According to an article in today’s the U.S. Securities and Exchange Commission (SEC) is expected to fine Morgan Keegan & Co. $200 million for the alleged fraudulent marketing and sale of the RMK family of bond funds. The SEC also charged Fund manager Jim Kelsoe with fruad.
Apparently Morgan Keegan had already accepted the fine as the parent company Regions Financial Corp. took a $200 million charge against its second quarter 2010 earnings.
The attorney’s at Colling Gilbert are currently litigating and recovering investor losses related to RMK bond funds. If you have lost money in any of these funds, please contact us for a case evaluation. Thank you.