Galvin subpoenas BofA, 6 others over alternative investments

William Galvin, secretary of the Commonwealth of Massachusetts, has sent subpoenas to seven big banks and investment firms for “targeting the elderly pitching high-risk investments,” reported the Boston Business Journal. More

To continue reading this article, please do one of the following.



banking

Galvin subpoenas BofA, 6 others over alternative investments

BLOOMBERG FILE PHOTO/DANIEL ACKER
BANK OF AMERICA CORP. is among seven large banks and investment firms that have been sent subpeonas Massachusetts Secretary William Galvin.
Posted 7/11/13

BOSTON — William Galvin, secretary of the Commonwealth of Massachusetts, has sent subpoenas to seven big banks and investment firms for “targeting the elderly pitching high-risk investments,” reported the Boston Business Journal.

Bank of America Corp.’s Merrill Lynch division, Charles Schwab Corp., Fidelity Investments, Morgan Stanley & Co. LLC, TD Ameritrade Inc. and UBS Financial Services all received subpoenas.

In a statement Galvin referred to alternative investments such as real estate investment trusts, oil and gas partnerships and investments offered through private placement.

Gavin’s office said in a release that his recent investigations into alternative investments have “put him on high alert for abuses by the people who sell them,” said the news source.

“While the products are not unsuitable in and of themselves, they are accidents waiting to happen when they are sold to inexperienced investors by untrained agents who push the products to score the large commissions associated with alternative investments,” Galvin told BBJ.

Calendar
PBN Hosted
Events

Save the Date - Thursday, May 29th - for the Business Women Awards Luncheon at the Providence Marriott. Winners to be announced May 2nd.
  • Manufacturing Awards
    Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thur ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News