Results for "fraud"

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NAPFA copes as members are charged

June 14, 2009

The high-minded, fee-only advisers who lead the National Association of Personal Financial Advisors last week told its members that they are struggling to come to terms with allegations that three NAPFA advisers, including a former leader of...

SEC charges Birmingham B-D with churning

June 12, 2009

The Securities and Exchange Commission and the Alabama Securities Commission announced today that they have charged Aura Financial Services Inc., a Birmingham-based broker-dealer, with churning customer accounts, supervisory failures and other...

Adviser allegedly stole $6M from terminally ill, disabled clients

June 10, 2009

A New York investment adviser faces charges of stealing $6 million from clients who included some who were terminally ill or cognitively impaired. Earlier today, the U.S. attorney's office for the Southern District of New York in Manhattan and...

Korean-American investors allegedly bilked of $80M in affinity fraud

June 9, 2009

Two California men and the companies they ran were charged today with conducting an $80 million Ponzi scheme that targeted Korean-American investors with false promises of annual returns of up to 36% from foreign currency trading, the Securities...

Evergreen to pay $40M for misrepresenting mortgage-backed securities

June 8, 2009

Evergreen Investment Management Co. LLC and Evergreen Investment Services Inc. have agreed to pay $40 million to settle SEC charges related to securities law violations. The Securities and Exchange Commission charged the Boston-based firms with...

Ex-Credit Suisse broker charged with $1B fraud jumps bail

June 5, 2009

A former Credit Suisse Securities LLC broker indicted in a $1 billion auction rate securities scandal has vanished, federal authorities say. Julian Tzolov — along with another former Credit Suisse Securities broker, Eric Butler — was scheduled...

Brokers bilked investors out of $36M selling CMOs, SEC charges

May 28, 2009

The Securities and Exchange Commission today charged 10 brokers who worked for the former Brookstreet Securities Corp. of Irvine, Calif., with fraud. The SEC’s complaint alleges that the brokers falsely marketed investments in derivatives of...

Swiss hedge fund reaches $235M settlement with Madoff trustee

May 26, 2009

Optimal Investment Services, the Geneva-based hedge fund arm of Banco Santander SA, has reached a settlement with Irving Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, for $235 million. The settlement resolves...

Morgan Stanley trader fined, banned

May 26, 2009

Britain's financial services regulator fined and banned a Morgan Stanley trader on Tuesday for putting customers at a disadvantage by pre-hedging trades without their consent — the third sanction linked to the bank in the last two weeks. The...

Houston professor and a lawyer/CPA busted for making 'extraordinary' claims to investors

May 26, 2009

The Securities and Exchange Commission has obtained an emergency court order to freeze the assets of a former finance professor at Texas A&M University and a Houston lawyer and CPA, charging them with defrauding investors by using forged bank...

New York brokers charged in $6.2M fraud

May 20, 2009

A Wall Street brokerage firm collected $6.2 million in illegal fees by duping hundreds of investors into buying stocks at inflated prices, a prosecutor said today. An indictment charged the two founders and 15 former employees of the now-defunct...

Ezra Merkin steps down from Madoff-tainted funds

May 19, 2009

J. Ezra Merkin, a once-renowned money manager who turned out to be one of fraudster Bernie Madoff’s most important sources of cash, agreed to step down from running his investment funds under an agreement with the New York State Attorney General’s...

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