Spy Novelist Who Claimed Deception by Morgan Stanley Wins $3.6 Million" reports on the financial harm an investor incurred when his broker overstated the value of his investments over a three-year period. Dr. O'Neal testified on liability and

FinancialPlanning.com June 8, 2016 "Commissions exposed, adviser stops selling nontraded REITs"

2016-06-08

Ann Marsh's "Commissions exposed, adviser stops selling nontraded REITs" in FinancialPlanning.com available here discusses SLCG's non-traded REIT research. The article illustrates how disclosing commissions and their impact on the purchase date value of a

The Wall Street Journal, April 22, 2016 - "Is Your Broker Good or Bad?"

2016-04-22

Jason Zweig's "The Intelligent Investor: Is Your Broker Good or Bad?" in this weekend's Wall Street Journal reports on recent published literature on broker misconduct. His article cites SLCG's recently completed analysis of 1.2 million BrokerCheck records. Craig

The Wall Street Journal, February 5, 2016 - "The Oil Rout's Surprise Victims"

2016-02-05

Jason Zweig's "The Intelligent Investor: "The Oil Rout's Surprise Victims" in this weekend's Wall Street Journal discusses the losses caused by falling oil prices through retail structured products linked to crude oil prices, and to indexes and ETFs of oil and gas

Financial Times, September 3, 2015 - "Market woes prompt regulator to warn on securities-based loans"

2015-09-04

Ben McLannahan and Joe Rennison's "Market woes prompt regulator to warn on securities-based loans" quotes SLCG's Paul Meyer on the conflicts of interest involved in brokerage firms' extension of securities-based loans. Paul is quoted as saying "While

Neue Zurcher Zeitung (The New Zurich Times), August 23, 2015 - "UBS's Costly Puerto Rican Adventure"

2015-08-25

Sophie Schimansky's "UBS's Costly Puerto Rican Adventure" reviews the UBS debacle in Switzerland's largest German-language newspaper. The article can be downloaded here. The article quotes SLCG's Craig McCann (bio here) on the devastating impact UBS's conflicted

The Wall Street Journal, August 11, 2015 - "Puerto Rico Investors Win Relief From UBS"

2015-08-11

Mike Cherny's "Puerto Rico Investors Win Relief From UBS" in the Wall Street Journal reports on a string of arbitration wins by UBS PR customers over the sale of leveraged closed end bond funds. The WSJ article cites SLCG's analysis of the UBS PR funds and quotes

Reuters June 9, 2015 - "Non-traded REITs cost investors $50 billion: consultant"

2015-06-09

Ross Kerber and Suzanne Barlyn's "Non-traded REITs cost investors $50 billion: consultant" reports the result of SLCG's non-traded REIT research. In "An Empirical Analysis of Non-Traded REITs" (paper available here), Brian Henderson, Joshua Mallett, and Craig

Federal Judge Hands Down 10-Year Sentence To Former Chief Accounting Officer For Beazer Homes USA, Inc.

2015-04-30

In April 2015, a federal judge in Charlotte, NC handed down a 10-year prison sentence to the former Chief Accounting Officer of Beazer Homes for accounting fraud and obstruction of justice. Dr. O'Neal testified about the losses Beazer Homes shareholders incurred

Reuters, February 18, 2015 - "Interactive Brokers must pay $667,000 for portfolio selloff mishap -panel"

2015-02-18

In "Interactive Brokers must pay $667,000 for portfolio selloff mishap -panel" Suzanne Barlyn reports on a $667,000 FINRA award against Interactive Brokers arising out of its alleged failure to auto-liquidate a hedge fund account in a commercially reasonable

Wall Street Journal, January 14, 2015 - Katy Burne and Aaron Kuriloff "Regulators Want Data on Bond-Trade Fees, SEC, Others Scrutinize Markups Paid by

2015-01-14

In Regulators Want Data on Bond-Trade Fees, SEC, Others Scrutinize Markups Paid by Retail Bond Investors Katy Burne and Aaron Kuriloff report on continued efforts by regulators to improve transparency in the municipal bond market and thereby reduce the

Chicago Tribune, December 26, 2014 - Heather Gillers "Some have recouped millions from risky type of debt that plagues CPS"

2014-12-31

In "Some have recouped millions from risky type of debt that plagues CPS," Heather Gillers reports on the success some municipal issuers have had in recovering losses suffered as a result of following investment banks advice to issue auction rate securities and

Bloomberg TV, December 2, 2014 - "The Growth of Non-traded REITs"

2014-12-02

SLCG's non-traded REIT research is cited in Deirdre Bolton's interview of Bob Rice of Tangent Capital Partners on the growth of illiquid, high-cost non-traded REITs. The non-traded REIT fees discussed in the Bloomberg TV segment is excerpted from Table 2 in our

