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Rashomon? SEC, Cuomo offer vastly different takes on BofA firing
Bank of America fired its top lawyer in December 2008 before its fateful takeover of Merrill Lynch simply to make way for another executive, and not because he had given the company legal advice it didn't want to hear, the Securities and Exchange Commission has said in a court filing.
N.Y. investment firm boss accused of skinning investors
The president of an Albany investment firm is accused of selling fraudulent securities to investors across the country.
SEC eyes lifting exemptive order requirement on ETFs
A stalled proposal hammered out last year to permit exchange traded funds to operate without having to obtain individual exemptive orders may finally see the light of day -- and soon.
SEC votes to short-circuit short sales
The SEC voted today to zap short-sales. How? By reviving a Depression-era -- yes, Depression-era -- 'circuit-breaker' rule.
A bridge too far
A recent round-table discussion sponsored by InvestmentNews demonstrated that there is still a wide divide between advisory and brokerage groups over establishing a uniform fiduciary standard.
OSU, T. Boone Pickens tangle with Lincoln National
Oklahoma State University's athletic fund and Lincoln National Life Insurance Co. are embroiled in a legal flap over a failed funding plan for charitable insurance.
Where do we go from here?
Here is an edited transcript of the InvestmentNews Regulatory round table, in Washington, Jan. 21.
Finra execs overpaid? The board wants to know
Finra's board of governors will review allegations that Securities and Exchange Commission Chairman Mary Schapiro — along with other senior Finra executives — received excessive compensation when she was chief executive of the self-regulatory organization for the brokerage industry.
Judge says he will rule this month on lawsuit related to NASD-NYSE merger
The fate of a lawsuit brought by two brokerage firms against NASD over its 2007 merger with the New York Stock Exchange's regulatory unit could be decided this month.
SEC to use outside auditors to confirm advisory firm records
SEC examiners will turn to outside auditors and other third parties to help verify records at investment advisory and broker-dealer firms, an agency official said last week at the CCOutreach conference.
Hiked state oversight of RIAs will breed more Ponzis, say attorneys
Ponzi scam artists will have greater freedom to flourish if state regulators get expanded oversight of registered investment advisory firms, according to attorneys on a panel today at the annual Financial Services Institute conference in New Orleans.
SEC scraps surprise audits for non-custodial advisers
Investment advisers whose only fees are deducted from client accounts — and do not have custody of assets — will not be subject to additional exams under a regulation expected to be approved today by the Securities and Exchange Commission.
Plan to place B-D advisers under Finra scrapped
Hours before passing the most significant financial-reform package in nearly 80 years, the House Friday killed an amendment that would have given the Financial Industry Regulatory Authority Inc. the authority to regulate investment advisers at broker-dealers.
Didn’t see this one coming: Investment ‘psychic’ charged with fraud
'America's Prophet' and investment adviser Sean David Morton said he used psychic powers to predict the movement of the stock market. One move Morton probably didn't see coming: the government charged him with fraud.
Credit Suisse hit with a $24B lawsuit
Property owners at four struggling and bankrupt resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse, saying the bank gave predatory loans to the resorts' investors as part of a scheme to take over the properties.
Credit Suisse to buy back $79M in auction-rate securities
Credit Suisse Securities (USA) LLC has agreed to buy back $79 million of auction rate securities from Colorado investors who struggled to sell them after the market for them froze.
Billionaire portfolio manager sued for allegedly funding a terrorist group
A billionaire hedge fund manager charged in a $25 million insider trading case now faces a lawsuit saying he helped finance Sri Lankan militants notorious for suicide bombings.
Securities America advisers called culpable in fraud
Securities America Inc. was tagged last month with a lawsuit from Massachusetts regulators alleging that the firm misled investors who were sold high-risk private placements.
