04/29/2015
DeAWM petitions DOL for exemption to manage U.S. retirement assets
DB Group Services pleaded guilty to a criminal charge of wire fraud from the U.S. Department of Justice and will pay a $775 million penalty.
Legal, Regulation & Compliance
04/29/2015
SEC Looks at Merrill’s Compliance with Customer-Protection Rules
Regulators are looking into whether Merrill Lynch broke rules designed to ensure that customers of the Bank of America-owned brokerage would have access to enough of their money in a crisis
04/29/2015
Mennen Heir Must Pay $97 Million for Trust Mismanagement
In 2013, heirs including Kathryn Mennen, a granddaughter of George S. Mennen, sued her uncle, George “Jeff” Mennen, and Wilmington Trust Co.
04/29/2015
SEC probes Bank of America over customer funds: source
The Securities and Exchange Commission is investigating Bank of America to see whether it broke rules by speculating with its customers' funds
04/29/2015
itBit Files for Banking License in New York
Bitcoin has become mainstream, the volume of bitcoin trading has grown exponentially
04/29/2015
SEC Announces Award to Whistleblower in First Retaliation Case
To date, the SEC has awarded 17 whistleblowers since its whistleblower program began more than three years ago. Payouts now total over $50 million.
04/29/2015
Ross Asset Management investor name suppression lifted
A Ross Asset Management investor, who liquidators are trying to claw money back from, has been denied permanent name suppression
04/29/2015
Northern Trust Hedge Fund Services Announces Portfolio Analytics and Compliance Service
Proprietary reporting engine provides exceptional levels of customization for investment trend analysis and compliance
04/28/2015
BSI Provides Road Map For Future Swiss Bank Agreements
The BSI nonprosecution agreement demonstrates the extraordinary level of disclosure and cooperation that Swiss banks are required to undertake in order to qualify for such a resolution, and provides a detailed road map for other Swiss banks seeking simila
04/28/2015
SEC Investigating Whether Bank of America Broke Customer-Protection Rules
Bank questioned about potential use of funds that should have been off-limits
04/27/2015
UK bank Barclays must face US fraud lawsuit tied to trading probe
The bank's share price slid 7.4 per cent on the day in June when New York
04/27/2015
Sharon Levin to Leave U.S. Attorney’s Office for WilmerHale, Joining Other Ex-Prosecutors
Ms. Levin had become such a fixture in the Manhattan office
04/27/2015
Citibank Loses Key Decision in Investor Lawsuit; Court to Appoint Expert Panel
Citibank this month lost a key decision in its defense of a lawsuit in Abu Dhabi accusing the bank of self-dealing, defrauding investors, and attempting to cover-up investor losses
04/27/2015
Espirito Santo enters agreement with FDIC for bank secrecy and anti-money laundering compliance
Miami-based Espirito Santo Bank entered into an agreement with regulators on Feb. 25 to implement and comply with the strict Bank Secrecy Act and anti-money laundering requirements
04/27/2015
Greenwich Hedge Fund Controller Gets 48 Months Imprisonment
On 32 occasions between 2004 and 2013, HERZING used his position to wire $9,202,417.54 from his employer to accounts that he controlled. Judge Meyer ordered HERZING to pay full restitution.
04/24/2015
Whistleblower receives more than £1m
The US Securities and Exchange Commission has paid a compliance officer between $1.4m and $1.6m
04/24/2015
Firm to Pay $90K in Settlement With SEC Over Sale of Puerto Rico Bonds
StateTrust Investments, Inc. has been penalized $90,000 and censured by the Securities and Exchange Commission in a settlement
04/24/2015
Accused trader Navinder Sarao may have offshore nest egg
Navinder Sarao, the “flash crash” trader who US authorities want to prosecute over claims that he helped wipe hundreds of billions of dollars off the value of Wall Street stocks, may have a hidden $75 million offshore nest egg.
04/23/2015
Ex-Soros Hedge Fund Portfolio Manager Loses Bid for Fees
Cowen had initially sought $19.5 million after his termination in 2011
04/23/2015
Bank of America Challenges $1.3 Billion Mortgage Verdict
Bank of America Corp.’s Countrywide unit urged a federal appeals court to reverse a $1.3 billion fraud verdict finding the company at fault for selling defective residential mortgage loans to Fannie Mae and Freddie Mac.