03/10/2021
Uncertainty as Citi, Barclays snipe unwanted employees
Barclays isn't the only bank judiciously trimming staff this week
Legal, Regulation & Compliance
03/10/2021
PL Financial Attorneys Selected for Legal Industry DEI Fellowship
LCLD's landmark Fellows Program began in 2011.
03/10/2021
Fidelity parent FMR gets good news in ERISA case
They accused Fidelity of charging "secret fees" and offering a "kickback" to managers of competing firms whose investments are available through the Fidelity FundsNetwork.
03/08/2021
Climate-Related Disclosure in the Hot Seat
SEC Commissioners: Are Recent Announcements Changes from Status Quo or New PR Twist?
03/08/2021
SEC Issues Over $5 Million to Joint Whistleblowers Located Abroad
The SEC has awarded approximately $758 million to 142 individuals since issuing its first award in 2012.
03/08/2021
Anti-virus mogul John McAfee charged with fraud over crypto promotion
McAfee indicted in federal court over schemes that promoted cryptocurrency offerings on social media
03/05/2021
Investors seeking action from Powell on yields disappointed
Yields on Treasury debt rose after Powell signaled the central bank would make no immediate move to cap the recent increase in yields.
03/04/2021
Former Greenbush, Minn.-based bank CEO sentenced for involvement in 'African diamond and gold' scam
Robert John Hager, 71, was sentenced to 18 months in federal prison for abusing his position as the CEO of Border State Bank to buy into a fraudulent "get-rich-quick" scheme.
03/03/2021
Outsourcing for banks improves compliance with regulations
Many of these organizations may not realize that there are outsourcing solutions specifically tailored to their regulatory compliance needs.
03/03/2021
Citi’s $900 Million Mistake Prompts Banks to Seek New Safeguards
At least four leveraged loan issuers came to market with deals that included “Revlon clawback language” in credit documents in recent weeks.
03/02/2021
SEC Examinations Division Issues Risk Alert Regarding Digital Assets
The Division warned that their review of policies, procedures and practices of investment advisers investing client assets in Digital Asset Securities
03/02/2021
Delaware Supreme Court Adopts ABRY Partners Framework Permitting Limitations of Liability for Fraud Except for Intentional Fraud
The issue before the Court was whether the trial court had erred by instructing the jury that the state of mind requirement necessary
03/02/2021
Huawei Lawyers on HSBC Exec: «Far More Than a Gopher»
U.S. prosecutors claim that Meng misrepresented the Skycom relationship, allegedly making statements that suggested that the firm was sold to an arms-length third party when it was in fact sold to a parent company Huawei controlled.
02/25/2021
Prosecutors ordered to give ex-Merrill traders information in spoofing case
U.S. District Judge John Lee on Wednesday rejected prosecutors’ argument that their probe into the manipulative trading tactic was independent from the CFTC’s.
02/25/2021
SEC Bars Advisor Imprisoned for $13 Million Ponzi Scheme
Steven Pagartanis was sentenced to more than 14 years in prison for his role in the scheme, according to the Justice Department. FINRA had previously barred the Long Island–based advisor from the industry.
02/24/2021
Morgan Stanley Faces $5 Million Claim from NBA Star Chandler Parsons
Parsons, who is listed as the claimant along with related entities as well as his one-time roommate and fellow National Basketball Association player Courtney Lee, alleged that between 2017 and 2019 “payments were made without prior approval”
02/24/2021
This Gigantic Biglaw Firm Wants To Get Even Bigger In 2021 And Beyond
This firm is willing to go harder, better, faster, and stronger to build revenue. Is yours?
02/23/2021
Wells Fargo Enters Agreement with GTCR and Reverence Capital Partners to Sell Wells Fargo Asset Management
GTCR and Reverence Capital are two respected private equity firms with deep experience investing in the asset management space.
02/23/2021
FINRA Bars Former Wells Fargo Broker for Private Securities Transactions
The regulatory agency claimed Scott Wayne Reed failed to get approval from Wells Fargo when soliciting clients to invest in a software company he himself was invested in.
02/23/2021
SEC Obtains Final Judgment Against Advisor Who Defrauded Investors of Millions
Last November, James Booth was sentenced to 42 months in prison for conducting a Ponzi-like scheme on investors and was ordered to pay nearly $5 million.