Managers of Wealth Americas

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.

UBS Dinged in YES Options Case, Complaints Remain on Brokers’ Records

The strategy, managed by a team of New York City advisors who shared production credits with other UBS brokers who referred clients to them, went awry in volatile markets, the investors have claimed.

New Incident Notification Requirements Proposed by Federal Regulators for US Financial Institutions and Their Service Providers

Comments on the Proposal are due within 90 days of publication in the Federal Register, which is expected to occur later this month or early in 2021.

Legal, Regulation & Compliance