Bloomberg News, October 27, 2014 - "SEC's Cross Says Shine a Light on Tax-Free Market: Muni Credit"

2014-10-27

In the Bloomberg News article "SEC's Cross Says Shine a Light on Tax-Free Market: Muni Credit" William Selway and Brian Chappatta quote Craig McCann and SLCG's municipal bond research for the proposition that municipal bond investors pay as much as $1

Bloomberg News, August 5, 2014 - "Muni Regulators May Force Brokers to Disclose Bond Trade Prices"

2014-08-05 By William Selway

William Selway quotes Craig McCann and SLCG's municipal bond research in the Bloomberg News article "Muni Regulators May Force Brokers to Disclose Bond Trade

Wall Street Journal, July 12, 2014 - "Five Popular-but Dangerous-Investments for Individuals"

2014-07-12 By Kirsten Grind

Kirsten Grind's "Five Popular - but Dangerous - Investments for Individuals" discusses five retail investments, including non-traded REITs, leveraged and inverse ETFs and complex structured products, investors should avoid. The article quotes SLCG's Craig

Reuters, June 30, 2014 - "Exclusive: South Carolina jury awards $8.1 million to investor who was misled by BB&T"

2014-06-30 By Suzanne Barlyn

Reuters, June 30, 2014, In "Exclusive: South Carolina jury awards $8.1 million to investor who was misled by BB&T" Suzanne Barlyn reports on an $8.1 million jury verdict arising out of BB&T's recommendation of a variable prepaid forward contract to Frank Maybank.
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Wall Street Journal, June 16, 2014 - "Nontraded REITs Are Hot, But Have Plenty of Critics"

2014-06-16 By Robbie Whelan

Robbie Whelan's "Nontraded REITS are Hot, But Have Plenty of Critics" reports on the issues with nontraded REITS. The article quotes Dr. Craig McCann on the problematic issues surrounding nontraded

NY Post, April 4, 2014 - "Teacher says UBS broker's advice lost her $400,000"

2014-04-04 By Josh Kosman

Josh Kosman's "Teacher says UBS broker's advice lost her $400,000" reports on the financial losses faced by an investor in UBS Puerto Rico bond funds. The article quotes Dr. Edward O'Neal on the concentration of these

HuffingtonPost, March 26, 2014 - "'Learning' From Timothy Sykes"

2014-03-25 By Dan Solin

Dan Solin's "'Learning' From Timothy Sykes" explores how to do due diligence on the validity of Timothy Sykes trading methods and success claims. The article quotes Dr. Edward O'Neal on what due diligence he would do on Sykes' method.

Bond Buyer, March 25, 2014 - "Problem Puerto Rico Bond Trades Erased, Survey Shows More Troubled Sales"

2014-03-25 By Kyle Glazier

Kyle Glazier's "Problem Puerto Rico Bond Trades Erased, Survey Shows More Troubled Sales" reports on dozens of cancelled Puerto Rico bond deal sales to customers that were "erased from EMMA or altered as if they never occurred." The article quotes Dr. Craig McCann

MarketWatch, March 4, 2014 - "Puerto Rico's travails hit muni bond firm that bet big"

2014-03-04 By Ben Eisen

Ben Eisen's "Puerto Rico's travails hit muni bond firm that bet big" of MarketWatch cites SLCG's blog post written by Craig McCann and Carmen Taveras on their work on the Oppenheimer Rochester Funds.

Reuters, December 12, 2013 - "COMPLY-U.S. Regulator Intensifies Scrutiny of Fee-Based Accounts"

2013-12-12 By Suzanne Barlyn

Suzanne Barlyn's "COMPLY-U.S. Regulator Intensifies Scrutiny of Fee-Based Accounts" quotes Paul Meyer on the concerns of fee-based accounts and commission-based accounts.

Bloomberg News, November 21, 2013 - "Sales of Callable Stock-Tied Notes Soar on Markets as Risks Loom"

2013-11-21 By Kevin Dugan

Dr. Tim Husson discussed the properties and risks of autocallable structured products in Kevin Dugan's Bloomberg News report titled "Sales of Callable Stock-Tied Notes Soar on Markets as Risks Loom." Dr. Husson notes the reinvestment risk that can arise from

SEC Press Release - August 15, 2013 "Michael Piwowar Sworn in as SEC Commissioner"

2013-08-15

The U.S. Securities and Exchange Commission announced the swearing in of former SLCG Principal as a Commissioner nominated by President Obama replacing Commissioner Troy Paredes. Dr. Piwowar was an employee of SLCG after leaving the SEC's Office of Economic

