10/24/2018
Capital One Bank fined US$100 million for anti-money laundering weaknesses
A leading bank regulator on Tuesday fined Capital One Bank US$100 million for failing to enforce anti-money laundering controls that have been in place for years.
Legal, Regulation & Compliance
10/24/2018
SEC Obtains Consent Judgment against Hedge Fund Adviser for Alleged Scheme to Increase Profits above High-Water Mark
This fee was subject to a high-water mark—i.e., whereby the fee is earned for a given month only to the extent that the funds’ profits exceed losses from previous monthly periods.
10/24/2018
These Six States Have Pursued Fiduciary Rules
Checking in on the status of state attempts to create their own fiduciary standards.
10/24/2018
SEC Announces $23.8 Million Settlement with the Self-Proclaimed “Frack Master”
“Today’s serious civil and criminal sanctions serve as a warning to anyone who intends to target retail investors.”
10/24/2018
SEC Suspends Trading in Company for Making False Cryptocurrency-Related Claims about SEC Regulation and Registration
Earlier this month, the SEC issued an investor alert that warned investors to be vigilant for false claims about SEC endorsements used to promote digital asset investments.
10/23/2018
Wells Fargo pays $65 million to settle 'cross-sell' fraud claims with New York
Wells Fargo Failed to Disclose to Investors that Success of Cross-Sell Efforts was Built on Misconduct – Such as Opening Millions of Fake Deposit and Credit Card Accounts; NY Investors Lost Millions when Misconduct was Disclosed
10/23/2018
Global Chair Of Biglaw Firm Taking Temporary Leave Due To Exhaustion
Best wishes to Rawlinson for a speedy recovery.
10/21/2018
Newsweek’s former owner is charged in US$10m fraud
The Manhattan district attorney's office brought the charges after an extended investigation into the companies' financial dealings that included a raid of IBT's Manhattan offices in January.
10/21/2018
Blackrock, Fidelity employees and others sue over high fees on their own 401(k)s
Class-action lawsuits allege that big firms are unfairly loading retirement plans with their own funds
10/19/2018
Raymond James loses chance to snuff a lawsuit on upcharging fees
The lawsuit alleges that the firm overcharges, sometimes by up to ten times, its “processing fees” in certain accounts, according to the lawsuit.
10/19/2018
Wells Fargo Could Face Class Action Suit Over Deferred Compensation
The complaint also names Wells Fargo & Co., the parent bank of Wells Fargo Advisors, and Wells Fargo Advisors Financial Network, the company’s independent broker-dealer, according to the publication.
10/19/2018
SEC Charges Investment Advisor with Fraud
He allegedly told the clients that his strategy was safe and successful, the regulator says, but in fact Fixelle used the investors’ funds to cover personal expenses and growing personal debt, according to the SEC.
10/19/2018
Outten & Golden LLP: American Bankers Association Faces Discrimination Lawsuit
The lawsuit also alleges that over the years the "American Bankers Association has received reports involving sexual harassment and discrimination" by men at the top levels of the organization, yet allowed those men to remain in power.
10/17/2018
Why Credit Suisse Was Ordered to Pay Ex-Broker Almost $1 Million
Nonetheless, the Finra panel ruled Chilton must pay back Credit Suisse an outstanding loan balance of $18,706, netting him an award of $844,621, InvestmentNews writes.
10/17/2018
Notice Regarding Settlement with U.S. Department of Justice
The U.S. Subsidiaries do not admit any facts, liability or wrongdoing in connection with the settlement and they dispute the allegations made by the DOJ.
10/17/2018
IRS to revoke 260,000 American passports
The State Department denies passport applications based on the information on outstanding debts it receives from the IRS.
10/17/2018
SEC rules NYSE and Nasdaq did not justify data fee increases
Landmark decision puts pressure on exchanges over cost of trading data
10/15/2018
CEO Predicts Cannabis Industry Can Bank Legally By Christmas
Linton initially alluded to a first of the year development.
10/15/2018
Bridgewater warns Fed could turn ‘hot’ economy to ‘mediocre’
World’s largest hedge fund expects market turbulence as economy begins to cool
10/15/2018
The U.S. Needs to Crack Down on White-Collar Crime
What makes Michael Cohen different from other fraudsters? He got caught.