08/28/2015
Ex-Brokers Hit Morgan With $20M Whistleblower Suit
Morgan denies the allegations.
Legal, Regulation & Compliance
08/28/2015
Proposed regulations regarding disguised payments by partnerships for services with a focus on management fee waivers
These regulations are intended to address (among other things) waivers of certain management fees by private equity fund managers in exchange for increased future payments.
08/28/2015
UBS to pay $1.7 million settlement over sanctions case - U.S. Treasury
A UBS spokesman said OFAC agreed that the bank's conduct in this case "was not egregious.
08/28/2015
Family Limited Partnerships' Future in Question
These have been available for estate planners for the last two decades
08/28/2015
‘Flash Crash Trader’ Sarao Fails to Delay Extradition Case
He asked a London judge for more time to prepare an expert report on trading
08/27/2015
Judge dismisses HFT case against Barclays and US exchanges
In a statement, Barclays said it was “pleased with the court’s thorough and well-reasoned decision dismissing all the allegations in the complaints
08/26/2015
Will the SEC Pay-Ratio Rules Help Shareholders?
A closer look at how the controversial new metric affects institutional investors.
08/26/2015
You know it's bad when NYSE invokes Rule 48
It's only used in the event that extremely high market volatility is likely to have a floor-wide impact
08/26/2015
Former JPMorgan analyst arrested for insider trading
A former JPMorgan Securities analyst was arrested and charged in an alleged insider trading scheme that netted more than $600,000.
08/25/2015
FINRA Fines Charles Schwab & Co., Inc. $2 Million for Net Capital Deficiencies
The deficiencies arose because on each of those dates, Schwab had inflows of cash that exceeded the amounts it could invest with existing facilities, so instead, Schwab transferred $1 billion to its parent company for overnight investment.
08/25/2015
Two Swiss Banks Reach Resolutions under Justice Department's Swiss Bank Program
Two more Swiss banks have reached resolutions with the Justice Department under its Swiss Bank Program.
08/21/2015
CFPB, NY Securities Regulator Sue Companies Over Pension Advance Scheme
According to the complaint filed in California federal court, from 2011 through December 2014 the companies conned customers
08/21/2015
IRS Data Breach Much Larger Than Initially Reported
Tax agency reveals now roughly 600,000 accounts thought to be affected.
08/21/2015
Ex-JPMorgan banker to plead guilty in embezzlement case-hearing
The lawyers asked Torres to schedule another hearing on Sept. 30
08/21/2015
Barclays must face U.S. class action over Libor
Class actions make it easier for plaintiffs to recover larger sums at lower costs than if they sue individually.
08/21/2015
Ex-Wilmington Trust president makes first court appearance
As a condition of his release, Harra was ordered to post a $25,000 unsecured bond and surrender his passport
08/19/2015
A big bank got fined $15 million for giving internships to the 'less than exemplary' kids of Middle Eastern officials
An SEC investigation found that BNY Mellon did not evaluate or hire the family members through its existing, highly competitive internship programs that have stringent hiring standards and require a minimum grade point average and multiple interviews.
08/19/2015
SEC fines RIA $2.8 million and bars owner in 'Madoff of Main Street' case
Holds owner of Total Wealth Management, Jacob Cooper, liable in case where losses are expected to total as much as $44 million
08/19/2015
LLCs, Private Jets Don’t Always Fly Smoothly
But that’s where it gets tricky. Wealthy folks typically run afoul of the FAA’s rules because they are unaware of the rules between the two forms of licenses.
08/18/2015
FinCEN: Precious Metals Dealers Using the Blockchain Need Licensing
FinCEN has ruled that businesses using Bitcoin’s blockchain to transfer precious metals are considered money transmitters.