Justia Lawyer Rating for Adam Julien Gana Super Lawyers The National Trial Lawyers Martindale-Hubbell AVVO

Waddell & Reed Inc. Investment Attorney

Our law firm represents investors that have been mistreated by their financial advisors and brokerage firms, such as Waddell & Reed Inc. (Waddell & Reed). Many investors do not realize when their brokers engage in securities misconduct. Securities related misconduct falls under many different categories including breach of fiduciary duty, unsuitable asset allocation, false representations, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct in the handling of your account.

Waddell & Reed Financial, Inc. (NYSE: WDR) is an asset management and financial planning company with headquarters in Overland Park, Kansas. The company distributes products through the Advisors channel - a network of personal financial advisors -; the wholesale channel that includes unaffiliated broker/dealers and advisors; and the institutional channel.

Waddell & Reed is affiliated with, under common control, or otherwise performs business under the company names Ivy Investment Management Company, and Waddell & Reed Ivy Investment Company.

Waddell & Reed – By the Numbers:

  • CRD# 866
  • SEC# 8-27030
  • 27 Regulatory Events
  • 11 Customer Complaints
  • Number of Retail Offices: 419
  • Total Revenues: $361 million - 2012
  • Total Client Assets: $39 billion – 2012
  • Representatives: 1,875 - 2012

Waddell & Reed – In the News:

NASD v. Waddell & Reed, Inc. – The NASD fined Waddell & Reed concerning thousands of variable annuity exchanges. Under the terms of the settlement, Waddell & Reed paid $11 million to more than 5,000 customers whose annuities were exchanged by the firm. The firm also agrred to pay a fine of $5 million to NASD and a fine of $2 million to state regulators. In a press release NASD Vice Chairman Mary Schapiro stated that "Placing the client's interests first and assessing the suitability of any recommendation are two of the fundamental principles under which every firm must operate in every securities transaction," and that "Waddell & Reed violated these principles by engaging in a deliberate campaign, motivated by its own business interests and not those of its clients, to switch customers from one variable annuity to another. These switches were recommended without regard to whether the transactions were in the customers' best interests and caused investors to incur substantial unnecessary expenses."

In re Waddell & Reed, Inc., et al, S.E.C. Release No. 54193, (Jul. 24, 2006) - The Securities and Exchange Commission (SEC) fined the mutual fund management group Waddell & Reed Financial Inc. $52 million and ordered the firm to cut fees by $25 million over five years to settle allegations that three of its units allowed improper trading in shares of their funds. The SEC said Waddell would pay a $10 million fine and disgorge $40 million in improper gains, and pay $2 million to the Kansas securities commissioner's office. In addition, the firm agreed with the state of New York to reduce fees charged by Waddell & Reed Advisors Funds and W&R Target Funds by $5 million a year over the next five years.

The attorneys of Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.

Client Reviews
Thank you Adam and all your colleagues for the professionalism and diligence in the final settlement of our securities fraud case. When a past law firm group turned our case down, you and your firm took on the case and we thank you for the great outcome. We would highly recommend your firm. Gloria K.
I will never forget how much you helped me by winning my case! I never thought I would see any money from my investment. I admire the way you fight for everyday people against big companies. Thank you so much! Myra W.
Adam is an outstanding lawyer. I have worked on several cases with Adam and look forward to working with him again in the future. Rob D. - Co-Counsel.
If you want an attorney that is easy to talk to and genuinely cares about your legal situation, contact Adam Gana. He helped me settle a difficult contract dispute. When you work with Adam, he makes you feel as if you are his top priority. He will call you regularly to stay on top of the situation and submits all necessary legal documentation in a timely manner. His writing is excellent, his demeanor professional, and his work exceptional. Nancy N.
Adam helped me recover money from my broker when I thought all was lost. My house was about to be foreclosed, and I lost everything. Adam came in and saved my life. Jean C.