Managers of Wealth Americas

Institutional investors give thumbs down to federal response on outbreak

The survey results from 69 partner-level investors found that 38% have no confidence in the federal government’s ability to contain the outbreak

Even with $1 trillion stimulus, hit to economy and employment from virus will be big

The Federal Reserve announced facilities for commercial paper and primary dealers on Tuesday, as well as another big repo facility, but the Fed is also expected to do more to stave off a financial crisis.

Obscure Hedge Fund Behind Morgan Stanley Probe Also Roiled Citi

Losses stem from derivative bets by China-owned Pandion fund

SEC Charges Three Ex-Advisory Firm Employees In Ponzi Scheme

Criminal charges also were brought against him by the U.S. Attorney's Office for the Eastern District of North Carolina based on the same misconduct, as well as Peters' providing false information to SEC staff.

Sophisticated professionals flood into Miami with hedge funds

This will attract a substantial number of sophisticated financial professionals into the South Florida business community, and will substantially increase economic activity here.

Former Pilatus Bank chair Ali Sadr convicted of fraud

Faces a maximum of 85 years in jail

SEC rule changes will provide certain smaller issuers relief from auditor attestation requirement

On March 12, 2020, the SEC adopted rule changes to exempt certain smaller issuers from the auditor attestation requirement under Section 404(b) of the Sarbanes-Oxley Act of 2002. This alert provides an overview of these changes.

Wells Fargo takes back $15 million bonus from its former CEO

In canceling the $15 million bonus from last year, awarding him no bonus for last year and no severance on top of that, it’s a stark sign that the board apparently came to view Sloan as part of the problem.

Coronavirus: Remote working for financial services

It’s an unprecedented situation with a large proportion of the global workforce now working from home in an attempt to delay and contain the virus.

JPMorgan Trading Platform for Rich Clients Froze During Rout

The system was overwhelmed by unprecedented volume, one person said.

House Bill Seeks to Improve 403(b) Investment Options

A bipartisan bill introduced Thursday would allow public sector employees, including K-12 teachers, to add lower-cost investment trusts to their retirement portfolios.

JPMorgan Seeks TRO Against In-Bank Broker Now at Merrill Lynch

Reached at his Merrill office in Baton Rouge, Berry referred requests for comment to Merrill officials.

Advisor’s dilemma: To travel or not in the age of coronavirus?

They are still taking in-person client meetings, but skipping conferences.

A near record year for money laundering: Banks hit with $10 billion in fines

One remarkable finding in the report is that, despite a spate of new data privacy laws, they resulted in almost no fines.

Feds hit ex-U.S. Bancorp exec with $450,000 money-laundering fine

La Fontaine admitted responsibility in failing to make sure the bank was properly staffed to meet regulations, according to a filing from FinCEN, a unit of the U.S. Department of the Treasury.

J.P. Morgan Releases 2020 Guide to Retirement

Guide Analyzes Key Issues Impacting Retirement Planning

Why Customers Won’t Set Foot In Banks In The Future

Customers now have the options to take care of almost all of their banking outside the branch, making the locations that were once hubs of financial activity nearly obsolete.

US charges Russian billionaire Tinkov with tax fraud

Tinkov paid a £20m bail to be allowed to stay in a apartment owned by his wife in central London so long as he respects a 7pm to 7am curfew.

Barclays, Merrill Resurface in Third German Tax Indictment

The transactions took advantage of how Germany taxed dividends, abusing the system to claim multiple refunds on a tax paid only once, according to investigators.

Former Risk Officer at U.S. Bank Fined for Weak Anti-Money Laundering Oversight

U.S. Bank noted the enforcement action is specific to Mr. LaFontaine and not against the bank.

Legal, Regulation & Compliance