Bloomberg News, August 1, 2013 - "Market-Linked Certificates of Deposit Overpriced, Report Says"

2013-08-01 By Kevin Dugan

Kevin Dugan's "Market-Linked Certificates of Deposit Overpriced, Report Says" of Bloomberg News interviewed Dr. Husson about SLCG's recent whitepaper on structured (or market-linked) certificates of deposit. They explain the results of the study, which indicate

CNN Money, July 9, 2013 - "Libor moving to NYSE Euronext"

2013-07-09 By Alanna Petroff

Alanna Petroff reports that "Libor moving to NYSE Euronext" in CNNMoney.com. Dr. Tim Dulaney was quoted as saying that the move to NYSE Euronext was unlikely to restore confidence in LIBOR unless it was accompanied by fundamental change in the calculation

Bond Buyer, June 11, 2013 - "Study Claims Billions of Dollars of Excessive Muni Markups"

2013-06-11 By Kyle Glazier

Kyle Glazier's "Study Claims Billions of Dollars of Excessive Muni Markups" summarizes the results of SLCG's comprehensive municipal bond markup study available here. We estimated that brokerage firms and underwriters charged $1 billion a year in excessive markups

The Wall Street Journal, June 7, 2013 - "The Intelligent Investor: What's Eating Your Munis?"

2013-06-08 By Jason Zweig

Jason Zweig's "The Intelligent Investor: What's Eating Your Munis?" in this weekend's Wall Street Journal revisits excessive markups in the municipal bond market. His article cites SLCG's recently completed analysis of 20 million trades in long term municipal

Investment News, June 7, 2013 - "TIC Awards Show Brokers Still Grappling with Real Estate Bubble Fallout"

2013-06-07 By Bruce Kelly

In "TIC Awards Show Brokers Still Grappling with Real Estate Bubble Fallout," Bruce Kelly of InvestmentNews discusses tenant-in-common (TIC) real estate securities with Dr. Tim Husson. Dr. Husson notes that even though TIC interests were mostly purchased before

Bloomberg News, February 7, 2013 - "Structured Note Rules May Fail to Resolve Confusion Over Pricing"

2013-02-07 By Kevin Dugan

Kevin Dugan's "Structured Note Rules May Fail to Resolve Confusion Over Pricing" discusses the remaining obstacles to the efficacy of fair value estimations of structured products following the April 2012 sweep letter from the SEC. Dr. Tim Dulaney is quoted as

The Wall Street Journal, January 26, 2013 - "How Apple Bit Bond Holders, Too"

2013-01-26 By Jason Zweig

Jason Zweig's "How Apple Bit Bond Holders, Too" in this weekend's Wall Street Journal describes the impact on investors in Apple-linked structured products of the decline in Apple's stock price from $700 in September 2012 to under $450 in January 2013. His

The Wall Street Journal, December 28, 2012 - "Bond Funds: The Downside"

2012-12-28 By Kirsten Grind

Kirsten Grind's "Bond Funds: The Downside" reports on the recent high returns earned by some short term bonds funds. These higher yielding funds tend to hold bonds with longer maturities and more credit risk than the bonds which dominate lower yielding bond

The Wall Street Journal, December 1, 2012 - "The Great Yield Gamble"

2012-12-01 By Ben Levisohn and Joe Light

Ben Levisohn and Joe Light's "The Great Yield Gamble" reports on the riskier investments that offer higher yields, such as high yield bond funds and structured products. Some of these investments are more complicated and riskier than necessary. The article

Reuters, October 23, 2012 - Appeals court reinstates Morgan Keegan ruling

2012-10-23

"The U.S. Court of Appeals for the 5th Circuit ruled that a district court's decision to throw out the arbitration award was made in error, according to an opinion released on Tuesday. U.S. District Court Lynn Hughes in Houston ruled in September, 2011, that

The Wall Street Journal, July 21, 2012 - "New Product Offers Stock-Like Returns With Less Risk"

2012-07-20 By Craig McCann

"New Product Offers Stock-Like Returns With Less Risk" by Kirsten Grind reports on a new type of investment from Eaton Vance called eUnits that combine a unit investment structure with a buffered plus payoff at maturity. The article quotes SLCG's structured

Reuters, February 14, 2012 - Wall Street Fights Back Against Expert Witness in Lawsuits

2012-02-14 By Suzanne Barlyn

Suzanne Barlyn's "Wall Street Fights Back Against Expert Witness in Lawsuits" reports on largely unsuccessful efforts by the financial services industry to lessen the impact of SLCG's Craig McCann on securities

