Former Ameriprise (AMP) Jack McBride has been ordered by the Financial Industry Regulatory Authority to pay a $12,500 fine and serve a 40-day suspension over alleged violations involving margin trades. He was registered with Ameriprise from 1994 to 2014. FINRA contends that it was during this period that he committed…
A federal jury in New York has found Mark Johnson guilty on criminal charges accusing him of front-running involving a $3.5B currency trade. HSBC’s ex-foreign-exchange cash trading global head is the first banker that the US Justice Department charged over forex rate rigging. Johnson was convicted on eight counts of…
California Treasurer John Chiang announced this week that the state has decided to extend the sanctions it imposed against Wells Fargo & Co. (WFC) for one more year. The bank is barred from doing business with California in the wake of the sales practice scandal involving the set up of…
A federal jury in Boston has found Howard Present, the ex-CEO of F-Squared Investments Inc., liable in the US Securities and Exchange Commission’s civil lawsuit alleging exchange-traded fund fraud. The ruling determined that Present was in violation of the Investment Advisers Act. According to the regulator, Present sought to defraud…
The Financial Industry Regulatory Authority said that Wells Fargo Advisors Financial Network and Wells Fargo Clearing Services LLC must pay over $3.4M in restitution to customers who were impacted by unsuitable recommendations involving exchange-traded products and the supervisory failures involved. By settling, Wells Fargo (WFC) is not denying or admitting…
The financial fallout caused by Hurricanes Irma and Maria is being felt not just on the island of Puerto Rico, but in the U.S. mainland as well. Puerto Rico bonds, which were already in trouble prior to the storms because of the island’s faltering economy and bankruptcy, are expected to…
In New York federal court, Barclays PLC (BAC) is trying to get the US government’s civil residential mortgage-backed securities fraud lawsuit against it dismissed. Prosecutors went after the British bank, a number of its affiliates, and two ex-employees—former mortgage securitizations head Paul Menefee and former subprime loan acquisitions head trader…
Deutsche Bank AG (DB) has consented to pay $190M to resolve an investor fraud lawsuit accusing the German lender of manipulating prices in the foreign exchange market. Despite settling, however, the bank maintains that it did not engage in wrongdoing. Investors accused Deutsche bank and 15 other banks of conspiring…
According to InvestmentNews, there are six pending FINRA arbitration claims against Morgan Stanley (MS) and its former broker Angel Aquino-Velez (Aquino-Velez) concerning his selling Puerto Rico investments. The claimants are alleging misrepresentation and unsuitability regarding the sale of Puerto Rico closed-end funds and bonds they purchased through Aquino-Velez, who is…
Former LPL Broker Indicted for $850K Securities Fraud and Theft Sonya Camarco, an ex-LPL (LPLA) financial broker, has been indicted in Colorado on seven counts of theft and six counts of securities fraud. She is accused of taking over $850K in client funds for her own use between 1/2013 and…