Results for "compliance"

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Coming soon: Broader definition of fiduciary under ERISA

December 23, 2009

The Labor Department is planning to expand its definition of fiduciary under ERISA — a move that would have implications for all financial advisers that work on retirement plans. According to an agenda item posted on the Employee Benefit Security...

Oppenheimer reaches agreement with Illinois over 529 fund losses

December 22, 2009

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...

Rajaratnam, Chiesi plead not guilty to insider trading charges

December 21, 2009

Wealthy hedge fund operator Raj Rajaratnam and a codefendant pleaded not guilty Monday to charges they were major players in a scheme that used inside information to make stock trades that generated millions of dollars in profits. Prosecutors,...

Finra fines Calif. broker-dealer $750K over sale of Reg D offerings

December 21, 2009

Living up to its recent promise to strengthen its oversight of Regulation D offerings, Finra today took a substantial whack at a broker-dealer over the sale of private placements. Finra, the Financial Industry Regulatory Authority Inc., this...

Brokerages face 2011 start date for reporting cost-basis info

December 21, 2009

Regulations proposed last week by the Internal Revenue Service would leave brokerage firms little time to begin reporting cost basis information to customers. The proposal, which was published in the Federal Register, would require brokerage...

Rep who fought in Iraq sues his former brokerage

December 18, 2009

A former sergeant in the Marine Corps Reserves — and member of the U.S. force that invaded Iraq in 2003 — filed suit Friday against Wells Fargo Advisors. Jay Belanger, who had worked as a registered representative for Prudential Securities...

Former Lazard Freres banker charged with insider trading

December 17, 2009

A former Lazard Freres banker was charged Wednesday with insider trading. Federal prosecutors in San Francisco accused Adnan Zaman of passing along confidential information to friends about clients' merger plans. In addition, the Securities...

Credit Suisse to pay $536M to settle Iran wire transfer case

December 16, 2009

Credit Suisse Group has agreed to pay $536 million to settle a Justice Department probe and admit to violating U.S. economic sanctions by hiding the booming illegal business it was doing for Iranian banks. The settlement papers were filed Wednesday...

Obama in closed session with Wall Street execs

December 14, 2009

President Barack Obama is asking bank executives to support his efforts to tighten the financial industry, while bankers are prepared to tell the president he should stop oversimplifying their concerns if he wants good-faith collaboration. An...

Merrill Lynch in ARS settlement with Virginia

December 14, 2009

The Virginia State Corporation Commission says Merrill Lynch is paying nearly $1.37 million to settle allegations that investors were misled about the safety of the auction-rate securities market. The SCC finalized Virginia's participation in...

SEC expands probe of BofA, Merrill deal

December 11, 2009

The Securities and Exchange Commission has expanded its probe of Bank of America to include possible failure by the bank to disclose mounting losses at Merrill Lynch. The SEC is pursuing civil charges against Bank of America over the failed...

U.S. judge declares Swiss banker, lawyer fugitives

December 11, 2009

A federal judge in Florida has declared a banker and lawyer from Switzerland who were indicted on fraud charges as fugitives from justice. U.S. District Judge Daniel T.K. Hurley signed the order against banker Hansruedi Schumacher and attorney...

Next hot job? Compliance officer at financial firm

December 11, 2009

People who knew how to make a quick buck held some of the fastest-growing jobs two years ago. Now, the growth industry is in helping financial firms figure out how to follow the rules. Financial examiners and compliance officers are expected...

NY fund manager gets six years in prison for $33M scam

December 11, 2009

A federal judge in western New York has sentenced an investment fund manager to six years in prison for helping run a $33 million Ponzi scheme that cheated more than two dozen investors across the country. John Montana, who's 57 and from Staten...

House passes sweeping financial reform

December 11, 2009

A year after Wall Street failures plunged the nation into recession, the House on Friday passed the most ambitious restructuring of financial regulation since the New Deal. The sprawling legislation gives the government new powers to break up...

Plan to place B-D advisers under Finra scrapped

December 11, 2009

The investment adviser community breathed a sigh of relief today after the House killed an amendment that would have given the Financial Industry Regulatory Authority Inc. the authority to regulate investment advisers at broker-dealers. The...

Pay czar puts $500K cap on cash comp of bank, auto execs

December 11, 2009

The Obama administration's pay czar is limiting the cash compensation for executives at companies that received the largest taxpayer bailouts to $500,000. The 25th through the 100th top earners at Citigroup, GMAC, American International Group...

Finra: We'll lower the boom on shady private placements

December 10, 2009

Finra expects to bring cases against brokerage firms involved in selling private placement offerings next year, a Finra enforcement official said today. “We have a number of investigations under way involving allegations of wrongdoing arising...

Controversial accounting change will boost insurers' capital reserves

December 10, 2009

State insurance regulators this week cleared an accounting change that would allow insurance companies to bulk up their capital and statutory-surplus levels. At the National Association of Insurance Commissioners' winter meeting in San Francisco,...

NYC Ponzi flourished as Madoff imploded: SEC

December 9, 2009

Just 11 days after Bernard Madoff was arrested last year, federal regulators say an enterprising Queens gentleman started a Ponzi scheme of his own. Genadi Yagodayev, 32, opened a firm last Dec. 22 called Rockford Funding Group, which he marketed...

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