Managers of Wealth Americas

New York regulator fines Italy's Intesa Sanpaolo US$235 million

Intesa Sanpaolo and its New York branch mismanaged its transaction monitoring system and failed to identify suspicious transactions

Canadian Securities Regulators Release Review of Practices Firms Use to Compensate and Provide Incentives to their Representatives

The survey findings highlight potential conflicts of interest that could arise from some of these practices.

Yumin Li and Kering Capital Fined $1.2m for Prearranged Trading Fraud

Li and Kering have been charged with fraudulent transactions engineered by Li on the CME's trading platform.

Credit Suisse must face New York mortgage suit, court says

Credit Suisse Group AG must face New York Attorney General Eric Schneiderman's US$10 billion lawsuit accusing the bank of fraud in the sale of mortgage-backed securities before the 2008 financial crisis, a state appeals court ruled Tuesday. The Zuri

Dems launch investigation into Wells Fargo's insurance sales

The lawmakers say they are concerned that Wells shoddy retail practices extended beyond the unauthorized opening of bank and credit card accounts.

SEC Files Charges in $26 Million Stock Manipulation Scheme

The complaint seeks a permanent injunction as well as the return of ill-gotten gains plus interest and penalties.

Citi Private Bank Law Firm Group and Hildebrandt Consulting Announce 2017 Citi Hildebrandt Client Advisory

Based on the data compiled in this year’s advisory, 2017 will likely be another year of modest industry growth in an uncertain and fragile global economy and market for law firm services.

Dodd-Frank Wall Street Reform and Consumer Protection Act

According to the guidelines adopted by the Board, firms seeking an extension should submit information including details about the funds

UBS wins $4.5M clawback case against 2 advisers

When UBS was recruiting them, it neglected to inform the duo of critical firm policies that were later to pose obstacles in transitioning their business over, Brecher says.

Judge tosses $500 million fraud case against UBS

An investment vehicle that incurred the loss.

SEC Awards Nearly $1 Million to Whistleblower

SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity

Gabonese man charged in U.S. hedge fund bribery probe pleads guilty

He faces a maximum of five years in prison and is scheduled to be sentenced on April 6.

Prudential investigating Wells Fargo partnership after scandal

Wells Fargo could have been signing up customers for insurance without their consent

Ex-Swiss banker goes home after U.S. loses extradition from Germany

By German court order, he was officially released on Friday after the U.S. request to extradite him was denied.

For SEC, making Wall Street admit guilt easier said than done

Big multinational firms linked to the subprime mortgage debacle, and other notorious offenders escaped having to admit guilt despite her warnings.

BofA Increases Referral Quota for Merrill Lynch Wealth Advisers

Global banks have been seeking to generate more revenue from affluent clients as low interest rates and increased regulation crimp earnings

SEC charges asset management fund with fraud

Chang and Onix Capital also are alleged to have falsely depicted Chang as an award-winning multi-millionaire “angel” investor with an MBA from Stanford University.

FINRA Fines Credit Suisse Securities (USA) LLC $16.5 Million for Significant Deficiencies in its Anti-Money Laundering Program

A significant portion of the data feeds into the system were missing information or had other issues that compromised the system’s effectiveness.

NY Court of Appeals Finds Personal Jurisdiction Based on Use of NY Correspondent Bank Accounts

Courts and practitioners may have to reconsider their assumptions about personal jurisdiction in future cases.

U.S. Wants Swiss Banks' Help to Collect Taxes

Swiss companies have to provide details about their U.S. clients according to a complex procedure.

Legal, Regulation & Compliance