American Banker, February 10, 2012 - B of A Subpoenaed by Massachusetts Over CLOs

2012-02-10 By Allison Bisbey

Allison Bisbey's \"B of A Subpoenaed by Massachusetts Over CLOs" reports on Massachusetts subpoena of Bank of America over two CLOs issued by BofA in 2007 - LCM VII and Bryn Mawr II. SLCG first publicized the problems with these two CLOs ten days earlier in CLOs,

The New York Times, February 5, 2012 - "A Wipeout That Didn't Have to Happen"

2012-02-05 By Gretchen Morgenson

Gretchen Morgenson's \"A Wipeout That Didn't Have to Happen\" reports on research done at SLCG into collateralized loan obligations (CLOs) underwritten by Banc of America, Citigroup and other firms in 2007 which resulted in a $1.4 million FINRA award in the case

The Wall Street Journal, April 13, 2011 - "Citigroup Loses Muni Case"

2011-04-13 By RANDALL SMITH AND SUZANNE BARLYN

\"Citigroup Loses Muni Case\" reports on the $54.1 million FINRA award in the case of Hosier et al v Citigroup Global Markets, Inc. involving Citigroup's MAT/ASTA family of leveraged municipal bond hedge funds. SLCG's "Leveraged Municipal Bond Arbitrage: What

The Wall Street Journal, March 31, 2011 - "Complex Bond Faces Regulators' Scrutiny"

2011-03-31

"Complex Bond Faces Regulators' Scrutiny" reports on ongoing SEC and FINRA investigations into the sales of reverse convertibles. The article quotes Craig McCann on inadequate risk disclosures and reports on some statistics from SLCG's free database of structured

The Wall Street Journal, February 5, 2011 - "Preferred Stock: Are Those Juicy Yields Worth the Extra Risk?"

2011-02-05 By Jason Zweig

Dr. Edward O'Neal discussed the risks of preferred stocks in Jason Zweig's Intelligent Investor column, Preferred Stock: Are Those Juicy Yields Worth the Extra Risk?, for the Wall Street Journal. Dr. O'Neal notes that preferred stocks can be riskier than junk

The Wall Street Journal, January 11, 2011 - "Schwab Pays in YieldPlus Settlement"

2011-01-11

\"Schwab Pays in YieldPlus Settlement\" reports on Charles Schwab Corp.'s $119 million settlement with the SEC over its marketing of the YieldPlus fund as an ultra short bond fund despite the heavy concentration of private label mortgage back securities, it's

The Wall Street Journal, November 13, 2010 - "Structured Notes: Not as Safe as They Seem"

2010-11-13

"Structured Notes: Not as Safe as They Seem" discusses the growth in sales of structured products in 2010. The article quotes Craig McCann on the mispricing of structured products in their offerings and mentions SLCG's free database of structured product

The New York Times, October 9, 2010 - "It's Not Nice to Mess With J.R."

2010-10-09

"It's Not Nice to Mess With J.R." reports on the $11.6 million award Larry Hagman, who played J.R. in the hit television series Dallas, won against Citigroup. Paul Meyer testified on behalf of Mr. Hagman at the arbitration hearing. The full award can be found

The Wall Street Journal, September 25, 2010 - "How Safe Is Your Bond Fund?"

2010-09-30 By Jane J. Kim

"How Safe Is Your Bond Fund?" describes the dramtatic impact of changes in how Morningstar calculates the average credit quality of bond mutual funds. Morningstar lowered the reported credit quality of more than half the bond funds it covered by at least one

The Wall Street Journal, July 27, 2010 - "Crisis-Era Munis Haunt Wall Street"

2010-07-27

"Crisis-Era Munis Haunt Wall Street" reports on the continued havoc caused by leveraged municipal bond arbitrage hedge funds which had been marketed to retail investors as alternatives to unlevered municipal bond portfolios. SLCG's "Leveraged Municipal Bond

New York Times, May 21, 2010 - "'100% Protected' Isn't as Safe as It Sounds"

2010-05-21 By Gretchen Morgenson

"'100% Protected' Isn't as Safe as It Sounds" cites SLCG research on the value of Lehman Brothers Principal Protected Notes sold to retail

Bloomberg, May 17, 2010 - "JPMorgan's 64 Percent Note Shows Risks of Reverse Convertibles"

2010-05-17 By Zeke Faux

"JPMorgan's 64 Percent Note Shows Risks of Reverse Convertibles" cites SLCG's research into reverse convertibles and quotes Craig McCann on JP Morgan's reverse convertible linked to Tivo

Los Angeles Times, April 26, 2010 - "Schwab case shows pain of a bond market's collapse on small investors"

2010-04-26 By Walter Hamilton

"Schwab case shows pain of a bond market's collapse on small investors" quotes Craig McCann on the holdings in Schwab's YieldPlus mutual fund

The Wall Street Journal, April 15, 2010 - "About Those Alleged Short-Term Funds..."

