Buchanan & Co. has gone out of...

Buchanan & Co. has gone out of business as several states look into why thousands of its investors lost money in retirement projects in 16 states. Buchanan & Co., which was based in Jackson, Miss., had offices in Tampa, Fla.; Houston, Texas; Phoenix and Tucson, Ariz., San Diego and New York. All are closed. Authorities in Tennessee recently charged the company with defrauding investors. The company remains under investigation by several other states, including Mississippi. Buchanan & Co. was the underwriter for about 40 retirement center and nursing home projects representing $220 million over the last five years that went into default.