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Securities
Fraud FAQ
What are securities?
Securities are stocks and bonds. A stock represents a share, or
percentage, in a corporation’s profits and assets. By
purchasing stock an investor is buying a percentage of ownership
in a company. If the corporation (only corporations issue
stocks) makes higher profits, the value of its securities will
increase. The shares of the individual investor will gain in
worth. When a corporation loses money, however, the value of the
investor’s shares will decrease. Bonds may be issued by
corporations, states, the federal government, and other
entities. A bond represents monies loaned to a corporation or
issuer. Bonds must be repaid for their full value and usually
bring in a specified amount of interest. Holding a bond does not
give an investor any ownership in the entity or company, but it
will be indebted to him.
What is securities fraud?
Securities fraud occurs when an individual or entity acts in an
attempt to illegally manipulate the investment market.
Securities fraud may be committed by broker/dealers, financial
advisor/analysts, corporations, and private investors. Renewed
concern over securities fraud arose during the recent telecom
bust. Investors lost millions on Internet companies that had
gone from being highly rated and seemingly secure to bankrupt in
a phenomenally short period of time.
What
is corporate fraud?
When
a corporation deliberately conceals or skews information to
appear healthy and successful before shareholders, it has
committed corporate or shareholder fraud. Corporate fraud may
involve a few individuals or many, depending on the extent to
which employees are informed of their company’s financial
practices. Directors of corporations may fudge financial records
or disguise inappropriate spending. Fraud committed by
corporations can be devastating, not only for outside investors
who have made share purchases based on false information, but
for employees who, through 401ks, have invested their retirement
savings in company stock.
What
is investment fraud?
Investment
brokers, advisors, and analysts may commit investment or
brokerage fraud in an effort to control the market or lure
business. The following activities are considered investment
fraud when done intentionally:
giving biased investment advice
giving unfounded advice
offering separate clients contradicting advice
advising clients to continue an imprudent risk
advising out of a conflict of interest
Analysts
who advised against their research during the telecom bust have
faced investigations from the SEC and other state and federal
regulators.
What
should I do if I have been the victim of securities fraud?
If
you or someone you love has been the victim of securities fraud
you should contact a securities fraud lawyer, a corporate fraud
lawyer, or an investment fraud lawyer. A securities fraud lawyer
will not only inform you of your rights as an investor, but also
help to recover some, if not all, of what you lost.
Contact
us: questions-regarding-securities-fraud@securitiesfraud.org
What
happened during the Worldcom scandal?
WorldCom
admitted to adjusting accounting records to cover its operation
costs and present a successful front to shareholders. Nine
billion dollars in discrepancies were discovered before the
telecom corporation went bankrupt in July of 2002. One of the
hidden expenses was $408 million given to Bernard Ebbers
(WorldCom’s CEO) in undisclosed personal loans.
What
happened during the Enron scandal?
Investigations
against Enron have uncovered multiple acts of fraudulent
behavior. Enron used illegal loans and partnerships with other
companies to cover its multi-billion dollar debt. It presented
erroneous accounting records to investors, and Arthur Anderson,
its accounting firm, began shredding incriminating documentation
weeks before the SEC could begin investigations. Money
laundering, wire fraud, mail fraud, and securities fraud are
just some of the indictments directors of Enron have faced and
will continue to face as the investigation continues.
What
happened during the Tyco
scandal?
Shareholders
were not informed of the $170 million in loans that were taken
by Tyco’s
CEO, CFO, and chief legal officer. The loans, many of which were
taken interest free and later written off as benefits, were not
approved by Tyco’s compensation committee. Kozlowski (former
CEO), Swartz (former CFO), and Belnick (former chief legal
officer) face continuing investigations by the SEC and the Tyco
Corporation, which is now operating under Edward Breen and a new
board of directors.
What
happened during the Merrill Lynch scandal?
Merrill
Lynch was indicted for investment fraud following an
investigation by N.Y. Attorney General Eliot Spitzer. Evidence
was found that Merrill Lynch investment analysts had given
favorable coverage to various failing corporations that happened
to be Merrill Lynch investment banking clients. Henry Blodget,
the company’s top Internet analyst, was discovered to have
written internal e-mails berating companies that he was publicly
giving accolades. Merrill Lynch paid a $100 million settlement
to the state of New York in May of 2002. The firm was fined an
additional $100 million following further SEC investigations.
What
happened during the Smith Barney scandal?
Investigations
into Salomon Smith Barney began in 2002. The company’s stock
ratings were suspected of having been influenced by the desire
to win and keep investment banking clients. Jack Grubman, Smith
Barney’s top Internet analyst, kept his ratings high on
telecom stocks through the telecom bust of 2001. In addition to
expressing skepticism over the integrity of Smith Barney's
ratings, investigators questioned why CEOs and directors of
Smith Barney's investment banking clients received IPO
opportunities that quickly made them millions.
What
happened during the Morgan Stanley scandal?
Morgan
Stanley’s top Internet analyst, Mary Meeker, is suspected of
having kept ratings high for companies she helped bring public.
Meeker assisted Morgan Stanley in deciding which companies’
IPOs it would underwrite. Her research had a history of being
reliable and exclusive (she only covered companies with strong
fundamentals); however, as Internet stock values began to fall,
her ratings stayed incongruously high when compared to the
actual value of the stocks. The firm recently settled
investigations by the SEC, and is now facing a suit by LVMH, a
luxury fashion conglomerate. LVMH claims that Morgan Stanley
published biased research in favor of Gucci, its competitor, out
of a conflict of interest.
If
you are the victim of a broker, brokerage, accountant, illegal
investment bank contact us today! If you have information
on securities fraud or corporate fraud contact us today we are a
private organization with government ties...we will NOT disclose
your name to the authorities we will collect information and
disseminate said information as we see proper to the authorities
and refer you to competent legal counsel...we are here for you!
I-was-a-victim-of-fraud@securitiesfraud.org
Write to:
Faq@securitiesfraud.org
Do
you need a Securities Fraud Attorney or Lawyer?
Let us help you
recover your losses. Get Help with Securities Fraud Now!
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Report-Rockbridge-Securties@securitiesfruad.org
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practices including without limitation Securities Fraud,
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