Morgan Keegan to square off against regulators

Morgan Keegan & Co. has been granted an administration hearing on allegations that its brokerage firm cost investors, including retirees, more than $2 billion in losses through fraudulent and reckless business practices.
JUL 27, 2010
Morgan Keegan & Co. has been granted an administration hearing on allegations that its brokerage firm cost investors, including retirees, more than $2 billion in losses through fraudulent and reckless business practices. Mississippi Secretary of State Delbert Hosemann said Thursday that the hearing will be held Oct. 5 in Montgomery, Ala., at the offices of the Alabama Securities Commission The states of Mississippi, Alabama, Kentucky and South Carolina along with the Securities and Exchange Commission and the Financial Industry Regulatory Authority on April 7 announced administrative actions against the Memphis, Tenn.-based company. Morgan Keegan is owned by Birmingham, Ala.-based Regions Financial Corp. Regulators allege Morgan Keegan overstated the value of funds backed by subprime mortgages and used false and misleading sales materials. No criminal charges have been filed. Morgan Keegan has said the charges are based on incorrect analysis of the facts and the law.

Latest News

As Trump Accounts prep for July 4 launch, Franklin Templeton plans $1,000 match
As Trump Accounts prep for July 4 launch, Franklin Templeton plans $1,000 match

“We are helping families take an important first step toward building a financial foundation for the next generation,” said Franklin Templeton CEO Jenny Johnson

Savant Wealth Management enters Maine with latest acquisition
Savant Wealth Management enters Maine with latest acquisition

Richard Brothers Financial Advisors joins the fee-only RIA, adding its first Maine office and $240 million in client assets

Clearstead adds $5.3B Philadelphia wealth team from myCIO
Clearstead adds $5.3B Philadelphia wealth team from myCIO

Cleveland RIA grows to $68 billion in assets as Philadelphia team, deepening its high-net-worth and retirement-plan practice.

Advisors still have questions on Trump Accounts ahead of July 4 launch
Advisors still have questions on Trump Accounts ahead of July 4 launch

Financial planning leaders say unresolved rules on fees, Roth conversions and financial aid complicate comparisons with 529 plans.

Trust at Scale: How AI Personalization Rewires Business for Growth
Trust at Scale: How AI Personalization Rewires Business for Growth

AI can personalize at scale, but without trust, it falls flat.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.