The White Law Group, LLC » Wachovia Securities

Securities Fraud Investigation Involving CIT InterNotes

CarterPA — Wed, 01 Sep 2010 20:37:07 +0000

The White Law Group is investigating securities fraud claims on behalf of investors involving CIT InterNotes.

The sale of CIT InterNotes to individual retail clients resulted from institutional investors growing reluctance to lend to CIT Group Inc. as they became increasingly aware of CIT’s deteriorating financial condition. By selling to individual retail clients, CIT was able to effectively offload risk individual investors.

CIT Group issued these debt instruments and they were marketed by brokerage firms to the general public as low risk and conservative. A key selling point of the CIT InterNotes was the “death put” feature (also known as the “survivor’s option.” This provision allowed the heirs of a bondholder to sell the bond back to the issuer at face value when the bondholder died. However, this “benefit” is contingent upon CIT’s continued financial health which, given CIT’s collapse, may have rendered the death put valueless.

While these investments appealed to many elderly and retired investors (because of the alleged safety and the “survivor’s option”), the investments were not suitable for retired investors and many investors have suffered catastrophic losses.

The sales of the CIT InterNotes by brokerage firms are now under scrutiny by FINRA. Specifically, FINRA is examining the sales practices of brokerage firms who sold CIT Internotes to their customers to determine whether the proper risk disclosures were made.

Various brokerage firms marketed and sold CIT InterNotes to investors including Banc of America, Incapital, Wachovia Securities, Wells Fargo Advisors, Edward Jones, UBS, RBC Capital Markets, Morgan Stanley, Bear Stearns, JPMorgan Chase, Citigroup, Merrill Lynch, and Raymond James.

If you have questions regarding CIT InterNote investments you made, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims throughout the country. To contact the firm, please call 312-238-9650.

Or, for more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Henry Thomas Goode, a former registered representative with Wachovia Securities in Melbourne, Florida, fined and suspended by FINRA.

CarterPA — Mon, 24 May 2010 13:27:04 +0000

FINRA recently announced that Henry Thomas Goode, a former registered representative with Wachovia Securities in Indialantic, Florida, has been fined $5,000 and suspended from association with any FINRA member in any capacity for 60 days. Without admitting or denying the findings, Goode consented to the described sanctions and to the entry of findings that he failed to execute a customer’s instructions to liquidate positions in the customer’s accounts, and the value of securities in the account declined precipitously with the customer incurring losses exceeding more than $1 million dollars.
According to his FINRA Broker Report (CRD), prior to working as a registered representative with Wachovia Securities, Henry Thomas Goode was a registered representative with Merrill Lynch.

If you have questions regarding investments you made with Henry Thomas Goode or Wachovia Securities, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims and handles matters throughout the country and Florida, including reviewing securities fraud cases in Mebourne, Indialantic, Palm Bay, Merritt Island, Sebatian, Cocoa Beach, Vero Beach, and Daytona Beach. To contact the firm, please call 561-961-5411. Or, for more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

Thailia Alisa Tucker, a former financial advisor for Wachovia Securities, LLC in Miami , Florida , barred from FINRA for securities fraud.

CarterPA — Tue, 19 Jan 2010 23:02:05 +0000

FINRA recently announced that Thailia Alisa Tucker, a former financial advisor for Wachovia Securities, LLC in Miami , Florida , has been barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Tucker consented to the described sanction and to the entry of findings that she misappropriated approximately $847,188.87 from customers’ account at her member firm and used the funds for her own use and benefit. The findings further stated that to facilitate her improper use and misappropriation of customer funds, Tucker caused international customers’ accounts to be removed from an abandoned status, caused the addresses for the accounts to be changed to addresses that she controlled, effected unauthorized sales of securities in the customers’ accounts, forged Letters of Authorization (LOAs) and Wire Transfer Agreements (WTAs) to transfer funds out of the customers’ accounts, and approved and processed the fraudulent LOAs and WTAs. Tucker’s actions caused her firm to maintain inaccurate books and records. Finally, the findings stated that, to make cash available, Tucker sold securities in several accounts with the customers’ knowledge or authorization, then transferred the proceeds to herself through relatives by wire or check.