2010-04-15 By Jane J. Kim

"About Those Alleged Short-Term Funds... Some Go Long on Bonds, Risk-Study" reports on newly issued SLCG study that shows that losses in 2008 in mutual funds marketed as short term bond funds occurred because the funds in fact held mostly very long term bond

Investment News, April 7, 2010 - "FINRA, SEC and state regulators swarm Morgan Keegan with fraud charges"

2010-04-07 By Dan Jamieson

"FINRA, SEC and state regulators swarm Morgan Keegan with fraud charges" quotes Craig McCann on damning internal documents released by regulators as they announce their actions against Morgan

Reuters, March 29, 2010 - "Complex notes with principal guarantees spring back"

2010-03-29 By Matthew Goldstein

"Complex notes with principal guarantees spring back" quotes Craig McCann on the resurgence of principal protected notes less than two years after the collapse of Lehman Brothers caused billions of dollars of losses in securities that were supposed to be

The Sacramento Bee, Friday, Nov. 13, 2009 - "SMUD sues Wall St. firms over alleged bid rigging"

2009-11-13 By Jim Downing

"SMUD sues Wall St. firms over alleged bid rigging" quotes Craig McCann on the impact of alleged bid rigging by Wall Street firms in the municipal derivatives

Securities Litigation and Consulting Group, Inc. Releases Leveraged Municipal "Arbitrage" Study

2009-09-25

Securities Litigation and Consulting Group, Inc. ("SLCG") has issued an updated study on leveraged municipal bond hedge funds -- including Citigroup's MAT 3, MAT V and Falcon Strategies. The study reports that more than 35 similar hedge funds, including Stone &

Birmingham Business Journal, May 1, 2009 - "Morgan Keegan suits loom large over Regions Financial"

2009-05-01 By Crystal Jarvis

"Morgan Keegan suits loom large over Regions Financial" quotes Craig McCann of SLCG on the inferior tranches of structured finance deals that dominated the RMK bond funds'

Barron's, April 13, 2009 - "Designed to Deceive: Equity Indexed Annuities"

2009-04-13 By Frederick G. Marks

"Designed to Deceive: Equity Indexed Annuities" discusses SLCG research into equity-indexed

SLCG Announces Updated Regions Morgan Keegan Bond Fund Study

2009-01-23

SLCG issued a press release today announcing the distribution of its study of six Regions Morgan Keegan bond funds (RMH, RHY, RMA, RSF, MKHIX and MKIBX) entitled "Regions Morgan Keegan: The Abuse of Structured Finance - Third

The New York Times, October 24, 2008 - Weighing an Investment That Promises No Risk

2008-10-24 By Ron Lieber

Ron Lieber's "Weighing an Investment That Promises No Risk" discusses the sales pitch used to sell high cost equity indexed annuities to older investors despite the poor performance of EIAs relative to liquid investments in stock and bond mutual funds. The

SLCG Announces Regions Morgan Keegan Bond Fund Study

2008-10-14

SLCG issued a press release today announcing the distribution of its study of six Regions Morgan Keegan bond funds (RMH, RHY, RMA, RSF, MKHIX and MKIBX) entitled "Regions Morgan Keegan: The Abuse of Structured

NASAA Submits SLCG's An Economic Analysis of Equity-Indexed Annuities to the SEC

2008-09-11

The North American Securities Administrators Association submitted an SLCG White Paper, An Economic Analysis of Equity-Indexed Annuities, authored by Dr. Craig McCann to the Securities and Exchange Commission with a comment letter in support of the SEC's proposal

SIFMA Calls SEC's Proposed Market Data Order "Fatally Flawed"

2008-07-11

The Securities Industry and Financial Markets Association (SIFMA) commissioned SLCG to prepare an "Economic Study of Securities Market Data Pricing by the Exchanges." The study provides strong support for the assertion that the two dominant exchanges are

The Securities and Exchange Commission Issues Equity-Indexed Annuities Rule Proposal

2008-07-02

The Securities and Exchange Commission proposed a new rule which would clarify the status of equity-indexed annuities and would extend the full protections of the federal securities laws - full and accurate disclosure of all material facts and fair dealing in

Dateline NBC Investigates Equity-Indexed Annuities

2008-05-14

Dateline NBC conducted an investigation into the sales of equity-indexed annuities industry including hidden-camera footage of seminars targeting seniors, industry training programs in-house sales calls. The resulting documentary was broadcast on April 13, 2008

