04/04/2018
Steve Cohen beats $8B suit alleging he tried to ‘kill’ insurer
Charges against Kynikos and Third Point were previously dropped but the case against SAC was revived last April.
Legal, Regulation & Compliance
04/04/2018
Merrill Lynch Gives Up Fight Against Former Advisors’ Right to Arbitrate
Merrill Lynch has dropped nine federal court cases it filed against former financial advisors to prevent them from arbitrating claims against the firm.
04/04/2018
US Supreme Court declines to hear FATCA case
The US Supreme Court on Monday declined to hear a challenge to the Foreign Account Tax Compliance Act, which had been brought by a group of American expatriates and led by Kentucky Senator Rand Paul, who had argued that the 2010 legislation violated their
04/04/2018
SEC charges fintech company founder with scheme to defraud investors
The Securities and Exchange Commission has charged Michael Liberty, the founder of the fintech startup now known as Mozido Inc., with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido.
04/03/2018
Morgan Stanley to Face Suit from Fired FA in Fed Court
Morgan Stanley fired Schmell Oct. 31, about two weeks before the publication of his memoir that detailed how he got sober prior to joining the wirehouse, according to the New York Post.
03/30/2018
HSBC Will Pay $100 Million to Settle Libor-Rigging Lawsuit
Investors claimed HSBC colluded with banks to reduce payments
03/30/2018
Estate and Tax Planning Use of Trusts for Qualified Plan Assets
The goal is to enable the trustee to defer income taxes on the benefits while coordinating the requirements of the client, the trustee, the plan administrator and the IRS.
03/27/2018
SEC's crypto hedge fund probe is healthy for the industry
A hedge fund is essentially the only viable fund management vehicle for crypto investing, and it will probably be that way for some time, as digital assets are unlikely to fall within the purview of mutual funds or traditional money managers for the near
03/27/2018
Broker Watchdogs Accused of Letting Sensitive Data Go Public
Whistle-blower alleges regulatory lapses in complaint to SEC
03/27/2018
Skipped FATCA Disclosures Can Be Criminal
FATCA requires foreign financial institutions to identify U.S. customers and report information about their financial accounts.
03/26/2018
Bank of America Merrill Lynch agrees to pay N.Y. $42 million fine for fraud
The investigation showed BoAML began the masking scheme as early as 2008 and that at least 16 million client orders were affected.
03/26/2018
Steward Partners heads west, hiring $600M team from RBC
Founded in 2013 by former wirehouse managers, Steward Partners had already grown to include 13 offices on the East Coast.
03/26/2018
Bank of America Merrill Lynch fined $42m for fraudulent electronic trading activities
The investigation also revealed that the firm made their electronic trading services look safer and more sophisticated than they actually were.
03/26/2018
Regulator planning to look under hedge funds' hoods
While examiners could call in enforcement investigators in case they see red flags, their main objective is to inform how the SEC’s rules should address the burgeoning field of cryptocurrency investment.
03/26/2018
How Trump's trade policies may impact the Fed: Societe Generale
ariffs could force the Federal Reserve to raise interest rates even faster, according to Societe Generale Chairman Lorenzo Bini Smaghi told CNBC at the China Development Forum.
03/25/2018
Portland-Area Man Wins Reported Seven-Figure Whistleblower Settlement from Wells Fargo
Formerly enslaved by the Khmer Rouge, Duke Tran lived the American dream until a big bank fired him.
03/25/2018
Wells Fargo thinks its time to buy into the sell-off, even with fears over trade wars and rate hikes
The market cycle is not over, says Wren.
03/23/2018
More moves towards global transparency in Curacao as CRS takes effect
As long as you’re tax compliant, the forthcoming deadline for first reporting should not be a big worry for you
03/23/2018
Guatemala moves towards transparency in banking - TMF
Those who do not register one or several bank accounts that are in the name of a person or financial groups of the country, or foreigners, will be classified as “resistant”.
03/23/2018
Finra Bars Broker for Impersonating Clients
Cochran and his father also saved their clients’ login credentials and traded based on verbal discretion alone, according to the publication.