In addition to working as a financial advisor for Wachovia Securities, Thailia Tucker was also a registered representative for Global Strategic Investments, LLC, First Union Brokerage Services, Inc., Raymond James & Associates, Dean Witter Reynolds, Inc., and Merrill Lynch, Pierce, Fenner & Smith, Incorporated.

If you have questions about investments you made with Thailia Tucker, or if you believe that you are the victim of a misappropriation or other conversion by your financial advisor, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a securities lawyer based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Florida, including reviewing securities fraud cases in Miami, Coral Gables, Coconut Grove, Key Largo, Aventura, Hollywood, Fort Lauderdale, Sunrise, and Deerfield Beach. For more information on the firm’s securities fraud practice, please visit http://www.carterpa.com. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999 or email us at contact@carterpa.com.

Maria Duarte Pumariega, formerly registered with Wachovia Securities in Miami, Florida, barred from FINRA for securities fraud violations.

CarterPA — Wed, 28 Oct 2009 13:30:26 +0000

FINRA recently announced that Maria Duarte Pumariega, a financial advisor formerly registered with Wachovia Securities in Miami, Florida, has been barred from association with any FINRA brokerage firm in any capacity. The sanction was based on findings that Pumariega, without permission or authority, converted approximately $140,000 in customer funds for her own purposes.

In addition to being barred from FINRA, Maria Duarte Pumariega was also criminally prosecuted and convicted of grand theft in the 1st degree by the 11th Judicial Circuit of Florida for her actions in the conversion of the client funds.

Prior to working as a stockbroker for Wachovia Securities, Maria Pumariega was a financial advisor with First Union Brokerage Services, Inc.

If you have questions about investments you made with Maria Pumariega or Wachovia Securities, or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. The Law Offices of David A. Carter, P.A. is a South Florida securities fraud, securities arbitration, investor protection, and Chapter 7 bankruptcy law firm based in Boca Raton. David Carter is a securities attorney that reviews securities fraud cases throughout the country and Florida, including securities fraud cases in Westin, Key Largo, Fort Lauderdale, Deerfield Beach, Coral Gables, Hollywood, Pompano Beach, and Aventura. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999, or email us at contact@carterpa.com. For more information about the Law Offices of David A. Carter, P.A., you can also visit our website at www.carterpa.com.

Maria Anne Harding, formerly of Wachovia Securities, LLC in Fort Myers, suspended from FINRA

CarterPA — Sat, 25 Jul 2009 15:14:47 +0000

Maria Anne Harding, registered as a financial advisor with Wachovia Securities LLC from May 2007 through July 2009, has been suspended from FINRA for a period of three months. Without admitting or denying, Harding consented to the findings that while he was registered with Wachovia she falsified a customer’s Individual Retirement Account opening documents by cutting and pasting the customer’s signature from one document on to others without the customer’s authorization or knowledge. According to Harding’s FINRA Broker Report, it does not appear that she has any previous compliance problems, so it is unclear whether Wachovia failed to adequately supervise Harding.

If you have questions about investments you made with Harding or the Fort Myers offices of Wachovia Securities (now Wells Fargo), the Law Offices of David A. Carter, P.A. may be able to help. The Law Offices of David A. Carter, P.A. is a South Florida securities fraud, securities arbitration, investor protection, and Chapter 7 bankruptcy law firm based in Boca Raton. David Carter is a securities attorney that reviews securities fraud cases throughout the country and Florida, including reviewing securities fraud cases in Fort Myers, Naples, Port Charlotte, Sanibel, Tampa, West Palm Beach, Delray Beach, Fort Lauderdale and Vero Beach. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999, or email us at contact@carterpa.com.