In a letter to investors, Morgan Keegan & Co. CEO John Carson said that recent fraud charges against the company by state and federal regulators won't harm its accounts and added that the firm intends to defend itself against the charges.
"First and foremost, I want to reassure you of the safety of your accounts held with Morgan Keegan," Carson said last week. "These charges, which relate to a mutual fund management business that was sold in 2008, should not be construed as claims against the business of the firm as a whole."
Morgan Keegan has been accused by the Securities and Exchange Commission, Financial Industry Regulatory Authority and a number of states of manipulating prices on subprime securities.
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