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  • teejay2go teejay2go Mar 18, 2013 10:34 PM Flag

    HSBC fined 1.5 million us dollars

    who would trust this pos?

    FINRA Fines HSBC Securities (USA) $1.5 million, US Bancorp $275,000 for Auction Rate Securities Violations

    Sentiment: Strong Sell

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    • You are making an #$%$ out of yourself teejay.

      Sentiment: Strong Buy

    • FINRA Found HSBC Sold ARS After Increased Risk Became Apparent; Both Firms Voluntarily Bought Back Over $700 Million in ARS from Customers

      Washington, DC — The Financial Industry Regulatory Authority (FINRA) announced today that it has settled charges with two additional firms relating to the sale of auction rate securities (ARS) that became illiquid when auctions froze in February 2008 – HSBC Securities (USA) and US Bancorp Investments, Inc.

      HSBC, which was fined $1.5 million, had by July 2008 repurchased more than 90 percent of its then current customers' ARS holdings and in October 2008 it offered to repurchase all of the remaining ARS held in those customers' HSBC accounts. In total, HSBC repurchased more than $562 million of ARS held by its customers. As part of the settlement announced today, HSBC has agreed to offer to repurchase additional ARS sold to certain customers who transferred accounts before its previous buy-backs and to customers who chose not to participate in its prior offers.