Wednesday, May 22 2013 11:40 PM EDT2013-05-23 03:40:29 GMT
(WMC-TV) - The Memphis Police Department issued a city watch for a 12-year-old boy Wednesday night. Robert McBride II was last seen leaving his residence on foot on Jamaica Avenue. He has a mohawk, andMore >>
The Memphis Police Department canceled a city watch for a 12-year-old boy Wednesday night.More >>
Wednesday, May 22 2013 11:24 PM EDT2013-05-23 03:24:43 GMT
(WMC-TV) - A Memphis skateboard shop was going under until the Grizzlies' big wins, that is when owner Hunter Demster started selling T-shirts. The "Grind City" shirts saved his Midtown business whichMore >>
A Memphis skateboard shop was going under until the Grizzlies' big wins, that is when owner Hunter Demster started selling T-shirts.More >>
Wednesday, May 22 2013 11:11 PM EDT2013-05-23 03:11:49 GMT
(WMC-TV) - Cleanup has begun amid the rubble Oklahoma City Wednesday where an EF-5 tornado devastated the Moore community. More than 13,000 homes were damaged or destroyed, causing possibly $2 billionMore >>
Cleanup has begun amid the rubble Oklahoma City Wednesday where an EF-5 tornado devastated the Moore community.More >>
Wednesday, May 22 2013 11:00 PM EDT2013-05-23 03:00:22 GMT
(WMC-TV) - A Memphis mother defends her teenage son who is charged with murdering someone at a graduation party. Rebecca Miller and her son are anything but strangers to Action News 5. Our station helpedMore >>
A Memphis mother defends her teenage son who is charged with murdering someone at a graduation party.More >>
(WMC-TV) - Investors lost roughly 1.5 billion following a deal gone bad at the hands of eight former mutual fund directors at Morgan Keegan.
Those directors are now facing charges, including a few of them right here in the Mid-South.
The charges are neither criminal nor civil, but rather regulatory violations alleged against Morgan Keegan independent fund directors, four of whom are from Memphis.
The Securities and Exchange Commission claims eight former independent directors of Morgan Keegan mutual funds failed to properly oversee asset valuation.
"You'll see that these were good, honest, decent people trying to get it right and they were in a period of incredible market turmoil. And they did their best," said Stephen Krimmins.
Morgan Keegan's attorneys disagree with the SEC filings.
"With the statute of limitations having expired on most of these claims, why is it that five years later we're getting a regulatory administrative hearing being brought against these directors?" asked Krimmins.
The SEC filed allegations against Jack Blair and James Stillman R. McFadden, both from Germantown, Allen B. Morgan Jr. and Archie W. Willis III, of Memphis, and four others from Birmingham, Alabama.
The government says the eight directors merely delegated their valuation responsibilities to others without providing guidance or reviewing the results as required by law.
The SEC said, "Investors rely on board members to establish an accurate process for valuing their mutual fund investments. Otherwise, they are left in the dark about the value of their investments and handicapped in their ability to make informed decisions. Had the board not abdicated its responsibilities, investors may have stood a better chance of preserving their hard-earned nest assets."
But Morgan Keegan attorneys say fair valuation is a notoriously gray area and that these eight fund directors -- as is common practice -- relied on fund managers who lied to them.
"The SEC itself has previously found that these outside directors, these independent directors, were themselves the victims of a fraud. They were themselves lied to and defrauded," said Krimmins.
Though not yet scheduled, there will be a hearing in front of an administrative judge in about four months.
A final ruling expected about six months after that.
Wednesday, May 22 2013 10:32 AM EDT2013-05-22 14:32:03 GMT
(WMC-TV) - It is a tiny pest with a big bite that can do major damage. One Germantown family said it only took one infected tick to change their entire lifestyle – something they have been dealing withMore >>
It is a tiny pest with a big bite that can do major damage.More >>
Wednesday, May 22 2013 4:46 PM EDT2013-05-22 20:46:13 GMT
(WMC-TV) - The man accused of killing a police officer walked out of jail a free man Wednesday afternoon. Action News 5's Nick Kenney was there as Timothy McKinney was released. McKinney was accused ofMore >>
The man who pleaded guilty to killing a police officer walked out of jail a free man Wednesday afternoon.More >>
Wednesday, May 22 2013 2:33 PM EDT2013-05-22 18:33:03 GMT
(WMC-TV) - The City of Memphis is saying "goodbye and good riddance" to blight. A derelict apartment complex, formerly called Park Place Apartments, sat vacant for four years breeding crime. It is nowMore >>
A derelict apartment complex, formerly called Park Place Apartments, sat vacant for four years breeding crime. It is now being demolished.More >>
Wednesday, May 22 2013 5:48 PM EDT2013-05-22 21:48:12 GMT
(WMC-TV) - More jobs are coming to Memphis and city leaders are rolling out the red carpet to celebrate. Kruger Products is a leading nationwide towel and tissue manufacturer. The company announced theyMore >>
A Canadian company announced that are adding hundreds of jobs to its North Memphis office. Kruger Products rolled out the red carpet Wednesday afternoon to celebrate the expansion.More >>
Wednesday, May 22 2013 12:48 PM EDT2013-05-22 16:48:44 GMT
(WMC-TV) - A Mid-South mom is convinced that one of her children was murdered. Frances Chambers has spent the past four years and a lot of money investigating the death of her son Demond. Police in herMore >>
A Mid-South mom is convinced that one of her children was murdered, despite the medical examiner's report. More >>
Wednesday, May 22 2013 6:10 PM EDT2013-05-22 22:10:09 GMT
(WMC-TV) - Wednesday is the very last day of school for students and also the last day of the Memphis City Schools system. Action News 5's Justin Hanson is speaking to longtime MCS teachers and volunteersMore >>
Wednesday is the very last day of school for students and also the last day of the Memphis City Schools system.More >>
Wednesday, May 22 2013 6:22 PM EDT2013-05-22 22:22:48 GMT
(WMC-TV) - The Memphis Police Department fired two of its officers Wednesday. Marc Henderson, 32, and Parker Culver, 29, were terminated for personal conduct and violate regulation. In February, thereMore >>
Marc Henderson, 32, and Parker Culver, 29, were terminated for personal conduct and aid to violate regulation.More >>
Wednesday, May 22 2013 6:21 PM EDT2013-05-22 22:21:12 GMT
(RNN) - British officials are saying one man is dead and two others were injured in a possible terrorist attack in London on Wednesday.According to BBC News, eyewitnesses said man was attacked in a streetMore >>
One man is dead after two men attacked him in broad daylight with knives and meat cleavers. More >>
Wednesday, May 22 2013 12:49 AM EDT2013-05-22 04:49:28 GMT
(WMC-TV) - A flood frustrated resident in a Southaven neighborhood called her backyard an ocean after severe weather Tuesday. Inside Louise Rinhart's home is not much better. "Carpet and I got hardwoodMore >>
A flood frustrated resident in a Southaven neighborhood called her backyard an ocean after severe weather Tuesday.More >>
Wednesday, May 22 2013 9:13 AM EDT2013-05-22 13:13:44 GMT
(WMC-TV) - Firefighters escorted several families from their flooded homes in Horn Lake after a rain-swollen creek rose beyond its banks Tuesday. The firefighters offered piggyback rides to children toMore >>
Firefighters escorted several families from their flooded homes in Horn Lake after a rain-swollen creek rose beyond its banks Tuesday.More >>