THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Friday, March 22, 1996 TAG: 9603220518
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: Business Briefs
SOURCE: (Knight-Ridder/Tribune Business News)
LENGTH: Short : 25 lines
Regulators seek to shut NationsbanBank Brokerage
State regulators said they will seek to shut down NationsBank's brokerage business in Texas because it fraudulently misled investors about the risks of investing in two mutual funds. The State Securities Board said the brokerage firm, which is called NationsSecurities, falsely told investors the funds were ``safe, conservative, low-risk, high-yield investments backed by AAA-rated government securities.'' Regulators say the funds were laden with risky derivatives. by CNB