The SEC claims the unregistered investment adviser promised clients he'd put their money into safe investments. Instead, he allegedly poured the cash into start-up coffee shops, real estate, and his own pocket.
A judge promised Monday to decide by the end of next week whether to approve a $150 million settlement between the Securities and Exchange Commission and Bank of America over civil charges alleging the bank misled shareholders when it acquired Merrill Lynch.
Bank of America would pay $150 million and strengthen its corporate governance and disclosure practices under a proposed settlement filed today with the U.S. District Court for the Southern District of New York by the Securities and Exchange Commission.
After the sell-side analyst scandal in 2003, the SEC negotiated a settlement with i-banks to rein in tainted research. Now, the Senator Banking Committee chair wants to reexamine that deal
The Treasury secretary says the administration wants a financial overhaul bill that provides strong consumer protection and restraints on risk taking by large banks.
There may still be hope, because financial reform legislation is far from being a foregone conclusion
The target for the federal funds rate (the overnight market rate that banks charge each other for borrowing excess reserves) has, since 1994, been the main monetary policy tool for the Federal Reserve.
Kenneth Feinberg isn't being paid for the long hours he's putting in as the Treasury Department's special master to determine executive compensation at companies that received bailout money, but the decisions he's making are likely to percolate throughout the financial services industry for years to come.
In: Investor Advocate office, ramped up protection for senior investors; Out: fiduciary standard for brokers who give advice
In a surprise, Conn. Democrat Christopher Dodd called it quits on hammering out a bi-partisan financial reform bill. The upshot? Expect plenty of tweaks to the financial system, but little change.
The Senate Banking Committee Chairman says he's working with Republican Sen. Bob Corker of Tennessee to propose legislation.
Ponzi scam artists will have greater freedom to flourish if state regulators are assigned expanded oversight of RIA firms, according to panelists at the Financial Services Institute Inc.'s annual conference last week.
Questions surround the beleaguered firm after owner and chairman resigns.
The recent surge in the price of gold has the CFTC considering placing restrictions on speculative trades in gold, silver, and copper.
The claims that advisers would have to select from the entire universe of options and that results, not process, determine fiduciary appropriateness certainly tell a scary story of how a fiduciary standard would unfairly target well meaning advisers who are only trying to do what's best.
A new proposal targeting tainted investment advice would affect millions of workers.
A Missouri woman was sentenced Thursday to nine years in federal prison for a grain fraud scheme that bilked 179 farmers out of a combined $27.4 million and earned her the nickname the "Madoff of the Midwest."
Finding accusations "speculative and flimsy," a judge has dismissed civil securities fraud charges against a New York brokerage firm and its executives that resulted from a probe into Bernard Madoff's epic fraud.