Trust & Estates: Custom Bond Valuations

2008-05-12 By Dr. Mike Piwowar and Barry A. Nelson

Dr. Michael Piwowar and co-author Barry A. Nelson published their article "Custom Bond Valuations Can Save Clients Money" in the May 2008 issue of Trusts & Estates, the monthly journal for estate planning and wealth management professionals. They explain why

Cornell University School of Law

2008-03-07

On March 7, 2008, Dr. McCann presented to the Securities Law Clinic at the Cornell University School of Law on a variety of investment products including variable annuities, equity-indexed annuities and debt- and equity-linked structured

31st Annual Southwestern Securities Enforcement Conference

2007-09-24

Dr. McCann participated in a panel discussion on variable and equity-indexed annuities at the 31st Annual Southwestern Securities Enforcement conference presented by the Securities and Exchange Commission and the Texas Securities Commission. Attendees included

Study: Mandatory Arbitration of Securities Disputes

2007-06-13 By Dr. O’Neal Dan Solin

Dr. O'Neal and attorney/author Dan Solin today released a statistical analysis of the results of the mandatory arbitration process during the 1995 - 2004 period. They assessed almost 14,000 NASD and NYSE arbitration cases and found that Claimant win rates and

Press Release: Securities Arbitration Study

2007-06-12

Investors Recovered Just 22 Cents on Dollar in 2004, Down From 38 Cents in 1998; Wins Dropped From 59 Percent in 1999 to 44 Percent in 2004, Lowest at Big Brokerages. To view the study, download it from the article: Mandatory Arbitration of Securities Disputes

Minimizing Longevity Risk

2007-05-22 By Dr. McCann

Dr. McCann presented in the New York Society of Securities Analysts (NYSSA) panel discussion, Minimizing Longevity Risk on the soundness of using general investments rather than special purpose insurance to fund possible future long term care expenses. He also

Equity-indexed annuities

2007-04-15

Scott Burns' column "Equity-indexed annuities sound good, but ..." in the Dallas Morning News, Boston Globe and other national newspapers reviews SLCG's research into equity-indexed

Arbitration Is a Tough Climb

2007-03-30

Wall Street Journal - "Arbitration Is a Tough Climb: Some Ask if System Is Stacked Against Investors" extensively cites research undertaken by Dr. O'Neal on NASD and New York Stock Exchange arbitration awards from 1995 to 2004.

Annuities complaint sends up red flag

2007-03-11

Sarasota Herald Tribune's "Annuities complaint sends up red flag" quotes Dr. McCann on equity-indexed annuities' costs and complexity in a story covering EIA-related litigation in

Class action litigation looms...

2007-02-26

Crain's Investment News' "Class action litigation looms as new hurdle for EIA insurers" describes a recent ruling on class certification in an equity-indexed annuity class action against Midland National Life Insurance Co. in which Dr. McCann had

Equity-indexed annuities

2007-02-21

SLCG issues a press release announcing the release of its study of equity-indexed annuities, demonstrating the complexity and inferiority of costly equity-indexed annuities in comparison to portfolios of stocks and bonds.

Things to look for in '07

2007-01-07

Humberto Cruz's column "Things to look for in '07" in the Chicago Tribune, Baltimore Sun and other national newspapers reviews SLCG's research into equity-indexed

Buying Index Funds Through Brokers...

2006-12-26

St. Petersburg Times - "Buying Index Funds Through Brokers is Costly Study Shows." Cites research conducted by Dr. O'Neal that shows that brokers tend to push investors towards higher cost index funds.

Equity-linked structured notes

2006-12-15

SLCG issues a press release announcing the release of its study of equity-linked structured

Steering Investors to Sure-Fire Lower Returns

2006-12-10

Los Angeles Times - "Steering Investors to Sure-Fire Lower Returns." Although one would expect using a professional advisor to improve an investor's performance, instead the investor pays a significant penalty," says Dr. O'Neal. "When investors used brokers they

Research on variable annuities...

2006-12-05 By Dr. McCann

Dr. McCann presented his research on variable annuities, equity-indexed annuities and structured products to the North American Securities Administrators Association's (NASAA) Attorney Investigator Training

Indexed-Annuities: Too Good to be True?

2006-09-01

Kiplinger's Retirement Report's "Indexed-Annuities: Too Good to be True?" quotes Dr. McCann on equity-indexed annuities' costs and

3 Retirement Deals You Can Do Without

2006-08-30

Money Magazine's September 2006 issue "3 Retirement Deals You Can Do Without" quotes Dr. McCann on the complexity and cost of equity-indexed

Excessive fund fees

2006-06-06

Dr. O'Neal was on a panel at the annual Institutional Investor meeting for Mutual Fund Counsel speaking about how to grapple with the issue of excessive fund

Homework Key to Avoiding Investor Pitfalls

2006-05-09

Washington Post - "Homework Key to Avoiding Investor Pitfalls" quotes Dr. O'Neal on the academic research demonstrating that mutual fund managers cannot consistently beat the market.

