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 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 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.

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