02.26.09

Arbitrator Vouches For McCarver’s Lack Of Sophistication

Posted in Baseball, The Marketplace at 1:59 pm by

It’s not just Fred Wilpon and uh, Mike Pelfrey who’ve been taken to the cleaners of late.  Former Mets mouthpiece Tim McCarver was awarded $100,000 in damages stemming from an arbitration claim the broadcaster filed against the Mogan Keegan mutual funds investement firm.  From the Memphis Daily News’ Andy Meek :

McCarver, who once was a catcher for the St. Louis Cardinals and is the namesake of the former Tim McCarver Stadium in Memphis, filed his arbitration claim last year against Morgan Keegan. The company assigned several brokers to work with the baseball icon when he first approached Morgan Keegan about handling his investments, and his claim mentions that as a native Memphian, McCarver liked the fact that Morgan Keegan is headquartered here.

McCarver began to lose money, however, when investments he allowed Morgan Keegan officials to handle were placed in several Regions Morgan Keegan mutual funds that lost the majority of their value during 2007, according to McCarver™s claim.

œHis extremely busy schedule, at first as a player and then as a broadcaster, made it virtually impossible for him to have any other outside business interests, McCarver™s claim reads. œAll investments in McCarver™s accounts were selected by Morgan Keegan. The firm knew that McCarver was a totally unsophisticated investor and that McCarver placed trust and confidence in Morgan Keegan to select specific investments in McCarver™s accounts.

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