joe is the kind of guy who will demand free tix to a charity fund raiser. a real fat piece of southern slime

Bank of America admitted to skimming off the top from retirees ? again.

The country?s No. 2 lender has now paid a total of about $90 million in fines and restitution for ripping off charities and small business retirement plans through 2011, according to the Financial Industry Regulatory Authority, the self-funded regulator for US brokers.

The latest fine from the watchdog group ? about $32.4 million on Monday ? included $24.4 million in restitution to customers, including small business? retirement accounts.

Merrill Lynch, which was acquired by BofA in 2009, added extra mutual-fund charges for small business retirement plans for five years, even after discovering that it shouldn?t, the watchdog said.

?From at least January 2006 through December 2011, Merrill Lynch disadvantaged tens of thousands of small business retirements plan customers,? according to the settlement.

The fees were applied to some of the most popular companies managing mutual funds, from Fidelity to Pimco, the settlement said.

?It?s nothing on their end ? it?s on us,? said Bill Halldin, a BofA spokesman.

Bank of America didn?t admit or deny guilt in the charges.

The charges, which the bank calls ?discrepancies,? weren?t in individual brokerage accounts or in IRAs, Halldin said.

The skimming affected 6,800 accounts for charities and 41,000 for small businesses, Finra said.

?[I]nvestors must be able to trust that their brokerage firm will offer the lowest-cost share classes available to them,? Brad Bennett, Finra?s head of enforcement, said in a release.

On top of the restitution came $8 million in fines.

Earlier, the Charlotte, NC, bank paid about $65 million to make charities financially whole.

The fine comes as the bank is reportedly facing $17 billion in fines for its role in selling bad mortgage-backed securities.

Those proposed fines, which the bank is negotiating with US prosecutors, would likely be the largest fine ever for a US bank, after JPMorgan Chase paid $13 billion last year to settle similar charges without admitting or denying guilt.

BofA had spotted the fees but relied on the Merrill Lynch financial adviser handling each client account to determine if it should get sales charges waived on mutual-fund purchases, Finra said.

But the bank ?failed to adequately supervise the sale of these products, or properly train or notify the advisers about lower-cost alternatives.?

Shares of the bank were down more than 1 percent, to $15.28, at the end of trading on Monday.


















Filed underBank of America, Fines

Joe Ondris is the king of B***s***!!!!!!

I wouldn't know.  You seem to think I'm someone else.  Too bad you're wrong.

Nope.  You look like the loser here.

DIDN'T YOU GO BANKRUPT JOELLEN ?

I see the where no information was filed ...that means he was never even charged ........what's your point ?

Its like you cowards who hide behind a keyboard and write crap that never happened

you must be some real losers

Who is this pysco lady who filed bankrupcy owing him in excess of 254,000 dollars and was admonished by Judge Graham for lying in court ?

That doesn't say much for your level of intelligence.

So when you shill, you're always so obvious?

Lots of stuff on Volusia County website but he PREVAILED in every single case...

So when you filed bankrupcy didn't you owe him in excess of 250,000 dollars

FINRA Orders Schwab to Pay $18 Million to Investors for Improper Marketing of YieldPlus Bond Fund
Firm Made Inaccurate Statements and Omitted Material Information About the Fund


WASHINGTON ? The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Charles Schwab & Company, Inc., to pay $18 million into a Fair Fund to be established by the Securities and Exchange Commission (SEC) to repay investors in YieldPlus, an ultra short-term bond fund managed by Schwab's affiliate, Charles Schwab Investment Management. The $18 million consists of the $17.5 million in fees that Schwab collected for sales of the fund, plus a fine of $500,000, both of which will have been designated as restitution to customers.



FINRA's investigation found that despite changes in YieldPlus' portfolio that caused the fund to be disproportionately affected by the turmoil in the mortgage-backed securities market, Schwab failed to change its marketing of the fund. In written materials and in conversations with customers, some Schwab representatives omitted or provided incomplete or inaccurate material information relating to the fund's characteristics, risk and diversification, and continued to represent YieldPlus as a relatively low-risk alternative to money market funds and other cash alternative investments that had minimal fluctuations in net asset value (NAV).



Between Sept. 1, 2006, and Feb. 29, 2008, Schwab sold over $13.75 billion in shares of YieldPlus to customers, which accounted for approximately 98 percent of the amount Schwab customers invested in ultra short-term bond funds. During this time period, Schwab's solicited sales of YieldPlus totaled approximately $3.36 billion, approximately 40 percent of which were to customers 65 years of age or older. Schwab collected approximately $17.5 million in fees from sales of the fund.



"Firms must ensure that their marketing materials are accurate and that their brokers are provided with current information about the products they are selling so they can provide investors with the information necessary to make informed decisions," said Brad Bennett, FINRA Executive Vice President and Chief of Enforcement. "Despite the drastic change in YieldPlus' holdings that increased the fund's risk and price volatility, Schwab failed to adequately provide this information to customers and its representatives, and instead continued to market the fund to customers as a cash alternative with minimal risk and price fluctuation."



FINRA found that in late August 2006, Schwab Investment's Board of Trustees approved a proposal from YieldPlus' fund manager to no longer classify non-agency mortgage-backed securities as an "industry" for purposes of the fund's concentration policies. This change purportedly allowed the fund manager to increase the amount of non-agency mortgage-backed securities in the portfolio to greater than 25 percent of the fund's assets. As a result, by February 2008, YieldPlus held over 50 percent of its assets in mortgage-backed securities, and about 40 percent in non-agency mortgage-backed securities.



