Wallstreet scams

Discussion in 'Wall St. News' started by oraclewizard77, Jun 6, 2008.

  1. oraclewizard77

    oraclewizard77 Moderator

    Hi gramps, this is your cousin, the one who got the job as a financial analysis at JP Morgan Chase.

    No, I am not a stock broker, we are all called financial analysts.

    Anyway, I can get you a higher dividend payment than on your money market account. Yes, its totally safe, would I lie to you? Its called an auction rate security. No, I don't really know what it is either, I mean if I had a math degree, I would not be working here. Ok, no problem we will put your life savings in it. Thanks for your business.


    The Law Offices of Curtis V. Trinko, LLP has commenced a class action lawsuit in the U.S. District Court for the Southern District of New York seeking to recover damages on behalf of all persons who purchased or acquired Auction Rate Securities from JP Morgan Chase & Co., and J.P. Morgan Securities, Inc. (“Defendants”) between May 16, 2003 and February 13, 2008, inclusive (the “Class Period”).

    The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceptively offering for sale Action Rate Securities, and represented to investors that these securities were the equivalent of cash or money-market substitutes, and/or other short term investments that were highly liquid and could be purchased with a minimum investment of $25,000. Defendants were deceptive in that they failed to disclose to consumers that auction rate securities are long-term financial instruments with maturities of 30 years to perpetuity, and that such securities were only liquid due to Defendants and other broker-dealers creating an artificial market for auction rate securities by manipulating the auction process. On or about February 13, 2008, Defendants and other major broker-dealers withdrew their support of these securities, causing holders of auction rate securities offered by the defendants as being highly-liquid investments to be left with no means of liquidating their holdings.

    If you purchased or acquired auction rate securities from JP Morgan Chase & Co., or J.P. Morgan Securities, Inc. during the Class Period, and continue to hold such securities as of February 13, 2008, you may, no later than July 15, 2008, request that the Court appoint you as lead plaintiff.