Managers of Wealth Americas

Ex-Nomura trader must defend bond-case dismissal in higher U.S. court

A federal appeals court in another case tossed out the conviction of another trader, Jesse Litvak — and that prompted Gramins’s judge to follow suit.

Delaware gives ‘critical’ backing to ailing US beneficial owners list

The United States’ most nebulous jurisdiction has backed a bid in Congress to create a beneficial ownership register.

Morgan Stanley Court Ruling Complicates Switching Firms

The ruling only applies to the state of Georgia but it could be used by other courts as well as industry panels for similar cases, Bloomberg writes.

Georgia court ruling could further weaken Broker Protocol protections

While the state-court ruling applies only in Georgia, other courts and industry panels could refer to it in ruling on similar cases.

PwC must pay FDIC $625M for failing to uncover fraud scheme

Colonial, based in Montgomery, Ala., had been among the 25 largest US banks, while Ocala, Fla.-based Taylor Bean was the nation’s 12th-largest mortgage lender.

U.S. fund claims $175 million from South Korea over Samsung units' 2015 merger

Mason Capital filed a notice of intent seeking a resolution through the Investor-State Dispute Settlement mechanism

SEC Charges New York-Based Firm and Supervisors for Failing to Supervise Brokers Who Defrauded Customers

The SEC’s investigation has been conducted by David Oliwenstein, David Stoelting, Roseann Daniello, and Steven G. Rawlings, and supervised by Sanjay Wadhwa.

SEC Charges Morgan Stanley in Connection With Failure to Detect or Prevent Misappropriation of Client Funds

Morgan Stanley previously repaid the four advisory clients in full plus interest.

SEC Proposes New Approval Process for Certain Exchange-Traded Funds

Since 1992, the Commission has issued more than 300 exemptive orders allowing ETFs to operate under the Investment Company Act.

BT Wealth Management named to Accounting Today’s Top 150 Firms

BT Wealth Management was the highest ranked Atlanta firm in the $500 million-plus club.

SEC Proposes Whistleblower Rule Amendments

The proposed rules would, among other things, provide the Commission with additional tools in making whistleblower awards to ensure that meritorious whistleblowers are appropriately rewarded for their efforts

UBS to pay $4.3 million in Puerto Rico bonds claim

The claimant's broker at UBS has 183 disclosures on his BrokerCheck report

First Citizens Bank, Capital Commerce Bancorp, Inc. Announce Merger Agreement

The two companies are very well suited for one another.

TCI, Axon accuse India real estate firm IREO Management of $1.5 billion fraud

Hedge funds run by Christopher Hohn and Dinakar Singh accused one of India’s largest real estate developers IREO Management of defrauding its foreign investors of at least $1.5 billion. “If we do nothing, we will largely bleed dry and get not

Wells Fargo Advisors Settles SEC Charges for Improper Sales of Complex Financial Products

Misconduct Imposed Substantial Costs on Retail Customers

Credit Suisse wins $300m broker compensation case

According to Laver, the bank deliberately agreed to the recruiting deal rather than selling the unit as a formal sale would have led to a change of control requiring the payments.

The US Supreme Court Wayfair decision's impact on the art market - Withers

This new development may negatively affect New York art merchants, who often arrange shipments of out-of-state deliveries using fine art carriers.

Ottawa Implementing New Reporting Rules For Trust Funds

Trusts only have to reveal that they exist when they voluntarily file a tax return to the Canada Revenue Agency.

New trust fund rules meant to crack down on tax evasion

Tough penalties will force those who don’t file to consider the consequences of staying in the shadows.

Deutsche Bank stressing out about US stress tests

Germany’s largest bank seems doomed to fail the review by US regulators, causing further damage to its reputation and loss of key personnel.

Legal, Regulation & Compliance