Managers of Wealth Americas

16 charged by US over $194m complex investment scam across 3 continents

All of the investigations received assistance from the SEC’s Office of International Affairs

Former UBS Rep Faces 60 Years in Prison for Stealing Millions

German Nino pleaded guilty to wire fraud in Florida federal court for stealing more than $5 million from clients and spending it on 'romantic partners,' according to the DOJ.

Americans will have to pay price of Fed’s fight against inflation

“There will be pain. I don’t see how the Fed can [fight inflation] without having growth less than potential for some period of time.”

US-Spain cooperation leads to seizure of Russian yacht

US attorney general Merrick B. Garland said the case was the first seizure of a Russia-linked sanctioned individual’s assets and promised that it would “not be the last”.

US SEC Cyber Risk Management Proposed Rules: Analysis for Investment Advisers, Investment Companies, BDCs and Broader Implications for Private Sector

Although the proposed rules remain subject to comment, in many ways they reflect preexisting SEC expectations for how regulated entities should manage cybersecurity risks and report cybersecurity incidents.

NMB Financial Corporation/New Millennium Bank Announces Proposal to Acquire Noah Bank and Potential US Treasury ECIP Investment Into NMB Financial Corporation

The investment by the US Department of Treasury is part of the Federal Government’s response to the COVID-19 pandemic.

Hoxton Capital Management gains US Securities & Exchange Commission licence

It has further set up a branch as a state registered investment advisor in New Jersey.

Hightower Receives Official Charter for Hightower National Trust Company

With approval from the U.S. Office of the Comptroller of the Currency, Hightower launches Hightower National Trust Company, offering corporate and administrative personal trust services for Hightower advisors and their clients.

US SEC Issues SAB 121: Accounting for Custody of Crypto-Assets

This Legal Update focuses on who is affected, what the affected entities need to do and when the guidance applies; summarizes Commissioner Hester M. Peirce’s response to the Bulletin; and discusses some practical considerations for affected entities

SEC Proposes Significant New Rules for Private Fund Advisers

While the Proposed Rules are still in the comment period, private fund advisers and investors alike should familiarize themselves now with the many changes that the Proposed Rules would impose.

Sanctions Tracker – U.S. Imposes Broad New Restrictions on Investment in Russia

These new restrictions will likely have a broad impact for U.S. and non-U.S. companies doing business with Russia.

Ex-Bank of America Bankers Are Among 6 Banned by Fed Over COVID Loan Fraud

Autumn Jordan and Manuel F. Pinazo, who previously worked at Merrill Lynch Wealth Management, were among those who applied for assistance under one of the government’s COVID-19 relief programs "based on false and fraudulent representations and

Credit Suisse Announces $100,000 Grant to myFutureNC

This grant is part of Credit Suisse’s Future Skills program, which aims to support initiatives that help close educational and employment gaps for young people, especially disadvantaged, entering adulthood.

A Deeper Dive Into the US Adjustable Interest Rate (LIBOR) Act

As the market begins to consider how the provisions of the LIBOR Act apply to their portfolios, we highlight a couple of recent issues.

Wells Fargo to settle ERISA case for $32.5 million

Participants filed amended complaints in June 2021 and September 2021, in Becker et al. vs. Wells Fargo & Co. et al.

Filing Instructions Released for New US Bank Incident Reporting Requirement

These instructions will assist financial institutions in satisfying their obligations under the new requirements once compliance is required on May 1, 2022.

Utah Enacts Commercial Financing Disclosure Law with a Registration Obligation

Pending New York legislation would add its own licensing obligation to the disclosure obligations for commercial financing of $500,000 or less.

JP Morgan Seized a Russian Superyacht in Gibraltar

The investment bank won a court order that authorized the seizure of a $75 million superyacht owned by Russian billionaire Dmitry Pumpyansky.

No End in Sight Yet for China’s U.S Delisting Fears

According to a statement by the PCAOB last Thursday, talks were still ongoing and it "remains unclear" whether Beijing will "permit and facilitate" auditing access.

President Joe Biden to propose new 20% minimum billionaire tax

Over half the revenue could come from those worth more than $1 billion.

Legal, Regulation & Compliance