Here's something you might be interested in.
WFP Securities, the San Diego County brokerage whose extremely dubious investments were featured in my April 20 column, has told the Financial Industry Regulatory Authority that it is shutting its doors, according to Investment News. WFP has $14 million in legal claims against it. It put $27 million of client money into MedCap, which was disciplined by the Securities and Exchange Commission and appears to have been a Ponzi-like scheme. WFP had 40 brokers. A week ago, I was told WFP had sent a memo to staffers about the closing. But I couldn't get confirmation. I called WFP and after I identified myself, the employee hung up. Lawyers who had dealt with the company couldn't get confirmation, either. There are numerous arbitration claims against WFP.
WFP Securities, the San Diego County brokerage whose extremely dubious investments were featured in my April 20 column, has told the Financial Industry Regulatory Authority that it is shutting its doors, according to Investment News. WFP has $14 million in legal claims against it. It put $27 million of client money into MedCap, which was disciplined by the Securities and Exchange Commission and appears to have been a Ponzi-like scheme. WFP had 40 brokers. A week ago, I was told WFP had sent a memo to staffers about the closing. But I couldn't get confirmation. I called WFP and after I identified myself, the employee hung up. Lawyers who had dealt with the company couldn't get confirmation, either. There are numerous arbitration claims against WFP.