| Accused adviser's former employer pays restitution
The former employer of a Joplin investment adviser accused of fraudulent practices will pay more than $1 million in restitution in fines, penalties and fees, Missouri Secretary of State Robin Carnahan announced Thursday. Two Carthage couples and a Joplin woman, all former clients of adviser Mark L. Henry, joined Carnahan in Springfield to make the announcement. State authorities say Henry mishandled approximately $800,000 in clients� funds. In November 2006, the Securities Division of Carnahan�s office issued an order accusing Henry of opening an unauthorized personal bank account and using it to conduct business as Investment Centers of America Inc., the firm that Henry sold securities through from October 1994 to September 2005. He allegedly used the account to collect clients� funds during and after his employment with ICA.
Check It Out
Bob in Pittsboro continues to defend the lame Bank of America greeter. (If you're new to this debate, a couple of weeks ago we wrote about being faux customer-serviced by a BOA greeter, who pretended to be concerned about our needs. Bob shot back that we were a "grouch" for not appreciating BOA's interest in us, its valued customer. We responded with a list of things we could have done in the 15 minutes we had to wait to see our senior personal banker.) Today, Bob continues to portray BOA as the victim."Not only a grouch," writes Bob, "but a poor planner. From BOA's Web site, here's what you could have done online ... . " He goes on to list several things that can be done with online banking -- which we have and use, thank you very much, Bob. Several things except what we needed to do, which was transfer funds from a CD account to checking, a simple task that we should not have to enlist the aid of an SPB in the first place! Which adds to our, yes, grouchiness!Bob concludes by offering one more thing we could have done in the 15 minutes we waited to see our SPB: "Try doing the 15-Minute Desk Workout (www.youtube.com/watch?v=nKCPcRcJmqc) in the bank lobby.
Bank of America Launches Microsite
Bank of America Corp. has launched its "Bank the Way You Live" mircosite today in an effort to attract customers who want to do mobile banking. The site features characters that lead users through interactive demonstrations of each online and mobile banking product. Customers can find information on how to access accounts, pay bills, transfer funds, locate branches or ATMs and receive account alert text messages on their mobile phone. Customers can also see how to gather information and accounts for a clearer financial picture, all with layers of security to keep customers personal finance information protected. .
Probe recovers $780,000 from investment fraud
Missouri Secretary of State Robin Carnahan was in Springfield Thursday to announce the completion of an investigation resulting in the recovery of more than $780,000 in restitution from a firm whose former employee defrauded Missouri investors.
Carnahan�s Commissioner of Securities, Matt Kitzi, entered into a consent order on Nov. 9 with Investment Centers of America ICA, the former employer of a Joplin-area investment adviser, Mark L. Henry, who defrauded investors out of more than $800,000. The order will recover over $1 million in restitution, fines and penalties.
Henry was a Missouri-registered agent and investment adviser for ICA from October 1994 until September 2005. After his termination, Henry used a personal bank account to fraudulently continue conducting business as a representative of Investment Centers of America.
Financial News: No Hiding Place For European Banks
All eyes have been on the banking turbulence in the U.S., where first Stan O'Neal, chief executive of Merrill Lynch, and then Charles Prince, his counterpart at Citigroup, were made to walk the plank. Rarely have so many bank chief executives fallen in such a short period and don't believe this is the end of the bloodletting. Merrill Lynch and Citigroup shares may have been trampled underfoot but they were not alone in the U.S. Morgan Stanley's stock fell from a high of $90 to $ 52, a decline of more than 40%. Poor John Mack, chairman and chief executive, who was beginning to look as if he could walk on water, must have been devastated to realize the share price is barely higher than when he took over in summer 2005. Don't worry, John, because others in North America are feeling equal pain.
The Discipline Of the Dollar
See if you can identify the following country: Its currency is falling sharply in global markets; its speculative real estate bubble has burst; its financial sector is weakened by bad loans and lack of transparency. This economy is teetering on the edge of recession, and, thanks to borrowing so heavily abroad, its economic future is at the mercy of international creditors. I'm talking about Thailand, of course, as it stood 10 years ago -- on the edge of the devastating Asian financial crisis. But if that description bears more than a little resemblance to the United States today, then I have made my point: We have reached a junction in international financial markets -- and whether this produces a smooth transition or a convulsive crisis will be shaped by decisions made in coming months.
Will Your Money-Market Fund 'Break the Buck'?
NEW YORK -- One of the safest and, lately, most attractive places for people to park some of their savings -- the money-market account -- is suddenly looking a little less secure thanks to fallout out from the mortgage mess. Bank of America became the latest financial company to announce plans to shore up a group of money-market funds, in its case with a $600 million reserve. Its move last week raises questions about whether this category of savings might suffer hits that are serious enough to cause losses for investors. .
19-11-2007: StanChart e$aver advocates flexible banking
KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd has launched an online banking product, the e$aver, which is designed to complement regular savings or checking accounts. The e$aver offers high interest rates of up to 3.5% on savings while providing the flexibility of managing funds online with no lock-in period. Without the need for a minimum amount, it comes with no maintenance fee, no minimum balance fee, no over-counter fee as well as no StanChart ATM withdrawal fee. “With this latest initiative, we expect a total of 40,000 new sign-ups which would further strengthen our targeted 10% growth rate," said Shyam Srinivasan, StanChart Malaysia country head of consumer banking. An early bird bonus interest of 0.25% per annum will added onto the account for customers who sign up before Dec 31, 2007.
U.S. seeks arrest of man in Portugal on bank threat charges
Federal prosecutors said Tuesday they are seeking the arrest of a U.S. citizen in Portugal on charges of making phone threats to blow up a Miami Beach bank and who may be behind dozens of other extortion calls to retail outlets and banks around the country, including in Newport, R.I. A grand jury indictment unsealed Tuesday charges Allan Guedes Sharif, who also claims Portuguese citizenship, with threatening to bomb the Miami Beach bank on March 27 unless employees there gave an alleged accomplice $20,000. The indictment also charges Sharif with making similar threats the same day at two other Miami-area banks in an attempt to win release of the second man, Paulo Manuel Da Silva Almeida. Almeida pleaded guilty to federal conspiracy charges in September and is awaiting sentencing.
News Index
Four UNBC undergraduate students spent two summer months in Ghana, Africa, on a mission to rescue children from a life of slavery. The mission was successful for Randi George, Mike Munro, Natasha Moffatt and Rhayna Archer, who rescued three boys, aged six to nine, from the fishing industry that is estimated to have enslaved 200,000 children aged three to 15 years. "These boys worked for a fishing master 14 hours a day , seven days a week bailing out boats and diving into the water to pull up or unsnare fishing nets on Lake Volta ," said George "They are malnourished from one meager meal of a mixture of yams and casaba. They are sexually and physically abused, and if caught when trying to run away, they are badly beaten. The mortality rate is high. Many drown and others who die are just tossed into the water." The three boys, Sakorah, Macho and Famous, courageously took their lives into their own hands and took off in a boat.
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