The Financial Industry Regulatory Authority says that RBC Capital Markets Corp., Raymond James & Associates, Inc., and an RBCCMC head trader have settled charges over alleged broker misconduct connected to stock loan improprieties. RJF is to pay a $1 million fine, while RBC Capital Markets will pay $400,000. Meantime, RBCCMC…
Recently, Shepherd Smith Edwards & Kantas LTD LLP Founder and Securities Fraud Attorney William Shepherd wrote a letter to the Securities and Exchange Commission voicing his support for needed changes to the public reporting requirements on stockbrokers. His letter was published on the SEC’s Web site and included a number…
According to New Hampshire securities regulators, UBS Financial Services Inc., a unit of UBS AG, misled investors regarding complex securities that were issued by Lehman Brothers before the latter filed for bankruptcy protection in 2008. The Bureau of Securities Regulation says investors were misled when the representatives for the UBS…
The Financial Industry Regulatory Authority says it is fining Centaurus Financial Inc. because the firm failed to protect customers’ confidential information. The California-based company must notify brokers and affected customers of the breach and give clients a year of free credit monitoring. Also as part of its settlement with FINRA,…
The Securities and Exchange Commission is suing Morgan Peabody Inc. owner and chief executive officer Davis Williams for allegedly misappropriating investor funds that were raised in three public offerings. Also named in the complaint were Williams Financial Group, Sherwood, and WFG Holdings. The defendants are accused of violating federal securities…
For over a decade, Wall Street firms gathered assets to charge management fees on ever-growing accounts. There was no need to buy and sell, in fact, ignoring clients’ accounts while gathering more assets was rampant. Yet, a funny thing happened on the way to the bank. The value of many…
The Boilermaker-Blacksmith National Pension Trust is suing a number of investment banks, credit rating agencies, and underwriters, including Wells Fargo, WFASC, Morgan Stanley & Co., Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Bear Stearns & Co., Countrywide Securities Corp., Deutsche Bank Securities Inc., JPMorgan Chase Inc., Bank of America…
Seven former Regions Morgan Keegan Investment Funds have changed their names. Each fund’s name now begins with “Helios,” to reflect the shift in management to Hyperion Brookfield Asset Management from Regions Financial. Helios is Hyperion’s brand name. Hyperion took over Morgan Keegan’s beleaguered investment arm last year after a number…
Former broker Kosta Kovachev has been charged with conspiracy to commit wire fraud for his alleged role in assisting New York law firm founder Marc Dreier with an alleged $380 million Ponzi scheme. Dreier is the founder of Dreier LLP. He was arrested last month on charges he convinced two…
A recent New York Times article reports that according to new data, federal officials are prosecuting far fewer cases involving fraudulent stock scams than they did in 2000 before the Bush Administration came into office. According to financial and legal experts, less strict enforcement polices, Securities and Exchange Commission staff…