Ladenburg Thalmann plummets; Qwest’s $25-par notes decline; Bank of America improves

By James McCandless

San Antonio, Sept. 10 – The week in preferred trading started out with activity centered on financial names.

Ladenburg Thalmann Financial Services Inc.’s preferreds dropped as the Securities and Exchange Commission charged its chairman, Phillip Frost, with fraud.

The suit details his alleged involvement in a “pump-and-dump” penny stock scheme that accumulated more than $27 million in unlawful stock sales.

The preferreds (NYSE: LTSPrA) were down 29 cents to close at $24.01 on volume of about 242,000 shares.

Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw its $25-par notes move lower on Monday.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were down 2 cents to close at $23.94 with about 182,000 notes trading.

And Bank of America Corp.’s 6% series GG non-cumulative preferred stock improved.

The preferreds (NYSE: BACPrB) were up 3 cents to close at $26.10 on volume of about 173,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.33% at market close, reversing a 0.02% decline in early trading on Monday.

The iShares US Preferred Stock ETF was up 12 cents to $37.22.

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