01/04/2018
UBS Broker Wins $400,000 from Ex-Partner in Slander Case
“The panel determined that Grimes’ false and disparaging statements are not protected by the First Amendment,”
Legal, Regulation & Compliance
01/04/2018
Ex-Hedge Fund Exec Ordered To Pay $4M For Securities Fraud
Michael J. Spak, the former CEO of Osiris Partners LLC, was ordered to pay restitution to a list of more than 70 Osiris investors in amounts ranging from $14,000 to $222,000
01/03/2018
Ex-Merrill Lynch Manager Loses Mormon Bias Appeal
A three-judge Fourth Appellate District panel shot down dozens of complaints about Riverside County Superior Court Judge Gloria Trask’s handling of the trial
01/01/2018
What Happens When a Spouse Hides Money During a Divorce?
Some well-to-do spouses still engage in complex and expensive schemes in the attempt to keep assets for themselves and out of the pool of community property.
12/29/2017
FINRA hits JP Morgan Securities with $2.8M fine over custody failures
The SEC rule creates requirements to protect customers' funds and securities.
12/28/2017
Shkreli’s ex-lawyer convicted of aiding him in fraud scheme
Evan Greebel, a former lawyer for Martin Shkreli's pharmaceutical companies, was found guilty of helping Shkreli steal US$11 million
12/28/2017
Citigroup to pay $11.5m over false stock ratings
The firm’s actual research reports, which were available to brokers, and the research ratings appearing in those reports, were not affected by these errors.
12/27/2017
LPL on the Hook $462K For "Failures" Over Ex-Broker’s Ponzi Scheme
The SEC alleges from March 2011 to June 2016, Fossum raised over $20 million from more than 100 investors through unregistered securities offerings of funds he owned and controlled.
12/27/2017
Ex-KIT CEO Tuzman, Socialite Amanat Convicted at Fraud Trial
After the verdict, U.S. District Judge Paul Gardephe ordered Amanat jailed until he’s sentenced, ruling he’s a risk to flee. Gardephe allowed Tuzman, who wept openly during part of the proceeding, to remain free on bond.
12/26/2017
China Construction America Sued in New York State Court for Engaging in Massive Fraud
Claims Relate to China Construction America's Wrongdoings in the Baha Mar Resort Project in The Bahamas
12/26/2017
RBS Settles California MBS Case for $125M
“RBS decided to mislead California’s pension funds in order to line its own pockets — plain and simple,” California's attorney general says.
12/22/2017
Finra fines Raymond James $2 million over emails
FINRA found that during a nine-year review period, Raymond James’ email review system was flawed in significant respects
12/22/2017
Finra fines Raymond James $2 million over emails
FINRA found that during a nine-year review period, Raymond James’ email review system was flawed in significant respects
12/22/2017
Regulators probe MetLife pensions
Secretary of State William F. Galvin, who oversees the securities division, said the disclosure made note of the company’s failure to pay monthly pension benefits to workers
12/22/2017
North Carolina Financial Advisor Indicted on Fraud Charges
A Raleigh financial advisor is accused of running a Ponzi scheme, SagePoint Financial adds multiple NPH teams and Ray Dalio critiques the tax reform bill
12/21/2017
U.S. regulator plays down bitcoin fears, backs fintech charter
A U.S. banking regulator said on Wednesday that bitcoin does not currently pose a threat to the country’s banking system and that there is “space” for innovative financial technology firms to operate in the traditional lending business.
12/21/2017
Fund Manager Sues U.S. Law Firm for Fraud Over Carbon-Tax Advice
The London office of McDermott provided tax advice to Gorton from 2004, and advised him to invest in a series of companies that created and traded carbon credits
12/21/2017
Hedge-Fund Titan Gets Sued By Mistress – The Wild Details Include An Ostrich Farm
The beauty queen-turned-Tesla model met Gibbins while dining at Le Bilboquet in Manhattan in June 2014, her suit says.
12/21/2017
JPMorgan broke anti-money laundering rules in 1MDB deals: Switzerland
The scandal surrounding the Malaysian state fund 1Malaysia Development Berhad has rocked the administration of Malaysian Prime Minister Najib Razak.
12/20/2017
Brazil charges Swiss bank manager with laundering bribe money
They said Suarez concealed the illegal financial operation with false information given to the bank’s compliance office.