Alabama Securities Commission Continues To Investigate Morgan Keegan
After attempting to divert attention to something other than their own wrongdoing, the Alabama Securities Commission’s internal investigation has revealed that there was no harm done when a Birmingham lawyer accidentally released confidential Morgan Keegan client information to the commission. The issue raised by Morgan Keegan was a feeble attempt to cast doubt about the handling of the fraud investigation against them and their toxic RMK funds. The funds involved include the Select Intermediate Bond Fund; Select High Income Fund; RMK High Income Fund; RMK Strategic Income Fund; RMK Advantage Income Fund; and the RMK Multi-Sector High Income Fund. Although depicted as being different, the performance of each fund was essentially the same, producing massive losses for investors who had been told the funds were safe. Now the commission can continue the investigation of fraud on the part of Morgan Keegan and whether they should be barred from selling securities.