A financial services company whose name has become synonymous with high-risk and high-reward investing?
Phoenix Financial Services, formerly called the Phoenix Group, is no more.
The company filed for Chapter 11 bankruptcy protection in New York on Monday.
That means it no longer has a financial manager, nor does it have a financial advisor.
Its stock is no longer under management.
It’s been traded on the Nasdaq since January 4, when the company announced it had reached an agreement to acquire rival Bank of America for $1.4 billion.
The deal has been a long time coming.
After it was announced, investors questioned whether Phoenix’s strategy was the right one for its investors and creditors.
Its former CEO, Thomas O’Leary, said that while he had long been open to changing the company’s business model to focus more on its clients, it was ultimately better for investors to focus on its core product and customers.
O’Connor said he was “happy to move on” from Phoenix and was “proud” to have left.
Phoenix was a relatively young company, with just a few hundred employees, according to a report from the Wall Street Journal in 2016.
It didn’t have much capital, and it was a private company that was not regulated by the Securities and Exchange Commission, a position it had previously taken.
In 2015, it lost $50 million in a bankruptcy filing.
That year, O’Neil announced he would sell Phoenix, which was then worth $1 billion.
He told the Journal he was confident that the new company would “return money” to investors.
It was, and has been, a great investment for our investors.
However, as he told the paper, the company has had to pay $10 billion in legal fees and a $25 million penalty to the Securities & Exchange Commission over its failure to disclose that it was losing money.
O’Leary has also faced criticism from some former employees who have criticized the way the company handled its finances and its relationship with its customers.
Phoenix’s financial team was “not the best at making financial decisions,” said former employee Dan Storrs, who wrote a blog post in which he questioned the company.
“The people who were there weren’t the best decision-makers,” he said.
“They were just looking at numbers, and not the actual value of the company.”
The company has been plagued by a series of scandals.
The most recent occurred last year, when an employee was fired after he helped the company find a way to evade federal authorities in an investigation into a massive scheme to manipulate stock prices.
In May, a New York judge dismissed an antitrust lawsuit brought by the company against Citigroup over allegations that it had manipulated the prices of mortgage-backed securities.
The company was also fined for its failure, during the Great Recession, to pay dividends and for the purchase of $500 million in toxic mortgage-related securities.
In March, Phoenix’s board decided to sell its holdings in Bank of American and its subsidiaries.
It also announced it was closing its office in Arizona and its headquarters in Phoenix, Arizona, and that it would be shutting down its Arizona headquarters in 2021.
Phoenix also said it was shutting down most of its corporate offices.
The sale of Phoenix, as well as its acquisition of Bank of Amer., has been widely criticized by analysts and investors.
The financial industry has been watching closely.
In the past year, a number of hedge funds have been looking at Phoenix’s business, and some are considering buying it, too.
It remains unclear what kind of stock will be bought by the new owners, or whether the company will be sold outright.