06/08/2012
US groups tussle over investment adviser oversight
Two sides in an industry divided over how to oversee investment advisers faced off on Wednesday before U.S. lawmakers considering a bill that would ramp up protections for investors.
Legal, Regulation & Compliance
06/08/2012
Linklaters expands US tax practice with hire of former Dewey pair
They joined from dissolved international firm Dewey & LeBoeuf LLP.
06/08/2012
Bear Stearns in $275 mln shareholder settlement
The all-cash settlement, disclosed Wednesday night, resolves claims against Bear and several former executives including long-time chief executive James Cayne, his successor, Alan Schwartz, and former chairman Alan "Ace" Greenberg.
06/06/2012
Winston & Strawn hires experienced private investment fund formation attorney
He joins Winston from Proskauer Rose
06/01/2012
Prosecutor in Swiss bank cases resigns
He joined the Division of Enforcement in 1995 initially serving as a staff attorney, and then as Senior Counsel.
06/01/2012
Ex-UBS Client Roessel Pleads Guilty in Offshore Tax Case
Former UBS AG client Wolfgang Roessel pleaded guilty to failing to report more than $11 million in Swiss accounts to the U.S. Internal Revenue Service.
06/01/2012
Wells Fargo Cites Strength of Risk Panel After JPMorgan Blunder
"You simply can't take your eye off the risk side," Stumpf said today at a New York investor conference, in response to a query about trading losses at JPMorgan, the biggest U.S. bank. "Just because something worked for a while doesn&#
05/31/2012
Miami Hedge Fund Adviser Charged for Misleading Investors About "Skin in the Game" and Related-Party Deals
Bulltick, Guerra, and former Quantek operations director Ralph Patino are charged along with Quantek in the SEC’s enforcement action. They agreed to pay more than $3.1 million in total disgorgement and penalties to settle the charges, and Guerra and
05/31/2012
Phoenix-based investment adviser and firm with fraud - SEC
Both investments later failed. And when Clarke’s own financial problems prompted him to sell a stake in Oxford to a client, he fraudulently inflated the value of his firm by at least $1.5 million to make the client overpay by at least $112,000.
05/30/2012
Lawyers making out the most in Madoff case
The operations led by liquidator Irving Picard, the New York attorney in charge of recovering the huge sums cheated by now-jailed Wall Street high-flyer Bernie Madoff are burning up the cash almost as fast as they can recover it, a new report on his websi
05/30/2012
Dewey files for Chapter 11 - biggest US law firm collapse
Dewey had warned employees earlier this month of the possibility the firm may shut down, and a person familiar with the matter had told Reuters that the firm was considering a bankruptcy filing.
05/30/2012
Whistleblower Earns $14 Million Reward in Case against Bank of America
But thanks in part to a courageous whistleblower, former Brown & Williamson executive Jeffrey Wigand, Big Tobacco finally had its day of reckoning, and eventually agreed to an omnibus settlement of $206 billion – the largest settlement ever at t
05/29/2012
SEC halts fraudulent investment scheme by New York-based fund manager
The SEC alleges that since at least November 2011, Jason J Konior and his firms raised approximately USD11 million by selling investors limited partnership interests in Absolute Fund LP, an investment vehicle that Konior claimed had USD220 million in trad
05/29/2012
Deutsche Bank's Anshu Jain will inherit compensation, fraud charges
The largest German bank is facing numerous charges of defrauding its customers and contributing to the US housing market bubble by marketing complex mortgage and financial products that concealed the risks involved.
05/28/2012
RBS faces $100m action after trader caught lying
A judge found RBS’s main witness, Mr Griffiths, had “unclean hands” that were “relevantly grimy”.
05/24/2012
SEC Sues Hedge Fund Execs for Ponzi Scam
The Securities and Exchange Commission has charged two individuals who provided the biggest influx of investor funds into one of the largest-ever Ponzi schemes in South Florida.
05/23/2012
Ex-Ameriprise Hedge Fund Manager Pleads Guilty In Yahoo! Insider Case
Shah also pleaded guilty to one count of securities fraud.
05/23/2012
Rajaratnam Prosecutor Joins Gibson Dunn
Another member of the team that prosecuted Raj Rajaratnam in the largest-ever insider trading case is heading to private practice.
05/22/2012
JPMorgan Chase To Be Haunted By Change In Its Risk Measurements
The move, which allowed the bank to disguise the level of risk that the CIO was taking in its trading, could become a major focal point of investigations by the U.S. Securities and Exchange Commission and the FBI, for mer regulators said.
05/22/2012
Former Baker & McKenzie Lawyer Pleads Guilty to Money Laundering
He was indicted in 2007 and accused of conspiring with officers at two companies, Xybernaut Corp and Ramp Corp, to commit a $55 million stock-fraud scheme.