Opera-loving philanthropist Alberto Vilar was sentenced Friday to nine years in prison by a judge who credited his giving spirit but said he wanted to send a message to money managers that fraud will not be tolerated because it can damage confidence in the economy.
OppenheimerFunds Inc. has lost its head of distribution, just five months after he joined the firm.
The Financial Planning Coalition has given up its effort to get Congress to establish a definition of financial planning that would have brought thousands of insurance and securities brokers under the sway of a new oversight board.
If ever there were a time to kill 12(b)-1 fees, that time is now.
The key informant in the tax evasion case against Swiss bank UBS AG claims prosecutors made false statements to a judge who sentenced him to prison.
Stocks dropped early Thursday as a rise in weekly jobless claims dampened hopes about a key employment report due Friday.
State Street Bank and Trust Co. has agreed to pay more than $300 million to investors who lost money during the subprime meltdown in 2007 under a settlement announced today by the Securities and Exchange Commission.
President Barack Obama has proposed another spending increase for the Securities and Exchange Commission.
Wall Street executives said Wednesday they underestimated the severity of the 2008 financial crisis and made poor decisions, while also defending their bonus and compensation practices to a skeptical commission investigating what caused the collapse.
A senior House Democrat says the government didn't force Bank of America to take over Merrill Lynch and bank executives knew they had little chance of legally being able to back out of the deal.
A recent lawsuit concerning a failed investment in a life settlement has exposed a new area of regulatory uncertainty and potential liability for registered representatives and their firms.
Amid growing scrutiny of life settlements securitization, the Securities and Exchange Commission has created a task force to examine financial products, according to The Wall Street Journal.
Buzz is building among financial firms about arranging life settlement securitizations, but experts question the structured products' viability as an investment amid a lengthy list of risks and a limited track record of successful transactions.
The former operations director for Bernard Madoff Investment Securities was arrested Thursday to face conspiracy, securities fraud and tax charges.
After trimming the ranks of its brokerage force, Bank of America Corp. apparently wants to build up its force again — this time from the ground up.
MetLife Inc. on Monday projected fourth-quarter and 2010 operating earnings mostly above analyst estimates.
Three months after he joined the company, Andrew Sieg, head of retirement and philanthropic services at Bank of America/Merrill Lynch, has reorganized its retirement services group
Recruiters at competing firms are likely to reach out to bank brokers at Bank of America Investment Services Inc., according to industry observers.
