Tuesday, January 12, 2010
Investment News reports that two former independent financial advisers are suing the State of Utah and its Division of Securities, alleging violations of due process and civil rights. In essence, they charge that the regulators drummed them out of the business for malicious reasons. Among their charges -- the Division posted false press releases calling the advisers "poster boys" for securities fraud and paid Google a fee so that the releases would appear at the top of Google searches.
Plaintiffs seek over $350 million in damages. InvNews, Regulators ‘gone wild’? Advisers sue state of Utah.