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more_legal_areas stock_fraudSecurities fraud has been an extremely prevalent topic recently in light of the Wall Street scandal. Described as one of the most embarrassing incidents in Wall Street history, securities fraud evidence was found to affect the biggest firms on Wall Street. As of April 28, 2003, the global settlement involving ten investment banking firms became final, with three banks having evidence of securities fraud.
The evidence that securities fraud was occurring inside of Wall Street’s largest firms was not surprising to many people. Always suspected, securities fraud has taken advantage of investors. Now, with the announcement of the global settlement becoming final, many securities fraud lawsuits are expected to emerge from securities fraud victims seeking monetary losses that some estimate to be in the billions. Securities fraud is stealing and the discovery that securities fraud infected so many investment banking firms has resulted in a very low investor confidence.
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...