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Banc of America ordered to cough up $1.63M to brokers
After losing costly battles with three former brokers last month, Banc of America Investment Services Inc. is now on the hook for $1.63 million.
Finra panel awards two brokers $1.2 million
Banc of America Investment Services allegedly sullied brokers' reputations, damaged potential relationships with clients.
Arbitrators hit Wachovia for $5.3 million
In an arbitration case allegedly involving stolen stock, Wachovia Securities was ordered to pay clients $5.3 million in damages.
Prudential agrees to settle with SEC
Prudential Financial yesterday agreed to settle allegations from the SEC that it used reinsurance contracts to overstate its income by more than $200 million.
Industry group to address credit risk
In response to the credit crisis, a group of financial industry executives unveiled a plan today to improve risk management.
Israel pleads guilty to jumping bail
Samuel Israel III, founder of Bayou Group LLC, pled guilty to charges related to his attempts to jump bail and flee.
Advisers cheer Finra pilot on arbitration panels
Many advisers who have been involved in arbitration cases are welcoming a move to give investors the option of having all-public arbitration panels.
IndyMac files for bankruptcy
The bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors, according to the filing.
Insurance groups clash over regulation
Insurance industry representatives and regulators could not agree on moving ahead with comprehensive reform legislation.
‘Rescue’ bill White House bound
A sweeping housing bill is expected to be signed into law by President Bush in the middle of this week.
Omnibus housing legislation poised for vote
The Senate voted 80-13 to limit debate on the bill that would aid ailing mortgage giants and help struggling mortgage holders.
Finra to try revamped arbitration panels
The pilot program will allow about 400 arbitration claimants to select a panel without an industry representative.
Congress passes sweeping housing bill
The bill would provide $300 billion in funding to troubled homeowners and aid the ailing Fannie Mae and Freddie Mac.
Wachovia hits Edwards reps with raiding suits
Wachovia Securities LLC of St. Louis continues to file lawsuits against groups of legacy A.G. Edwards brokers who have left the firm.
SIFMA: Raise bar on settlement reporting
SIFMA wants Finra to raise the threshold for reporting settlements with customers to $25,000, from $10,000.
Manager turned sex offender gets jail time
Billionaire money manager Jeffrey Epstein was sentenced to 18 months in jail for soliciting prostitution.
Legislation addresses fraud against seniors
A bill to increase penalties for people who commit securities violations against seniors was introduced in the Senate today.
Massachusetts accuses two UBS units of fraud
A Massachusetts securities regulator today sued two units of UBS AG, charging the employees with fraud and dishonest conduct in sales of auction rate securities.
SEC nominees approved
The Senate Banking Committee today unanimously approved three nominees to be members of the Securities and Exchange Commission.
Former UBS employee testifies against firm
A former UBS AG banker testified against the firm yesterday, claiming it participated in schemes to help hide $20 billion in assets and avoid income tax laws.
