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San Diego-based WFP Securities sold California residents $27.1 million worth of notes in Medical Capital Holdings, which the Securities and Exchange Commission considered a fraud, according to a suit filed April 29 by Bank of New York Mellon. WFP sold 325 of dubious MedCap notes, according to the suit. Bank of NY Mellon and Wells Fargo were trustees in Medical Capital and were sued in a class action suit in 2009. In essence, the two banks want the broker-dealers that sold the notes, such as WFP, to share in the losses if the big banks are found liable. WFP and a web of related enterprises were subjects of my column April 20. There are 16 arbitrations and 4 written demands against the WFP enterprises because of dubious investments it sold. MedCap was considered one of the worst.
Pictured: WFP headquarters in Sorrento Valley
San Diego-based WFP Securities sold California residents $27.1 million worth of notes in Medical Capital Holdings, which the Securities and Exchange Commission considered a fraud, according to a suit filed April 29 by Bank of New York Mellon. WFP sold 325 of dubious MedCap notes, according to the suit. Bank of NY Mellon and Wells Fargo were trustees in Medical Capital and were sued in a class action suit in 2009. In essence, the two banks want the broker-dealers that sold the notes, such as WFP, to share in the losses if the big banks are found liable. WFP and a web of related enterprises were subjects of my column April 20. There are 16 arbitrations and 4 written demands against the WFP enterprises because of dubious investments it sold. MedCap was considered one of the worst.
Pictured: WFP headquarters in Sorrento Valley