The Memphis native best known for his Major League career with the St. Louis Cardinals wanted to work with his hometown brokerage firm when he selected Morgan Keegan – based in Memphis and owned as a subsidiary of Birmingham, Ala. based Regions Financial Corp. – for his investments, the News says. However, his funds were placed in high-risk funds, resulting in unusually fast and severe losses.

The troubled funds were shifted to Hyperion Brookfield Asset Management in the summer of 2008, and the company has rebranded the funds under the Helios name.

Although McCarver received much less than his reported losses, the News quotes him as being happy with the result of the case, saying, “Morgan Keegan was found liable. I am delighted.”

SOURCE: Morgan Keegan Investment Fraud › McCarver gets $100,000 in RMK claim

The Post says McCarver’s broker represented the investment funds as conservative, similar to CDs and bonds, but instead put his money in high-risk funds tied to the mortgage market. When other funds suffered losses topping out around 6 percent, McCarver’s fund dropped between 70 and 90 percent, the paper reports.

It is estimated that industry investor losses in the Regions Morgan Keegan (RMK) funds totaled approximately $2 billion last year.

The Post says McCarver, 67, was looking for safe investments that would be a cushion for his retirement and provide security for his children.

Ironically, McCarver was born in Memphis, Tenn., the home of Morgan Keegan & Co. He played professional baseball for the St. Louis Cardinals, and in 1964 his tiebreaking home run in the 10th inning won Game 5 of the World Series for the team. He would go on to celebrate two World Series championships during his career with the Cardinals. Later in his career, he played for the Phillies, Expos and Red Sox.

He retired from pro ball in 1979 and began his career as a sportscaster. He currently works on the FOX network’s MLB telecasts with partner Joe Buck.

A minor league baseball stadium in Memphis was named after him in 1978, but was replaced by a new downtown stadium in 2000.

SOURCE: Morgan Keegan Investment Fraud › Baseball hero, sportscaster McCarver lost funds to RMK investments