Waddell & Reed Inc. Investment Attorneys

The investment lawyers at Gana Weinstein LLP represent clients who have been the victims of securities related misconduct. Our firm is experienced in holding brokers and brokerage firms, such as Waddell & Reed Inc. (Waddell & Reed), responsible for their misconduct. Among the claims that our firm may bring are causes of action such as misleading communications, securities fraud, and unauthorized trading and individual investment products like leveraged exchange traded funds,private placements, and penny stocks.

When a potential client contacts our offices they can expect that our attorneys will have the ability to evaluate the potential claims and analyze the client’s trading activity for red flags of misconduct. Our consultations are designed to help provide answers to client questions and explore available options.

Waddell & Reed Financial, Inc. is an asset management and financial planning company that was founded in 1937. The firm has been publicly traded since 1998 and has its headquarters in Overland Park, Kansas. The firm operates asset management and distribution subsidiaries Ivy Investment Management Company and Waddell & Reed Investment Management Company. The brokerage firm distributes products through three primary channels that include the Advisors channel, the Wholesale channel, and the Institutional channel.

Waddell & Reed – By the Numbers:

• CRD# 866
• SEC# 8-27030
• 27 Regulatory Events
• 11 Customer Complaints
• Revenue: $426 million - 2013
• Account Assets: $49 billion - 2013
• Offices: 419
• Representatives: 1,902

Waddell & Reed – In the News:

NASD v. Waddell & Reed, Inc. – The NASD fined Waddell & Reed, Inc., of Overland Park, KS, concerning allegations that thousands of variable annuity exchanges were made as part of the firm's national switching campaign. Waddell & Reed agreed to repay up to $11 million to more than 5,000 customers whose annuities were exchanged by the firm. In addition, the firm agreed to pay a fine of $5 million to NASD and a fine of $2 million to state regulators. The NASD charged Waddell & Reed with violating its obligations under NASD's suitability rule by failing to take reasonable steps to ensure that recommended variable annuity exchanges were in the best interests of customers.

FINRA v. Jill Meredith Carr – According to the letter of acceptance, waiver and consent (“AWC”) submitted Jill Carr, she worked for Waddell & Reed, Inc until her termination in July 2012 when she was terminated for allegedly forging customer signatures. According FINRA, from December 2011 through June 2012, Carr forged signatures of at least 15 Waddell & Reed customers on at least 24 forms. It was also alleged that Carr also altered information on other account forms after the forms were signed by the customers. Specifically, it was alleged that in connection with suitability updates, Carr forged the signatures of at least six customers on at least 12 update forms without their knowledge.