Avondale launches new division

Company brings in two Stanford Group veterans to launch 'Private Client Group'
Apr 21, 2009 11:54 AM

BioMimetic lightens its auction-rate load

In registering papers related to its upcoming $17 million rights offering, the Franklin-based biotech (Ticker: BMTI) says it last week sold $6 million worth of auction-rate securities at full value. The securities had been in limbo since the auction-rate market seized up early last year, stinging many a company, including Nashville-based Louisiana-Pacific. On a related note, the company has filed an arbitration claim against Deutsche Bank Securities over auction-rate securities it bought on behalf of BioMimetic.
Apr 15, 2009 10:42 PM

Guv candidate: Local AIG group lost $1B

Ward Cammack knows this because he and a partner looked at buying American General's Brentwood division. But the losses sustained due to an asset-lending program designed to goose returns ended that conversation. From a Cammack blog post:
Maybe AIG should have voluntarily disclosed the details of how the collateral from the asset lending program was invested. The fact that the AIG Tennessee subsidiary was involved in asset lending was artfully hidden in a two-page note to their financial statements. Contrast that to the required disclosure of their invested assets. Each asset is individually detailed in their annual statement, so that policy holders, investors, regulators, and employees can know exactly what the risks are from those investments.
Apr 12, 2009 10:56 PM

Financial adviser pleads guilty to fraud charges

From AP:
A financial adviser from the Chattanooga suburb of Ooltewah has pleaded guilty to federal fraud and tax charges. A statement from the U.S. attorney's office in Knoxville shows that 40-year-old Delbert Foster Blount III, in a deal with prosecutors, pleaded guilty to one count of mail fraud, one count of wire fraud and five counts of income tax evasion.
Apr 6, 2009 11:13 AM

Stealing from a symbol of freedom

From the AP:
A nonprofit organization that's helped repopulate Tennessee's bald eagle population may have lost $500,000 through a Gatlinburg stock trader accused of running a Ponzi scheme.
Apr 3, 2009 8:29 AM

Nashville native sued over Madoff role

Massachusetts' securities regulator is taking on Walter Noel and his Fairfield Greenwich asset management business. Noel, a graduate of MBA and Vanderbilt, led an investment team that, over the course of two decades, placed more than $7 billion of client money with Bernie Madoff.
Fairfield kept a database of standard responses for investors who questioned how safe the Madoff funds were, according to the complaint. In one response, Fairfield told concerned investors that Citco, the main clearinghouse for hedge fund transactions, had not been charged with verifying Madoff’s assets, but reassured them that there was adequate due diligence on the Madoff funds...
SEE ALSO: Noel's assets are now on ice.
Apr 1, 2009 12:20 PM

FOX Business sues SEC over Stanford

From TVB:
Fox Business Network is suing the U.S. Securities and Exchange Commission for failing to respond to an expedited request for information under the Freedom of Information Act, the news franchise alleged. The initial request, filed on Feb.26, 2009, sought records of potential securities violations by Stanford Financials Group, its affiliates and its chairman, R. Allen Stanford. The request included the commission’s response to complaints and tips, and any resulting actions. The SEC charged Stanford last month with running an $8 billion Ponzi scheme.
Mar 24, 2009 8:58 AM

Hey kids, saving is fun and cool!

Disney is partnering with T. Rowe Price to build a new exhibit at Walt Disney World's Epcot resort.
The Great Piggy Bank Adventure will offer lessons on four key financial themes: setting goals, saving and spending smartly, staying ahead of inflation, and diversifying your investments.
So Johnny, now you can find out how those billions in federal bailout dollars will make our grocery bill jump in about three years...
Mar 19, 2009 11:00 AM

Pinnacle adds music industry vet

Mar 17, 2009 3:55 PM