The Wall Street Fraud Watchdog Initiates A National Investigation of Pimco's Municipal Closed End Funds

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The Wall Street Fraud Watchdog is initiating a national investigation of Pimco's municipal closed end funds. The investigation is focused on what investors were told about these funds, what investors were told about dividends, and when they were told it. According to the Wall Street Fraud Watchdog,"individuals, or investors purchase municipal bonds with the expectation of a dividend. If they don't get a return on their investment, they would have been just as well off burying their money in the back yard." If a holder of a Pimco municipal closed end fund did not receive a dividend, they should call the Wall Street Fraud Watchdog at 866-714-6466, or contact the group at their web site at Http://WallStreetFraudWatchdog.Com

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Change, has not exactly arrived on Wall Street yet. This includes the SEC. After the auction rate securities debacle, our new President installs the former head of FINRA as the new SEC boss? That is like putting Iran's President in charge of I can truthfully answer a question club.

The Wall Street Fraud Watchdog wants to hear from investors of Pimco municipal closed end funds, that failed to pay a dividend this year. According to the group, "we want to talk to any investor who purchased a Pimco municipal closed end fund, that did not produce a dividend as advertised in 2009. We think this is kind of a big deal, and we thought the investors might have some interesting stories about what they were told, promised, or talked into, versus, what they actually got." Investors who failed to get a dividend from their Pimco municipal closed end fund should contact the Wall Street Fraud Watchdog at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com

So What's The Big Deal About Pimco municipal closed end funds, and which funds are we talking about?

Wall Street Journal DECEMBER 2, 2008
Pimco Will Postpone Some Dividends

"Pacific Investment Management Co. is the latest money manager to postpone monthly dividend payments from its closed-end funds because of the market's downturn.

Six of Pimco's municipal closed-end funds have put off payment of common-share dividends set for Monday along with the declaration of their next dividends, which would have been paid Dec. 31.

The funds involved are Pimco's Municipal Income Fund II (PML), Municipal Income Fund III (PMX), New York Municipal Income Fund (PNF), New York Municipal Income Fund III (PYN), California Municipal Income Fund II (PCK) and California Municipal Income Fund III (PZC)."

Aside from these closed end municipal funds, the Wall Street fraud Watchdog would like to hear from any investor who did not receive what they were promised from a stockbroker, or bank investment advisor,related to a so called fixed income investment. According to the group, "Change, has not exactly arrived on Wall Street yet. This includes the SEC. After the auction rate securities debacle, our new President installs the former head of FINRA as the new SEC boss? That is like putting Iran's President in charge of I can truthfully answer a question club." Investors are always welcome to call the Wall Street Fraud Watchdog at 866-714-6466, or contact the group via its web site at Http://WallStreetFraudWatchdog.Com

Important Note From The Wall Street Fraud Watchdog: "We are aware of stock brokers cold calling potential investors because of tax free income, high yields, or both, related to municipal bonds. We have zero faith in the US muni market given our actual 17%+ national unemployment rate, what we are projecting as an additional 10% decline in US residential real estate markets in 2010, and dramatic reductions in city and state sales & income taxes." Translation: "The Obama/Pelosi spend your way out of a disaster, has run out of money, so the states and muni's are on their own. Want a safe investment buy gold. Want to buy a bridge-buy a muni."

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THOMAS MARTIN
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