Securities Fraud Attorney Mark A. Tepper Files Claim Alleging Bear Stearns nearly wiped out Client’s Million Dollar Investment by Concealing Toxic Subprime Losses
Read the Press Release below.
Ft. Lauderdale & New York. Oct. 2, – Securities Fraud Attorney Mark A. Tepper filed claim today against Bear Stearns (BSC) and its new owner, JPMorgan Chase & Co.(JPM), alleging the investment banking firm nearly wiped out his client’s million dollar investment by concealing off-balance-sheet liabilities, liquidity problems and over exposure to the subprime market.
The claim filed before the Financial Industry Regulatory Authority (FINRA), on behalf of a South Florida investor, contends that Bear Stearns was holding too much illiquid sub-prime or “toxic debt”, at inflated prices with insufficient demand to sustain prices. Instead of full disclosure, Bear Stearns put its own financial interests ahead of its shareholders by issuing misleading assurances that minimized any subprime problems and misstating that the investment bank was liquid and diversified, the claim alleges.
It alleges that Bear Stearns violated the Florida Investor Protection Act (FIPA) and the rules of the National Association of Securities Dealers (NASD), the New York Stock Exchange (NYSE) and Federal Securities law.
The claim further alleges that there was no real market for Bear Stearns’ enormous, high risk, over leveraged subprime holdings at the inflated prices at which they were carried on Bear Stearns books. Inevitably, the claim argues, inflated values were punctured and the air swept out of Bear Stearns’ balance sheet, leaving the South Florida investor holding the proverbial bag.
About Mark A. Tepper, P.A.
Fort Lauderdale, Florida Attorney Mark A. Tepper has earned a national reputation as “Investor Advocate” while practicing law for over 30 years and representing investors in criminal and civil actions. An elected Board Director of the Public Investors Arbitration Bar Association (PIABA) he has authored numerous legal articles on securities arbitration and lectured before the North American Securities Administrators Association (NASAA) which has presented him with an “Outstanding Service Award.” He addresses professional associations, clubs and financial organizations in South Florida in an effort to educate the public on securities fraud. A member of the Florida, New York and California Bars he is AV®-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
MEDIA CONTACT:
Mark Hopkinson, NewsMark Public Relations
561-852-5767 mhopkinson@newsmarkpr.com