A New York couple who lost more than $2 million on financial and health care stock investments made by their independent adviser in 2008 and who stopped opening their monthly statements has failed in a bid to collect damages from Fidelity Investments, the custodian for their RIA.
Key members of Congress will begin an investigation to determine whether officials from Merrill Lynch deliberately misled lawmakers about bonuses the brokerage firm intended to pay out to top executives for its 2008 performance.
A sister who sued her brother and his brokerage firm won a $608,000 arbitration decision last month in a case that alleged, among other claims, churning of highly volatile stocks in the weeks leading up to the market collapse of September 2008.
Bills introduced recently to give seniors another year's grace on required minimum distributions from retirement accounts won't get any traction in Congress, according to experts.
Robert Errico, head of member regulation at the Financial Industry Regulatory Authority Inc., will be leaving the organization at the end of March.
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.
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.
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.
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.
The former operations director for Bernard Madoff Investment Securities was arrested Thursday to face conspiracy, securities fraud and tax charges.
The Labor Department is likely to issue new rules governing investment advice given to 401(k) plan participants by the end of this month, Assistant Labor Secretary Phyllis Borzi said today.
With a nearly 30 percent jump in bank robberies last year when compared with 2008, banks in Colorado are being encouraged to report suspicious people entering their banks as a way to discourage would-be bank robbers.
Florida authorities have locked up Richard M. Incandela, on charges of selling insurance without a license and organized fraud exceeding $50,000, according to published reports.
The life settlements and life insurance industries are criticizing President Barack Obama's 2011 budget proposal, which includes provisions that would require additional reporting to the IRS for life settlements and would impose taxes on corporate-owned life insurance.
The state of Illinois has reached a settlement in its lawsuit over losses in the Bright Start college savings program under which parents will get back $77.23 million — slightly more than half of what they lost in investments handled by Oppenheimer Funds Inc.
Proposed entity would be capitalized by the prime-money-market-fund industry.
Reebok founder Paul Fireman is suing his longtime friend, investment adviser and accountant, claiming he stole $25 million from him and a charity.
