A Massachusetts securities regulator today sued two units of UBS AG, charging the employees with fraud and dishonest conduct in sales of auction rate securities.
The Senate Banking Committee today unanimously approved three nominees to be members of the Securities and Exchange Commission.
A former UBS AG banker testified against the firm yesterday, claiming it participated in schemes to help hide $20 billion in assets and avoid income tax laws.
The SEC has filed an injunctive action against James G. Marquez, a principal of the failed Bayou Fund.
Former employees of Morgan Stanley and Janney Montgomery Scott LLC were indicted on kickbacks and fraud charges.
A Florida pension fund yesterday filed suit against AIG and four executives of making misleading statements about the company’s finances.
The Securities and Exchange Commission is investigating Franklin Bank after an internal probe revealed accounting errors tied to residential real estate loans.
When they started their partnership in 1990 at Morgan Stanley, brokers Gerald P. Kessler and Paul S. Baker probably never imagined that the dissolution of their book of business — $470 million in assets, producing an estimated $3 million a year in fees and commissions — would hinge on a coin toss.
The U.S. subprime meltdown will result in more-stringent banking regulations, according to former Sen. Paul Sarbanes.
The Energy and Tax Extenders Act may be taken up next week by the House of Representatives.
John Carl of AllianceBernstein won $10 million in damages against the firm and $2 million in punitive damages.
A spate of class actions involving auction rate securities may be behind an expected rise in securities class actions this year.
Both GunnAllen Financial Inc. and a former top executive are claiming victory after a lengthy arbitration battle that focused on whether the independent broker- dealer had the right to fire David McCoy, its former chief operating officer and national sales director, who was dismissed in 2005.
“It is a far cry from everything we need to do,” but it will help keep homeowners in their homes, Sen. Christopher Dodd said.
Two Senators have introduced bipartisan legislation to protect seniors from “unscrupulous financial advisers.”
A "patchwork of regulators" are "unable or unwilling" to protect the American people, said Sen. Barack Obama.
The bill is expected to pass the House by summer, but will not make it through the Senate, lawyer James Delaplane said.
Mutual Service Corp. faces at least one arbitration claim for allegedly failing to supervise a mortgage broker whose practice collapsed last September under the weight of a nearly $30 million fraud.
For nearly a decade, Jon E. Drucker has been a thorn in the side of Ameriprise Financial Inc.
The Securities and Exchange Commission charged the vice chairman of the International Securities Exchange and two financial consultants with alleged insider trading.
