08/23/2018
Fintech Without Borders: Regulators Consult on Global Financial Innovation Network
The Consultation builds on the FCA’s proposal earlier this year to create a “global sandbox” for innovative financial services firms.
Legal, Regulation & Compliance
08/23/2018
Credit Suisse Wealth Unit Froze $5 Billion on Russia Sanctions
The international wealth management unit manages 370 billion francs in private banking assets.
08/23/2018
Former Julius Baer banker pleads guilty in $US1.2b Venezuelan cash laundering
Two years ago, Switzerland seized $US118 million ($160.5 million) in bank assets linked to a Venezuelan businessman who has admitted to bribing PDVSA officials to steer about $US1 billion in energy-supply contracts.
08/23/2018
Will Paul Manafort go to prison? After guilty verdict, here's how much prison time Trump's former campaign Chief could get
Manafort faces a maximum sentence of 80 years for the eight guilty verdicts. A sentencing date has been set for August 29.
08/22/2018
Merrill Lynch Settles SEC Charges of Undisclosed Conflict in Advisory Decision
The SEC’s order finds that the conflict of interest arose in Merrill Lynch’s handling of third-party products managed by a U.S. subsidiary of a foreign multinational bank, in which more than 1,500 of Merrill’s retail advisory accounts ha
08/22/2018
Brazil moves ahead with data protection law
The Brazilian President has approved a law focusing on data privacy that is being called, the ‘Brazilian GDPR’.
08/22/2018
Hermes Investment Management Awards Northern Trust Mandate Extending Longstanding Relationship
Headquartered in London, Hermes Investment Management provides a broad range of specialist, active investment strategies and stewardship services to institutional and wholesale clients across the globe.
08/21/2018
SEC Charges Technology Fund Adviser, Founder in Fraudulent Scheme
The SEC’s investigation was conducted by Eric Brooks, Michael Foley, and Ellen Chen, and was supervised by Jeremy Pendrey of the Enforcement Division’s Asset Management Unit in the San Francisco Regional Office.
08/21/2018
Scot put on FBI most wanted list for investment fraud
Precious metal scam defrauded $400,000 from at least 12 victims
08/21/2018
SEC Charges Unregistered Brokers Who Sold Woodbridge Securities to Main Street Investors
Once Woodbridge filed for bankruptcy, investors stopped receiving monthly interest payments and have not received a return of their investment principal.
08/20/2018
Greenberg Traurig: Firm, Attorneys Shortlisted for Euromoney’s Inaugural Rising Star Awards
Shareholders Katie Molloy and Jasmine Zacharias at global law firm Greenberg Traurig, LLP have been shortlisted for Euromoney’s inaugural Rising Star Awards.
08/20/2018
Former Banco De Costa Rica President Arrested
The raids began at 6 am and concluded at 4 pm.
08/19/2018
Malta wealth managers named in Venezuelan graft probe
MaltaToday has learnt that Portmann Capital Management Limited is the Maltese investment firm that is referred to in the Homeland Security Investigations criminal complaint filed in the courts of Miami
08/17/2018
New Mexico AG sues Wells Fargo over unauthorized accounts
Affected customers say they incurred fees and charges as a result of their unauthorized account.
08/17/2018
SFC circular warning asset managers on margin financing activities disguised as investments: wider market implications
Exclusions to the definition of securities margin financing may be available to Type 1 arrangers or dealers where the statutory provisions to the relevant exclusions are satisfied.
08/17/2018
Morgan Stanley Age Discrimination Lawsuit Poses Questions For All 40+ Employees
A Morgan Stanley spokesperson says about the litigation: “We intend to defend ourselves vigorously.”
08/16/2018
Loeb & Loeb Opens San Francisco Office
Firm’s Nationally Recognized Private Client Team Expands California Presence
08/16/2018
SEC charges Ameriprise over insider theft
Without admitting or denying the findings, Ameriprise agreed to be censured and pay a penalty of $4.5 million.
08/15/2018
SEC bars perpertartor of ICO fraud
The SEC’s order finds that the defendants’ promotional materials used inflated projections of oil production that were contradicted by the company’s own internal analysis
08/15/2018
Ex-Morgan Stanley FA Scores $140K Win Against Wirehouse
A Morgan Stanley spokeswoman tells the website the firm is pleased with the dismissal of the claim but still believes it’s not obliged to cover Johnson’s legal fees.