08/24/2014
SEC Drops $21 Million in Request for Sanctions Against Wyly Brothers
The SEC had initially asked for up to $72 million for a civil penalty
Legal, Regulation & Compliance
08/24/2014
HSBC Faces $250m US Lawsuit for 'Ignoring Signs of Fraud of Late David Elias'
Britain's HSBC bank is facing a lawsuit over allegedly ignoring warnings that late entrepreneur David Elias was committing fraud through an investment vehicle.
08/24/2014
Goldman Sachs agrees to $1.2bn settlement over mortgage bonds
Regulator Federal Housing Finance Agency finds bank sold faulty bonds to Fannie Mae and Freddie Mac
08/24/2014
Bank settlements won't deter Wall Street wrongdoing
The reason why is simple: Although the government has outlined numerous instances where bankers knowingly misled investors about the riskiness of the loans that were bundled into securities, those individuals have largely escaped any punishment.
08/24/2014
Facing More Regulation, but Falling Short on Compliance
Firms in the financial services industry are known for being subject to a growing number of regulations.
08/21/2014
Berkshire Hathaway to Pay $896,000 Civil Penalty for Violating Antitrust Premerger Notification Requirements
Violation Occurred When Berkshire Hathaway Acquired Voting Securities of USG Corporation
08/21/2014
Bank of America dinged $17b over sale of securities
The deal is the largest settlement arising from the economic meltdown in which millions of Americans lost their homes to foreclosure
08/21/2014
Barclays to pay $23 million to settle Thornburg lawsuit
Sher claimed Barclays wrongfully shored up its own financial condition in August 2007
08/20/2014
PwC fined $25m for hiding bank's sanctions violations
Japan's biggest lender pressured PwC to delete a report on wire transfers the bank submitted to regulators
08/20/2014
SEC Releases Hedge Fund Data From Dodd-Frank PF Filings
The SEC has continued to develop the use of Form PF data in its ongoing risk monitoring activities
08/20/2014
Standard Chartered fined $300 million over laundering controls
If a bank fails to live up to its commitments, there should be consequences
08/20/2014
RBC Hits Back At CFTC In Wash Trading Case
The Royal Bank of Canada returned fire at the Commodity Futures Trading Commission in New York federal court Monday, saying the CFTC’s recent motion for summary judgment
08/19/2014
Securities law firm files FINRA Arbitration Claim Against Deutsche Bank Securities
The Glanmore fund invested in United Kingdom real estate and was managed by Tilney, an investment management firm owned by Deutsche Bank. Deutsche Bank recommended and sold the Glanmore fund to wealthy investors in Mexico, Central America, and South Ameri
08/19/2014
Banks May See Upside in Small Auditors After PwC Ban
The move could encourage some banks to turn to smaller auditors, who some experts say produce higher quality work and are less expensive.
08/18/2014
Bank Overseer PwC Faces Penalty and Sidelining of Regulatory Consulting Unit
The giant consulting firm PricewaterhouseCoopers occupies a position of trust on Wall Street, acting as a shadow regulator of sorts that promises the government an impartial look inside the world’s biggest banks.
08/18/2014
Withers launches in San Francisco with lateral hire duo
In line with Withers’ international growth strategy, the office was launched off the back of its existing wealth planning specialism.
08/18/2014
SEC Charges Former Bank Executive and Friend With Insider Trading Ahead of Acquisition
The Securities and Exchange Commission charged a former bank executive in Massachusetts and his friend with insider trading
08/17/2014
SEC looking into loans made by activist investor
Regulators Look at More Than $9 Million in Loans Made Between Funds Run by Activist Investor
08/17/2014
US banks plan ahead for UK exit from EU
Executives at American banks in Europe are reluctant to speak publicly about the issue for fear of upsetting the UK regulators.
08/15/2014
SEC commences examinations of liquid alternative funds
The examinations are not believed to be linked to any upcoming enforcement actions although it is increasingly evident that US regulators are seeking to learn more about liquid alternatives amid their rise to prominence over the last few years.