The receiver for R. Allen Stanford, accused in a massive $7 billion Ponzi scheme, has sued professional golfer David Toms in an effort to have nearly $1 million in profits returned.
The fund industry fleshed out a plan for a private backstop to
money-market funds, rejecting alternatives considered by regulators
that include abolishing the funds' stable $1 net asset value.
by
Ray Fazzi
Non-compete disputes are common, but
advisor Kristian Colvin feels the 14-month legal assault waged upon him by
Charles Schwab & Co. defied reason.
A unit of Ameriprise Financial that is already under fire
from regulators for selling allegedly fraudulent private placements is
now facing the wrath of securities arbitrators.
Wilmington Trust Corp., a TARP recipient, took back about $2 million in pay from its CEO because the compensation broke federal
rules.
There was no
dearth of silliness, sleaziness or shameless egomania among those in
the financial industry or those who regulate it over the past year.
by Joel P. Bruckenstein
This new Web-based platform helps RIAs easily update their regulatory reports.
Lawyers for R. Allen Stanford, the Texas financier accused of a $7
billion Ponzi scheme, asked to delay a trial set to begin Jan. 24 for at
least two years so they can prepare their defense.
hree former UBS AG executives who pleaded guilty or were sentenced in
U.S...
A New Jersey investment firm is accused of using a Ponzi scheme to
defraud investors of more than $40 million and using millions to buy hockey tickets, cars and luxury vacations.
The SEC will be forced to go another 10 weeks without a funding increase, despite having a budget unequipped to handle new responsibilities imposed by the Dodd-Frank Act.
by
Jeff Schlegel
The Financial Services Institute on Monday sent a letter to the SEC
voicing support for FINRA as the self-regulatory organization (SRO) for
investment advisors.
FINRA records identify at least one of the financial advisors who may be sued for fraud as a result of the alleged Ponzi scheme by the advisory firm founded by R. Allen Stanford.
by
Jeff Schlegel
Fidelity Investments has rolled out new tools to help financial advisors
manage the new cost-basis requirements that take effect at the start of
the new year.
Bank of America Corp. won a court order temporarily blocking four
former employees from using and sharing the bank's client records at
their new employer, Dynasty Financial Partners.
Securities firms are largely absent from the social media revolution because regulators and company rules have prevented financial advisors from using sites such as LinkedIn and Twitter.
A crackdown on Ponzi schemes and other investment frauds resulted in U.S. enforcement action against 343
criminal defendants and 189 civil defendants since August, the Justice
Department said.
by
Ray Fazzi
The Securities and Exchange Commission is proposing raising IARD
filing fees 12.5% in 2011 for advisors with $100 million or more in
assets under management.
Investment advisors don't want a self-regulatory organization in their
future, especially the Financial Industry Regulatory Authority.
