The Financial Industry Regulatory Authority panel last week awarded the Callas Foundation roughly $265,000 in damages and interest after determining that Morgan Keegan concentrated 60% of the charity's account in "unsuitable speculative investments." The Callas Foundation's attorney, Jim Dunlap, a principal at James A. Dunlap Jr. & Associates LLC, said Tuesday that the charity lost $231,000 through its investments with Morgan Keegan.

Morgan Keegan, based in Memphis, also was ordered to pay about $8,000 in arbitration fees. During the arbitration Morgan Keegan denied any wrongdoing. A call to Morgan Keegan for comment was not immediately returned.

Morgan Keegan's owner, Regions Financial Corp. of Birmingham, Ala., put Morgan Keegan up for sale in June. News reports in recent days have said that Regions is close to securing a deal either Raymond James Financial Inc. or Stifel Financial Corp. at a price of between $900 million and $1 billion.

Jackie Stewart writes for American Banker.