Virginia has an influx of cash coming after a settlement with Citigroup and Bank of America.
Auction-rate securities
Was LandAmerica’s 1031 business a Ponzi Scheme?
The gloves have come off as former LandAmerica customers fight to retrieve money they gave to the company to hold for a few months. Lawyers representing former customers of LandAmerica’s 1031 Exchange business have filed two class action lawsuits against the company, alleging that the Richmond-based firm committed fraud and was using money from new… Read more »
Auction-rate insecurity: Local investors and businesses still waiting to get money
Some local businesses and individuals are still trying to get their money out of auction-rate securities – bond funds that were thought to be as accessible as savings accounts but became frozen. BizSense reported in April that investors with Wachovia Securities, Davenport & Co. and Charles Schwab could not get money from mutual funds that… Read more »
Auction-Rate Insecurity
At least three Richmond investment firms are having trouble retrieving client money from investments that were thought to be short-term and low-risk. Individuals and businesses that invest with Davenport & Company, Charles Schwab and Wachovia Securities might be unable to access money from certain mutual funds that invest in municipal bonds, also known as auction-rate… Read more »