11/19/2018
Six-Year Prison Sentence for Former Financial Advisor
Gilbert’s bank began an investigation after getting notified by the Salvation Army that it was supposed to get funds from an account whose owner had died
Legal, Regulation & Compliance
11/19/2018
Ex-Wells Fargo Rep Barred for Alleged Inaccuracies in His Notes
The former broker initially cooperated with Finra’s investigation into his discharge, but stopped doing so in September 2018, by first sending an incomplete response and then informing Finra staff through his lawyer that he would not provide the res
11/19/2018
US national security reviews to hit Chinese investment
Government will review small minority stakes in sensitive technologies
11/16/2018
British Virgin Islands Firm O'Neal Webster Opens New York Office
The opening may portend broader and more direct engagement of offshore firms with onshore clients.
11/16/2018
Funding a Revocable Trust: An Estate Planning Opportunity
The donor, or grantor, is the individual who creates the trust and transfers her personal assets into it. The trustee manages the trust and its assets as directed by the trust document.
11/16/2018
The SEC stays active in 2018 with continued action from its enforcement division
In our view, the Division’s first principle—focus on main street, retail investors—is a bit of a shift in priorities by the current administration, away from attention on the Wall Street institutions and the practices that many blamed fo
11/16/2018
Corporate America flees zero-tax Caribbean havens after crackdown
American corporations have used tax havens for years to avoid higher levies where they actually earn the income.
11/16/2018
Hedge fund and principals to pay over USD1m to settle CFTC charges of fraud and registration violations
The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets.
11/15/2018
Offshore Hedge Funds to Be Targeted by New IRS Rules Coming Soon
The soon-to-be-released rules will also likely encompass “quite a few other issues”
11/14/2018
Japan’s Banking Giant MUFG Signs MoU to Develop Ripple-Based Remittances to Brazil
“The new payment system [...] will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil,”
11/14/2018
Danske Scandal Could Involve US Banks
Danske Bank, Denmark’s largest bank, is being investigated over what has been termed “massive money laundering flows” from Russia and several former Soviet states.
11/14/2018
Goldman Sachs to be Banned in Malaysia? Mahathir Drops Strong Hint Top U.S. Bank May be Blacklisted After 1MBD Fiasco
Mr Mahathir has also refused to rule out banning Goldman from Malaysia.
11/13/2018
Rabobank explores sale of U.S. retail, wealth operations: sources
The sources said that the business up for sale is part of Rabobank N.A., the California-based unit of the bank
11/13/2018
Expungement Warning: Lawyers are Selling Advisors False Promises
Based on information shared with Concilla by the brokers who have been solicited, he says those lawyers charge as much as $3,000 a month until the case closes, which those lawyers estimate at around 14 months.
11/13/2018
22-Year Morgan Stanley Veteran Barred After Alleged $273 Improper Expense
According to Baldeck, “Morgan Stanley determined that I was reimbursed $272.94 from those funds to pay for meals with my daughters.”
11/13/2018
Inter-American Development Bank Group and MAS collaborate to promote inclusive financial services
We are happy to welcome participants from 15 countries in LAC to the Singapore FinTech Festival this year.
11/12/2018
How Goldman’s high-flying Italian partner was embroiled in scandal
Andrea Vella was placed on leave by the bank after being caught up in the 1MDB affair
11/12/2018
Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation
The settlement also resolves a related action seeking declaratory relief against Wells Fargo, as well as claims by Wells Fargo against certain investment advisors.
11/12/2018
UBS Strikes Back Over Justice Claims in Mortgage-Backed Securities Lawsuit
The DOJ’s complaint alleges UBS securitized over $41 billion in mortgage loans through 40 deals backed by subprime and other mortgage loans and that investors suffered “many billions of dollars” in losses as a result, the Journal writes.
11/12/2018
BofA faces lawsuit over use of the name Erica
Underwood’s E.R.I.C.A. is the search engine for My24erica.com, an entertainment news aggregation site.