Managers of Wealth Americas

Florida's wealth a magnet for Ponzi schemes

Hundreds of investors lost millions of dollars — including retirees whose life savings were wiped out by a series of Southwest Florida-based Ponzi schemes that began unraveling five years ago.

Skadden Wins Hedge Fund's Malpractice Suit Over $14M Award

Skadden Arps Slate Meagher & Flom LLP and one of its partners have prevailed in a hedge fund's legal malpractice suit over a $14 million arbitration award that was allegedly their fault, with a New York state judge ruling that the plaintiff filed

Hedge Fund Risk Management Faces Scrutiny at U.S. CFTC Meeting

Hedge-fund and mutual-fund firms will face scrutiny of their risk-management practices in a meeting today with the top U.S. derivatives regulator.

Ex-Bank of America banker gets up to 5 years for stealing

A former personal banker has been sentenced to up to five years in prison and 10 years of probation for stealing more than $2 million from her clients that she used to fund a lavish lifestyle.

Royal Bank of Canada among 16 big banks sued for allegedly rigging Libor

The civil lawsuit was filed Friday in federal court in Manhattan.

SEC Charges CR Intrinsic Analyst with Insider Trading

The Securities and Exchange Commission today charged a former analyst at an affiliate of hedge fund advisory firm S.A.C. Capital Advisors with insider trading based on nonpublic information that he obtained about a pair of technology companies.

FDIC sues 16 large banks

The Federal Deposit Insurance Corp. has sued 16 big banks that set a key global interest rate, accusing them of fraud and conspiring to keep the rate low to enrich themselves.

Launching a Hedge Fund - White Paper

New York hedge fund attorneys Riveles Law Group has put out a new whitepaper outlining the legal, structural and practical considerations to be evaluated in establishing a hedge fund.

Ex-Goldman banker Fabulous Fab ordered to pay $825,000 fine

The judge also specified that Goldman will not be allowed to pay the fine on Tourre’s behalf.

Finra issues bitcoin investor alert

The Financial Industry Regulatory Authority issued a new investor alert called Bitcoin: More than a Bit Risky to caution investors that buying and using digital currency such as Bitcoin carry risks.

FINRA Hits Securities America, Triad with $1.2M Fine

A consolidated report is a single document that combines information regarding most or all of a customer's financial holdings, regardless of where those assets are held.

In ‘Frustrating’ Tax Evasion Probe, DOJ Secures Plea

A former banker with Credit Suisse Group AG pleaded guilty today to conspiring to defraud the Internal Revenue Service and admitted that superiors knew of efforts to hide money for U.S. customers.

Hedge Fund Madam Cops Plea To Drug Charges

The agreement with prosecutors will see her jailed for up to five years—far less than the 80 she originally faced.

Societe Generale, BNP Paribas and Credit Agricole under US Probe for Alleged Sanction Breaches

US authorities are probing French banks Societe Generale, BNP Paribas and Credit Agricole for alleged misappropriation and violating American sanctions against other countries.

JPMorgan whistleblower gets $63.9 million in mortgage fraud deal

A whistleblower will be paid $63.9 million for providing tips that led to JPMorgan Chase & Co's agreement to pay $614 million and tighten oversight to resolve charges that it defrauded the government into insuring flawed home loans.

US firms muscle in on Hong Kong

Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast

Jailed Broker Charged With Additional Fraud

A former Merrill Lynch and Smith Barney broker, who is already in jail for fraud, was indicted again in connection with a nearly two-decade-long scheme to drain clients’ investment and bank accounts

SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Securities and Exchange Commission

In the traditional model, the primary adviser contracts with the subadvisers and compensates subadvisers from its primary advisory fee. In the “direct-pay” model, the fund contracts with and compensates directly the primary adviser as well as

Northern Trust Sued for Punitive Damages in Case of Severely Disabled Woman

Financial Company’s Reckless Incompetence Costs Accident Victim Millions, Amended Lawsuit Claims

Detroit to Pay $77 Million in Swaps Accord With UBS, BofA

The settlement, which is a 70 percent reduction in the amount the city was liable for under the 2009 agreement, will release Detroit from claims by the banks and provide “greater certainty with respect to the city’s cash flows and liquidity,&a

Legal, Regulation & Compliance