Investment companies in the news

"Anyone not aware of the fool in the market probably is the fool in the market." Warren Buffett 

Wall Street and the mutual fund industry have a history of operating on a double standard. Given their opportunity and motivations, some companies and individuals have used their trusted relationships to manipulate the system "in ways that harm ordinary long-term investors" for their own benefit.

• Merrill Lynch's "investment advice tainted by conflicts of interest. A core issue was whether or not analysts were being truthful and fair..."

• ING "inducement to endorse and promote ING group annuity plans with biased investment advice."

• Prudential Equity Group "brokers defrauded at least 50 mutual funds and their investors."

• Waddell & Reed "permitted illegal trading of its funds."

• H&R Block Company "steered hundreds of thousands of customers into IRAs with hidden fees and low interest rates."

• Founders of PBHG, "a leading mutual fund family, personally pay more than $120 million in restitution to investors and accept a lifetime ban from the securities industry."

• Robertson Stevens "managers and executives knew that arrangements with market timers were contrary to claims made in the company's prospectus and harmful to long-term investors."

• Invesco Funds Group "rapid-fire transactions which damaged typical long-term investors."

• Banc One "investigation found that preferred investors were allowed to engage in improper, frequent short-term trading of Banc One mutual funds while diluting the funds’ returns to shareholders."

• MFS, "the nation's 10th largest mutual fund retailer, permitted certain customers to engage in improper trading activity that cost typical investors at least $175 million."

• Putnam "mutual funds' fee structure has benefited management companies at the expense of investors."

• Janus "allowed preferred investors to engage in improper, frequent short-term trading of Janus mutual funds while diluting the returns of other fund shareholders."

Search the New York Attorney General's website for your investment company.