Defendant Name:
Morgan Keegan & Company, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Regions Financial Corporation
SIC Code:
6021
CUSIP:
7591EP10
Document Reference:
comp21143
Document Details
Legal Case Name
SEC v. Morgan Keegan & Company, Inc.
Document Name
Complaint
Document Date
21-Jul-2009
Document Format
Civil Proceeding
Case Number
09-cv-01965
Federal District Court
Georgia, Northern District of Georgia
Allegation Type
Broker Dealer
Document Summary
The SEC stated: "Beginning in late 2007, Morgan Keegan misled thousands of its customers regarding the fundamental nature and increasing risks associated with auction rate securities that Morgan Keegan underwrote, marketed, and sold."
Related Documents:
SEC Charges Morgan Keegan & Company, Inc. with Fraudulent Marketing and Sales of Auction Rate Securities
The SEC stated that: "[I]t has filed a complaint in the U.S. District Court for the Northern District of Georgia against Morgan Keegan & Company, Inc. ("Morgan Keegan"), a Tennessee-based broker-dealer, for misleading investors regarding the liquidity risks associated with auction rate securities ("ARS") that the firm underwrote, marketed, or sold."
2009-166
21-Jul-2009
Press Release--Civil Action
SEC Charges Morgan Keegan for Fraudulent Marketing and Sales of Auction Rate Securities
The SEC stated that: "[It] charged Tennessee-based broker-dealer Morgan Keegan & Company, Inc. for misleading thousands of investors about the liquidity risks associated with auction rate securities (ARS), and the agency is seeking a court order requiring Morgan Keegan to repurchase the illiquid ARS from its customers."
Judgment
The Court stated: "[I]t is Ordered and Adjudged that Morgan Keegan shall pay a civil monetary penalty in the amount of $110,500 and that Keegan offer to repurchase any remaining ARS and ARPS it sold to, and that are still held by, Tillis, Ali, Wells, Ellis, Withers, Kipp, Landy , Farmer, Kartalis, Gaskin, Doega, Hubbell, Jennings, Koenig, Alter, Cook, and Jones."
