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Adviser named in private-placement suit says he did nothing wrong
A Securities America adviser named last week in a class action said he had no way of knowing that securities he sold would later blow up.
Judge finally OKs $150M BofA fine
In strikingly unenthusiastic fashion, federal Judge Jed Rakoff signed off on the Securities and Exchange Commission's plan to fine Bank of America $150 million after failing to tell shareholders of about $16 billion in impending losses at Merrill Lynch.
Accused scammer won’t give up Faberge eggs or submarine — and lands in jail
A federal judge in Minnesota today ordered Trevor G. Cook jailed for failing to surrender more than $35 million in assets.
After lull, financial-crime prosecutions seen set to rise
A December study of Justice Department records showed that federal prosecutions of financial crimes have dropped dramatically nationwide over the past six years, despite the recent media frenzy over big-time Ponzi schemes and insider trading scandals.
Cowboys owner Jerry Jones’ company sued in $15M securities fraud case
A lawsuit accuses an energy company owned by Dallas Cowboys owner Jerry Jones of aiding and abetting an alleged $15 million securities fraud.
Insurers would take modest hit from Obama’s proposed tax: KBW
Major life carriers' earnings will take just a minor hit from President Obama's proposed Financial Crisis Responsibility Fee, according to a report from securities firm Keefe Bruyette and Woods.
Too scared to open statements, couple loses in arbitration
A New York couple who lost more than $2 million on financial and health care stock investments made by their independent adviser in 2008 and who stopped opening their monthly statements has failed in a bid to collect damages from Fidelity Investments, the custodian for their RIA.
Merrill bonuses to receive congressional grilling
Key members of Congress will begin an investigation to determine whether officials from Merrill Lynch deliberately misled lawmakers about bonuses the brokerage firm intended to pay out to top executives for its 2008 performance.
Sister sues brother and his brokerage — and wins $608K award
A sister who sued her brother and his brokerage firm won a $608,000 arbitration decision last month in a case that alleged, among other claims, churning of highly volatile stocks in the weeks leading up to the market collapse of September 2008.
Distribution moratorium doomed
Bills introduced recently to give seniors another year's grace on required minimum distributions from retirement accounts won't get any traction in Congress, according to experts.
Finra examinations boss Robert Errico to exit
Robert Errico, head of member regulation at the Financial Industry Regulatory Authority Inc., will be leaving the organization at the end of March.
Alberto Vilar sentenced in NYC to 9 years in jail
Opera-loving philanthropist Alberto Vilar was sentenced Friday to nine years in prison by a judge who credited his giving spirit but said he wanted to send a message to money managers that fraud will not be tolerated because it can damage confidence in the economy.
Groups retrench on defining planners
The Financial Planning Coalition has given up its effort to get Congress to establish a definition of financial planning that would have brought thousands of insurance and securities brokers under the sway of a new oversight board.
Settlement with SEC brings State Street’s subprime tab to $663M
State Street Bank and Trust Co. has agreed to pay more than $300 million to investors who lost money during the subprime meltdown in 2007 under a settlement announced today by the Securities and Exchange Commission.
Administration seeks a nearly 11% budget hike for SEC
President Barack Obama has proposed another spending increase for the Securities and Exchange Commission.
Rep. Towns: Gov’t didn’t force BofA, Merrill Lynch deal
A senior House Democrat says the government didn't force Bank of America to take over Merrill Lynch and bank executives knew they had little chance of legally being able to back out of the deal.
Life settlement suit raises questions about duties of reps, firms
A recent lawsuit concerning a failed investment in a life settlement has exposed a new area of regulatory uncertainty and potential liability for registered representatives and their firms.
Bernie Madoff’s operations exec arrested
The former operations director for Bernard Madoff Investment Securities was arrested Thursday to face conspiracy, securities fraud and tax charges.
Wall Street slams Obama’s bank proposals
Financial services industry groups and Republican lawmakers last week criticized President Barack Obama’s plan to rein in bank…
Florida insurance seller nabbed in police sting, say local officials
Florida authorities have locked up Richard M. Incandela, on charges of selling insurance without a license and organized fraud exceeding $50,000, according to published reports.