Citigroup Ruling May Embolden Affluent Investors

2006-05-08

Wall Street Journal's "Citigroup Ruling May Embolden Affluent Investors," discusses in detail Dr. McCann's involvement in an arbitration proceeding in Cleveland, OH between a wealthy investor and Citigroup over client presentations made by its private client

Annuities With an S&P Return

2006-04-30

Washington Post's "Annuities With an S&P Return" quotes Dr. McCann on the merits of equity-indexed annuities as a substitute for portfolios of stocks and

Lessons from U.S. Corporate and Municipal...

2006-04-27

Dr. Piwowar co-presented "Lessons from U.S. Corporate and Municipal Bond Market Transparency Initiatives: Implications for Emerging Markets" to delegates at the U.S. Securities and Exchange Commission International Institute for Securities Market Development in

Study riles advocates of equity index annuity

2006-03-06

Crain's Investment News' "Study riles advocates of equity index annuity" features industry reaction to SLCG's 'An Overview of Equity-Indexed

Secondary Transaction Costs

2006-02-07

Dr. Piwowar presented "Secondary Transaction Costs in the Municipal and Corporate Bond Markets" to staff at the Commodity Futures Trading Commission (CFTC) in Washington,

Broker Haggle Guide

2005-12-12

"Broker Haggle Guide" cites research by Dr. O'Neal on the problems that multiple share class mutual funds cause for

Spanning the Transparency Divide

2005-09-06

Financial Times - "Spanning the Transparency Divide" extensively cites Dr. Piwowar's research on the benefits of introducing price transparency to the U.S. corporate bond

NASDAQ Adds Four More Indexes

2005-07-07

"NASDAQ Adds Four More Indexes." Because most investors have portfolios full of stocks on several exchanges, the Nasdaq-only index may not be that valuable as a benchmark, says Dr.

Transparency Could Save Investors $1B

2005-05-31

Financial Times - "Transparency Could Save Investors $1 Billion a Year" features Dr. Piwowar's research on the benefits to investors and issuers from adding price transparency to the corporate bond

Lessons from U.S. Corporate Bond Market...

2005-05-23

Dr. Piwowar presented "Lessons from U.S. Corporate Bond Market Transparency Initiatives and Implications for the European Union (EU) Markets in Financial Instruments Directive (MiFID)" at the European Central Bank (ECB) in Frankfurt,

...Bond Market Transparency Initiatives

2005-02-22

Dr. Piwowar co-presented "U.S. Municipal and Corporate Bond Market Transparency Initiatives" to the Ontario Securities Commission in Ottawa,

Primuni's First, and So Far Only...

2005-02-17

Bond Buyer - "Retail Focus: Issuer Official Says Primuni's First, and So Far Only, Deal Saved It $19,000" cites Dr. Piwowar's research on municipal bond market trading

Fixed Income Markets in Montreal

2004-11-26

Dr. Piwowar participated in the Bank of Canada Workshop on Fixed Income Markets in Montreal,

Employee Stock Options...

2004-11-23

Dr. McCann presented "Employee Stock Options and Concentrated Stock Positions: What Not to Do to Protect Your Wealth," to the Union League Club of

Survey Finds Hidden Trading Costs

2004-11-22

Wall Street Journal - "Survey Finds Hidden Trading Costs" cites research conducted by Dr. O'Neal on the costs that investors in mutual funds incur when their mutual fund portfolio managers implement trading strategies. "That investors in actively managed funds

Bond Markets: Ripe

2004-10-14

The Economist - "Bond Markets: Ripe" cites Dr. Piwowar's research on corporate bond market trading

Groups Urge More Transparency in Corp. Bond...

2004-10-01

CBS.MarketWatch.com - "Groups Urge More Transparency in Corporate Bond Market" cites Dr. Piwowar's research showing that price transparency in the corporate bond market results in lower trading

Sting of scandal followed by lower fees...

