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The Wall Street scandal exposed the nation’s largest investment firms have been involved in bank fraud. The banks were giving biased stock advice to investors and the bank fraud has caused monetary losses for a large number of investors. When the global settlement became final at the end of April 2003, three of the nation’s largest investment firms had evidence of bank fraud.
The global settlement was considered the largest overall monetary payment in Wall Street history, an opportunity to eliminate bank fraud from occurring according to some people. Other people believe bank fraud is such a widespread problem among investment firms that the recent global settlement will fail to make any major impacts. The global settlement involved ten Wall Street firms, with three of the firms having evidence of bank fraud. The announcement that the settlement has become final is expected to cause many bank fraud lawsuits from investors that have been cheated out of their money.
A recent Securities and Exchange Commission (SEC) survey of 15 large brokerages shows that 13 of them appeared to give preferential treatment to fund companies from whom they received financial compensation. Techniques ranged from featuring the fun...
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