Colling, Gilbert, Wright & Carter Securites Fraud

The word has been out since the end of last year. See the Memphis Flyer online article

The story has only gotten worse for those investors and Morgan Keegan appears to be taking a hard line approach with their former clients. To my knowledge none of the clients who lost upwards of 75% of their principal have been contacted and offered any kind of compensation. Rather the regional broker-dealer is bracing for class action lawsuits and individual arbitration claims on behalf of thousands of angry investors. While many short-term bond and high income funds have suffered losses related to sub-prime mortgage backed securities, Morgan Keegan/Regions has clearly set the bar for poor fund management and inadequate risk disclosure. Further, unlike at least one similarly situated fund company (see Charles Schwab blog entry), the Company has not made any attempt to compensate their clients for even a portion of their losses, leaving the class action suits or individual arbitration claims as the only investor recourse.

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