Morgan Keegan hearing sought

Morgan Keegan & Co. and three employees have sought an administration hearing on allegations that its brokerage firm cost investors, including retirees, more than $2 billion through fraudulent and reckless business practices.

Mississippi Secretary of State Delbert Hosemann said the hearing will be held Oct. 5 in Montgomery at the offices of the Alabama Securities Commission

Several states, the Securities and Exchange Commission and the Financial Industry Regulatory Authority on April 7 announced administrative actions against Morgan Keegan, a subsidiary of Birmingham-based Regions Financial Corp.

No criminal charges have been filed.

Morgan Keegan has said the charges are based on incorrect analysis of the facts and the law.

Clarion-Ledger
4/30/10