2004-09-19

Baltimore Sun - "Sting of scandal followed by lower fees for many mutual fund investors" quotes Dr. O'Neal on mutual fund fees: "Fees are one thing when investing in mutual funds that you can control. Performance is impossible to predict, but by choosing low-cost

Mom and Pop Pay Steep Price To Trade Munis

2004-08-27

Bond Buyer - "Mom and Pop Pay Steep Price To Trade Munis, Study Shows" cites research by Dr. Piwowar showing that municipal bonds are expensive for retail investors to

Why Brokers Want You to Buy 'B Shares'

2004-07-14

Wall Street Journal - "Why Brokers Want You to Buy 'B Shares' and Other Questionable Investments," extensively cites research conducted by Dr. O'Neal on multiple share class mutual

Mind Your Money, and Your Broker

2004-07-04

Washington Post -"Mind Your Money, and Your Broker" quotes Dr. O'Neal on the tendency for brokers to recommend higher cost actively managed mutual funds rather than less expensive index funds.

An Overview of the Regulation of the...

2004-06-17

Dr. Piwowar's research on trading costs in the corporate and municipal bond markets is cited in testimony by two witnesses at the US Senate Committee on Banking, Housing, and Urban Affairs Hearing on "An Overview of the Regulation of the Bond

True Fund Costs Tricky to Figure

2004-04-05

Denver Rocky Mountain News - "True Fund Costs Tricky to Figure," cites mutual funds research by Dr. O'Neal.

SEC's Agreement with MFS Puts Mutual Funds...

2004-04-01

Wall Street Journal - "SEC's Agreement with MFS Puts Mutual Funds on Notice" quotes Dr. O'Neal on mutual-fund transaction costs.

How much does trading cost?

2004-03-28

Business Week - "How much does trading cost?" cites research on mutual fund brokerage commissions conducted by Dr.

Funds' risk changes at disclosure times...

2004-03-20

Washington Post - "Funds' risk changes at disclosure times, study says." Dr. O'Neal's research on window-dressing was presented to SEC staff members who asked O'Neal to identify specific mutual funds with the most striking trading

"Concentrated Stock Dangers"

2004-03-01

On Wall Street's "Concentrated Stock Dangers" describes research conducted by Dr. McCann and Dr. Luo on the disastrous results from the strategy recommended by some brokerage firms to borrow against a concentrated position and buy additional stocks to

Fund Group Pushes New Disclosures

2004-02-25

Wall Street Journal - "Fund group pushes new disclosures." "Surprisingly, commission levels do not appear in most fund prospectuses and therefore most investors are completely unaware of the magnitude of these costs of trading," says Dr. O'Neal.

New Light on Hidden Fees

2004-02-16

Newsweek - "New Light on Hidden Fees" cites extensively research by Dr. O'Neal on trading costs in mutual fund

Can the Muni Market Be Made Safe for Investors?

2004-02-13

Joe Mysak's column "Can the Muni Market Be Made Safe for Investors?" for Bloomberg News reviews Dr. Piwowar's research on trading costs in the municipal bond

Muni Bonds Can Cost More to Trade than Stocks

2004-02-12

Wall Street Journal - "Muni Bonds Can Cost More to Trade than Stocks" extensively cites research by Dr. Piwowar on secondary trading costs in the municipal bond

Pricey Municipal Bonds

2004-02-12

San Francisco Chronicle - "Pricey Municipal Bonds" extensively cites research by Dr. Piwowar on secondary trading costs in the municipal bond market and features the finding that complex bonds (bonds with a lot of "bells and whistles") are more expensive to trade

Muni Trading Costs High

2004-02-12

Bond Buyer - "Muni Trading Costs High" extensively cites research by Dr. Piwowar on secondary trading costs in the municipal bond

Study finds large mutual funds have undisclosed...

2004-01-24

Boston Globe - "Study finds large mutual funds have undisclosed trading costs." "The true or total cost of investing in mutual funds is substantially higher than is disclosed by the expense ratio," says Dr.

Massachusetts Financial in Talks to Settle...

2004-01-24

Los Angeles Times - "Massachusetts Financial in Talks to Settle Fund Probes" cites study by Dr. O'Neal that shows fund trading costs are substantial in certain fund

Damage Theories Under State Law for Securities...

2003-10-16

Dr. McCann presents "Damage Theories Under State Law for Securities Violations by Brokers in Arbitration" to the Houston Bar

Morgan Stanley is sued on 'Break Points'

2003-03-05

Wall Street Journal - "Morgan Stanley is sued on 'Break Points'." Suit draws extensively on research published by O'Neal on multiple share class mutual

How to Make Money in Mutual Funds...

2002-02-05

Wall Street Journal - "How to Make Money in Mutual Funds: Start your own" quotes Dr. O'Neal on the mutual fund

Choosing the Right Class of Shares Can Add Up..

1998-04-06

Wall Street Journal - "Choosing the Right Class of Shares Can Add Up to Savings on Fees'" quotes Dr. O'Neal's research on mutual fund share