FOR IMMEDIATE RELEASE:
On behalf of Ralph Nader, the Mayer Law Group today asked the SEC to open an investigation and/or enforcement action regarding actions by Peter Peterson, BlackRock and Blackstone.
The Mayer Law Group submitted evidence that Peterson, Blackstone and BlackRock sold to investors, including Mr. Nader, the Blackstone North America Income and Opportunity Fund (“BNA Trust”) which was falsely presented to the public as a safe and secure fund investing in government securities when in fact the fund held risky and volatile derivative instruments.
In the complaint to the SEC, Mr. Mayer, on behalf of Mr. Nader said, “These transactions and fraudulent misrepresentations took place years ago, in the 1990s, but we are bringing this matter to the attention of the Commission now because we believe that this is one of the earliest, if not the earliest example, of Wall Street firms deceiving investors and regulators by disguising ultra-risky investment products as safe government-backed securities.”
A full copy of the letter is available here: seccomplaint.pdf