Julian T. Tzolov, a former Credit Suisse Securities (USA) LLC broker, has pleaded guilty to fraud charges over his involvement in an auction-rate securities scheme involving hundreds of millions of dollars. Tzolov, 36, is accused taking investor funds and placing them in high-risk ARS rather than government-backed conservative instruments. In…
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 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…
A Financial Industry Regulatory Authority Panel says Credit Suisse Securities must pay STMicroelectronics $406 million. The award, issued in favor of the semiconductor manufacturer, is over Credit Suisse Securities’s sale of unauthorized auction rate securities. Consequential damages and legal fees are also part of the FINRA award. STMicroelectronics also gets…
The Securities and Exchange Commission and the US Attorney’s Office in Brooklyn are charging Eric Butler and Julian Tzolov, two ex-Credit Suisse brokers, with coming up with an auction-rate securities scam to mislead customers and increase their commissions. The fraud and conspiracy charges relate to the alleged deceptive sales of…
In the U.S. District Court for the Southern District of New York, former JP Morgan Chase and Credit Suisse investment banker Hafiz Muhammed Zubair Naseem was sentenced to 10 years in prison for his involvement in an insider tip scam. Prosecutors say that Naseem retrieved insider information from the internal…
Former Credit Suisse Securities USA LLC investment banker Hafiz Naseem says he will appeal his conviction for insider trading charges, which include 1 count of conspiracy and 28 counts of securities fraud involving stolen nonpublic data allegedly used for insider trading that generated at least $7.5 million. He faces a…
The city of Cleveland, Ohio is suing 21 financial institutions for hundreds of millions of dollars in damages caused by subprime lending and securitization. The defendants named in the lawsuit are: • Deutsche Bank Trust Company • Ameriquest Mortgage Company • Bank of America Corporation • The Bear Stearns Companies…
NYSE Regulation fined 14 of its member firms a total of $10.4 million in fines for failing to deliver trade confirmations to their clients and other violations. Citigroup Global Markets received the heaviest fine of $2.25 million for failing to deliver trade confirmation documents in more than a million consumer…
A employee of the Global Energy Group of Credit Suisse was arrested and charged for his role in an alleged scheme using material nonpublic information on nine merger transactions involving Credit Suisse clients to obtain over $7.5 million in profits. The Securities and Exchange Commission also brought charges against the…