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Man ruined by Madoff sues adviser
A Seattle man has filed suit against his financial adviser for failing to conduct appropriate due diligence and for investing his money with Tremont Group Holdings Inc. of Rye, N.Y., that placed funds with convicted swindler Bernard Madoff.
Systemic regulator seen as inevitable
A systemic regulator for the country’s economy and financial system is likely to be put in place by the Obama administration.
Stanford clients receive good news
Thousands of anxious clients with accounts in companies controlled by Texas financier R. Allen Stanford, who is accused by the Securities and Exchange Commission of running an $8 billion fraud scheme, received long-awaited good news from a federal judge in Dallas yesterday.
RIAs angry over SEC move to contact clients directly
Advisers are agitated by the SEC’s decision to expand its examinations of advisory firms to include contact with clients.
Putnam’s Reynolds: Suspend mark-to market accounting
Suspending mark-to-market accounting would improve the credit system, Robert Reynolds, chief executive of Putnam Investments, said today.
Madoff pleads guilty to huge financial swindle
Bernard Madoff pleaded guilty Thursday to an epic fraud that robbed investors worldwide of billions of dollars, avoiding eye contact with swindled investors before he was led out of court with his hands cuffed behind his back.
Official warns Congress not to force lending
The official in charge of the Treasury's $700 billion bailout program for the financial sector warns Congress that the government should not force banks to make loans that bankers may deem risky.
Helmsley Trust ruling means less for dogs
A recent court ruling has paved the way for the bulk of the Leona M. and Harry B. Helmsley Charitable Trust to be spent on charitable efforts, not on dogs.
U.S. Rep Ackerman seeks tax refunds for Madoff victims
Legislation that would allow the victims of the Bernard L. Madoff Securities LLC fraud to receive refunds for the taxes they paid on phantom profits was introduced today by Rep. Gary Ackerman, D-N.Y.
Some 97 insurers line up for accounting break
The National Association of Insurance Commissioners has released a list of carriers that have applied for a special accounting treatment aimed at helping them raise capital and surplus.
Report: SunTrust chief could see big payday
At least one executive of a bank that is receiving federal bailout money stands to earn tens of millions of dollars if his company rebounds, according to a report released yesterday by The Corporate Library.
IAA calls for segregation of duties at advisory firms
Investment advisory firms should be able to hold custody of client assets so long as advisory functions are separated from custodial functions, according to the Investment Adviser Association.
Regulatory overhaul needed: Bernanke
America's financial regulatory system must be overhauled to strengthen oversight of banks, mutual funds and large financial institutions, Federal Reserve Chairman Ben Bernanke said Tuesday.
Finra creates Office of the Whistleblower
The Financial Industry Regulatory Authority Inc. has created the Office of the Whistleblower to expedite the review of “high-risk” tips.
U.S. Rep Frank wants federal charter for life insurers
House Financial Services Committee Chairman Barney Frank called yesterday for creating an optional federal charter for life insurance companies.
Mass. regulator moves on Madoff feeder fund
Massachusetts Secretary of State William Galvin’s securities division asked wants to revoke the license of a brokerage firm which served as a feeder fund for the investment firm of accused swindler Bernard Madoff.
SEC settles with 14 firms on trading charges
The Securities and Exchange Commission on Wednesday settled a charge that 14 trading firms cheated customers out of millions of dollars.
Audit: Regulators saw red flags at First National
Federal banking regulators knew as far back as 2002 about problems at First National Bank Holding Co.’s banks in Arizona, California and Nevada but failed to act until shortly before their demise last year, auditors said today.
Senate to grill UBS official
UBS AG official on Wednesday will face questions from a Senate panel for the first time since the bank acknowledged helping tens of thousands of American clients hide assets from the U.S. government.
Mutual fund industry calls for superregulator
The mutual fund industry today called for combining the Securities and Exchange Commission and the Commodity Futures Trading Commission into a one entity.
