Managers of Wealth Americas

LPL hit with $6.5 million Finra fine over lax supervision

The sanction addressed failures to maintain proper oversight of advisers, which included a Ponzi scheme, according to the regulator

Cohen Ziffer Frenchman & McKenna Opens in New York

Cohen Ziffer Frenchman & McKenna LLP Opens with Over 20 Lawyers and Staff in New York

Latham Named Banking Group of the year

Firm honored by Law360 for prowess in representing banks in complex, cross-border litigation, transactions, and regulatory matters.

Renowned Law Firm Milberg Set to Expand in 2021

The combination of four leading plaintiffs' firms gives Milberg expanded ability to prosecute cases not only domestically, but worldwide.

The Year Ahead: Developments in Global Litigation and Arbitration in 2021

Our report features economic analysis from The Economist Intelligence Unit, and legal analysis from our team of more than 1,000 disputes specialists across 77 offices.

Former CEO Accused of Biggest Tax Fraud Ever Wins Transfer of Case to Houston

Judge orders case moved in part due to Robert Brockman’s treatment for dementia

Defense-Bill Override Paves Way for Overhaul of U.S. Anti-Money-Laundering Rules

The Senate voted 81-13 on Friday to override President Trump’s veto of the bill, which sets spending for defense operations and national-security programs for the 2021 fiscal year.

The Corporate Transparency Act in 2020: A new US federal reporting requirement for beneficial owners of US entities

These rules reflect a growing international trend to require disclosure of beneficial ownership and creates compliance similar to many other countries, including but not limited to Bahamas and Bermuda, for example.

The 2020 FCPA Enforcement Index

Five FCPA settlements have now reached a billion dollars or more, and it takes at least $585 million to even appear in the current top ten.

BNY Mellon wealth unit’s use of proprietary funds under scrutiny in client lawsuit

In certain accounts belonging to the couple, BNY Mellon-affiliated funds made up as much as 95% of their portfolio, according to the complaint.

Morgan Stanley to Return $1.7M in Excess 529 Fees, Interest

FINRA's self-reporting 529 plan share-class program includes $2.7 million in total restitution and interest paid to clients of 3,900 accounts.

When bonuses are paid, cue the great trader exodus

Trading revenue grew by nearly a quarter at Morgan Stanley in the first nine months of 2020.

SEC Freezes Assets of Crypto Fund Manager

Virgil Capital founder Stefan Qin, 23, is accused of securities fraud tied to pay offs being made to "loan sharks," the SEC says.

IRS and PBGC Provide Welcome Clarification on Contribution Deadline for Defined Benefit Pension Plans

This pension funding holiday applies for contributions to single-employer defined benefit pension plans required under Section 430(j) of the Internal Revenue Code (the Code).

Swiss hand over remaining $150 million to U.S. from massive Ponzi scheme

About $50 million had previously been returned, the justice ministry said.

Clean Fuel Standard Regulations released for consultation

The draft Regulations have several changes from the iterations detailed in past discussion documents.

New York’s ‘Son of Sam’ Law Invoked in German Heiress Fraud Scheme

The office filed a lawsuit against Anna Sorokin, saying she shouldn’t get paid from streaming platform Netflix Inc. for a coming television series based on her life story called “Inventing Anna.”

Will a Wave of US Delistings Mean a Wave of Cayman Appraisal?

Per the Deminor piece, experience suggests that many of these delisting arrangements will occur at prices unfavorable to shareholders, who may then turn to their Cayman appraisal remedy – something we have blogged about extensively before.

US Regulator Sues Crypto Hedge Fund Founder — $25 Million in Digital Assets to Be Frozen

The SEC explained that Qin controls two cryptocurrency funds: the Virgil Sigma Fund and the VQR Multistrategy Fund.

Ex-Merrill Broker in Kentucky Sentenced to Eight Years

Hibbard, who worked at Merrill for seven-and-a-half years of his 18-year brokerage career, pled guilty in June to wire and investment fraud.

Legal, Regulation & Compliance