Legal & Compliance

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Ex-FrontPoint Manager Charged With Insider Trading

Ex-FrontPoint Partners LLC portfolio manager Chip Skowron has been charged with conspiracy, securities fraud and obstruction as part of an insider-trading crackdown.

Jefferies Pays $2M To Settle Auction-Rate Case

Jefferies Group Inc. agreed to pay about $2 million to resolve Finra claims that three employees failed to disclose conflicts of interest while selling auction-rate securities.

UBS Fined $2.5 Million Over Structured Notes

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UBS Financial Services has been fined $2.5 million for misleading investors in its sales of Lehman Brothers structured products in 2008, according to Finra.

FINRA Hands Out Multiple Sanctions

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Finra announced it has sanctioned seven individuals and one firm for allegedly selling interests in Medical Capital and Provident Royalties private placements without proper investigation.

Guilty Plea In 17-Year Insider-Trading Scheme

Kenneth T. Robinson pleaded guilty to his role in an insider-trading scheme spanning 17 years that relied on merger-and-acquisition tips stolen from law firms.

SEC Reviewing Private Stock Trading

The U.S. Securities and Exchange Commission is in the "very early stages" of reviewing rules on trading of shares in closely held firms, SEC Chairman Mary Schapiro said.

Allen Stanford Investor Suit Should Be Dismissed, SEC Says

The U.S. asked a federal judge to throw out claims that the SEC should be held accountable for failing to stop an alleged Ponzi scheme by R. Allen Stanford earlier than it did.

Guilty Plea Entered In Scheme Costing Pershing $9 Mil

A former bond trader admitted he manipulated the prices of mortgage investments to conceal trading losses, U.S. Attorney Paul Fishman said in a statement.

SEC Alleges Advisors Committed $10.3M Securities Fraud

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The SEC has filed a civil suit against two advisors, accusing them of fraudulently steering $10.3 million in client funds into risky mortgage loans.

Lawyer Tips At Center Of $32M Insider-Trading Bust

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Arrests have been made in a "massive" insider-trading scheme that relied on tips from a corporate attorney, according to federal authorities.

FINRA Expels AIS

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Finra has expelled Westlake Village, Calif.-based broker-dealer AIS Financial for failing to enforce anti-money laundering policies.

Former Buffett Protege Denies Wrongdoing

David Sokol said he did nothing unethical when he bought stock in a company that he later proposed as a takeover target to Berkshire Hathaway Chairman Warren Buffett.

Advisor Groups Urge Congress To Support Fiduciary Standard, SEC

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The Financial Planning Coalition seeks Congressional support in favor of a uniform fiduciary standard, along with SEC self-funding to boost the agency's advisor oversight capacity.

Progress In Securities America Case?

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Securities America may be getting closer to an agreement with attorneys representing victims of the Medical Capital Holdings Ponzi scheme, a company statement suggests.

Warren Says Consumer Bureau Foes Should Look At Bank 'Behemoths'

Elizabeth Warren, assigned to set up the Consumer Financial Protection Bureau, said lawmakers looking to limit the agency's authority should focus instead on the Wall Street "behemoths."

Stanford Investors Sue SEC For Losses In Alleged Swindle

The SEC was sued by eight of R. Allen Stanford's investors, who claim regulators' "negligence and misconduct'' caused their losses

SEC Sues Advisor, Hedge Fund Connected To $3.5 Billion Scam

The SEC has sued a Connecticut hedge fund and its manager for disgorgement of gains made while sending hundreds of millions of investors' dollars to fraud scheme operator Thomas Petters.

Morgan Stanley's Deep Secret Now Is Revealed

Here's a little secret the Federal Reserve Board doesn't want you to know. On September 24, 2008, while financial markets were collapsing, Morgan Stanley borrowed $3...

Advisor Stole $6 Million From Retirement Plans, SEC Alleges

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The SEC has obtained an emergency court order freezing the assets of an Illinois money manager who is charged with stealing millions from clients' retirement plans.

UBS Resists Madoff Trustee On Employee Disclosure

UBS AG, sued for $2.6 billion by the trustee liquidating Bernard L. Madoff's defunct firm, said publicly identifying employees who aren't central to the lawsuits might put them in danger.

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