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.
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