FINRA found that Schwab was or should have been aware of the fund's significant exposure to mortgage-backed securities in light of the increasingly unfavorable financial markets.  As YieldPlus' NAV declined in the latter part of 2007, Schwab acknowledged internally that YieldPlus was a higher-risk investment than it had been in the past. Internally, some Schwab employees even began referring to YieldPlus as "Yield Minus." Schwab nevertheless continued to describe to investors YieldPlus as being very low risk with minimal fluctuations in share price. Schwab also was aware that YieldPlus was being marketed improperly. The firm's product manager for YieldPlus advised others that the firm needed "to get away from saying YieldPlus is equivalent to a money market fund," but the firm failed to stop this practice.



FINRA found that Schwab's investment management unit was aware of the changes in the fund's portfolio and the significant increase in the percentage of the fund's mortgage-backed securities holdings, but it failed to appreciate the concomitant increase in the risk of the fund and price volatility. Meanwhile, Schwab's retail brokerage division did not change the way it marketed YieldPlus or the internal guidance it provided to its registered representatives.



In its advertisements and sales literature, Schwab described YieldPlus as a cash alternative investment. Schwab initiated marketing campaigns during the second half of 2006 and continued into 2007, one of which was internally called the "Cash" campaign, which compared the performance of YieldPlus to a money market fund and promoted YieldPlus as an alternative to money market funds. In the campaigns, Schwab did not disclose that the higher returns resulted from the greater risk in the portfolio. Other advertisements emphasized the "minimal risk" and "high degree of price stability" in YieldPlus.



The increased concentration in mortgage-backed securities caused YieldPlus to be severely impacted by the decline in the mortgage-backed securities market that began in the summer of 2007. YieldPlus' NAV dropped significantly, falling from a high of $9.69 on Feb. 26, 2007, to $8.79 on February 29, 2008, a decline of 9.3 percent.



In concluding this settlement, Schwab neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

 

FINRA would like to acknowledge the Securities and Exchange Commission for coordinating today's action. It brought a related case today.



Investors can obtain more information about, and the disciplinary record of, any FINRA-registered broker or brokerage firm by using FINRA's BrokerCheck. FINRA makes BrokerCheck available at no charge. In 2010, members of the public used this service to conduct 17.2 million reviews of broker or firm records. Investors can access BrokerCheck at www.finra.org/brokercheck or by calling (800) 289-9999.



FINRA is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business - from registering and educating industry participants to examining securities firms, writing rules, enforcing those rules and the federal securities laws, informing and educating the investing public, providing trade reporting and other industry utilities, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit www.finra.org.

.

Joe is the KING ..Smartest man I know

Just so you know Joe is also using my name joellen without my knowledge or permission

JOE ONDRIS IS A THIEF AND A CROOK.. STAY FAR AWAY!!!!!!!!!!

are you the same chris hicks whose name appears on the bussiness records for hitman records, along with mr ondris & betty jane ondris?

All "is fine"? Really? What's all this:

http://www.stephenpizzutiwhistleblower.com/Merrimac_Complaint.pdf

The KING:

http://www.seminoleclerk.org/CriminalDocket/c ... 592010CF003182A

Sure you did... shill!

Didn't Garry Shandling portray him on TV?  Hey now!

Oh really? Is that why Merrimac had to change it's name to MERRIMAC ASSET MANAGEMENT? Is that why they only have $300,000 in the bank & their accounts are bailing in droves? Is that why lawyers are scrambling to keep the doors open? Is that why ALL OF YOU ARE UNDER INVESTIGATION? Because "all is fine"? I hope you sell a lot of those crappy bootlegs, because pretty soon you're not even going to be able to get a job at Walmart, fatboy.

Admin Edit:"It's a SUSPECT message!"
_________________________________

2 Years later and all is fine

Joe is a good old boy and the best advisor I know, you might have a chance of convincing people if you knew how to spell.

yesh we  should, start a page  & have everyone who has ever been harrassed by joesph ondris, & everyone he has stolen from should post there encounters with this sob

You are confusing working with scamming. Does his "hard work" include making fake posts on this site in an unsuccessful attempt to make the numerous complaints un-readable.

Oh, excuse me for referring to "him" in the 3rd person -- we know it is YOU. You probably can't afford to pay someone to do your internet dirty work anyway.

Better off than US??? LOL. We aren't running scams and trying to hide them on this site. We are EXPOSING scams like yours. Actually, that makes us BETTER!

So I guess we know who is making the calls, right "Jenn"  (or is that Peggy?).  "Guys making a living" need to actually get jobs, and quit bothering people.  Scammers, beware; thanks to this website and others like it, the money just aint gonna come in like it used to.

Admin Edit:"It's a SUSPECT message!"
_________________________________

JOE IS A HARDWORKING GUY WITH THE BEST OF INTENTS, its a shame that some folks are here to simply harm someone cause he is better off then they are

I never had a ny problems with either one calling , all you complainers whining about guys making a living , I d rather  guys work hard then be on unemployment

Admin Edit:"It's a SUSPECT message!"
_________________________________

Joe Ondris is the KING ........I worship the man

All that stuff on is about the 250,000 dollars I owe him , its a shame that I was forced to file bankrupcy due to not paying my bills