Results for "compliance"

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The rise and fall of Brookstreet's ‘Uncle Stan'

December 9, 2009

He used to be known as the charming, affable “Uncle Stan” of Brookstreet Securities Inc., the independent broker-dealer he built. Now, he's facing charges of securities fraud because his brokers sold more than 1,000 investors $300 million...

SEC sues defunct Brookstreet Securities and its former CEO

December 9, 2009

Federal regulators have sued a defunct California investment brokerage and its former CEO, accusing them of fraud in selling more than $300 million worth of risky mortgage-backed securities to unsophisticated investors. The Securities and Exchange...

Rejected: Carmelo Anthony's lawsuit against adviser shot down by judge

December 8, 2009

Carmelo Anthony's lawsuit that accused his former business manager of misappropriating more than $2 million of his assets has been provisionally dismissed by a federal judge in Sacramento, Calif., so the NBA star's lawyers can amend the complaint....

Broker-bishop pleads guilty to fraud in Ponzi scheme

December 3, 2009

A former stockbroker accused of running a $21 million Ponzi scheme from his suburban Denver home for 15 years has pleaded guilty to felony mail fraud. Shawn Merriman entered the plea Wednesday in federal court in Denver. The 46-year-old faces...

XBRL still a foreign language for advisers

November 25, 2009

The use of XBRL continues to grow in the financial services industry and among its regulators, but it isn't a part of financial advisers' worlds — yet. That's the general theme that came out of a conference held last week by XBRL US, a nonprofit...

Feds raid Ind. offices of National Lampoon Inc.'s chief executive

November 25, 2009

Federal agents searched the Indiana and Ohio offices of two companies owned by an Indianapolis businessman Tuesday, serving warrants a month after a newspaper questioned whether the Ohio firm is capable of repaying some $168 million owed to...

Finally, hope for advisers who want to tweet – but not delete

November 25, 2009

Many advisers feel stymied when it comes to adopting social media. But for independent registered investment advisers whose main hurdle has been lack of a low-cost archiving, help is on its way. BMRW & Associates Inc. has begun a free public...

Swiss officials ready to name names in UBS tax flap

November 24, 2009

Swiss tax authorities said Tuesday they have notified the first 500 clients of Swiss bank UBS AG whose names they want to hand over to the United States for alleged tax cheating. The taxpayers who are picked for disclosure have 30 days to appeal...

Petters a victim or victimizer? Jury deliberates

November 24, 2009

A jury will return Tuesday to further deliberate the fate of a Minnesota businessman accused of operating a Ponzi scheme that cost investors more than $3.5 billion. Assistant U.S. Attorney John Marti told jurors Monday that Tom Petters' claim...

Hong Kong regulator bans ex-CLSA banker for life

November 23, 2009

Hong Kong regulators on Monday banned a former banker at one of Asia's top stock brokerages from the territory's financial industry for life after he was jailed for insider trading. Allen Lam, former investment banking director at broker CLSA,...

Car seized from suspected lawyer worth $2M

November 23, 2009

A sports car worth nearly $2 million, an 87-foot yacht and a guitar collection worth as much as $20,000 were among the assets seized from a South Florida lawyer suspected of operating a massive fraud scheme, according to a court filing Monday....

Palace coup? 'Cash king' arrested, charged in alleged securities scam

November 20, 2009

State of California and federal prosecutors have charged seven people in an alleged securities scam that cheated dozens of people out of $17 million. The Riverside County district attorney's office said Thursday that James Duncan, who called...

Reinsurance agreement boosts Conseco's capital ratios

November 20, 2009

Conseco Inc. said Friday that a subsidiary has reached a reinsurance agreement with Wilton Reassurance Co. covering about 237,000 life insurance policies. Wilton Re will pay a ceding commission of about $45 million and will 50 percent co-insure...

Labor Department reworking investment advice rule

November 20, 2009

Despite having seemingly killed its proposed rule on providing investment advice to participants in defined-contribution plans, the Labor Department expects to introduce a revised proposal for comment in the next few months, according to industry...

S&P in dutch with the EU

November 19, 2009

European Union regulators on Thursday said they have charged U.S. credit ratings agency Standard & Poor's with monopoly abuse, alleging that the company unfairly demands payment for securities information numbers in databases. S&P, a division...

Ponzi or pawn? Accused scammer Petters says he's innocent

November 18, 2009

A Minnesota businessman accused of orchestrating a massive Ponzi scheme testified Tuesday that he did not knowingly participate in the fraud and may have "trusted some people far too much." Tom Petters took the stand in the third week of his...

Denver duo bilked seniors in green scheme: SEC

November 16, 2009

The Securities and Exchange Commission today charged two companies – including a Colorado-based financial planning firm – with conning senior citizens out of their retirement money with outlandish claims about investing in a shady bio-tech...

Compliance departments on red alert for insider trading

November 15, 2009

In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance. As regulators increase their scrutiny of insider...

Compliance searches up 20% this year, says headhunter

November 9, 2009

While most investment management companies are reluctant to start firmwide hiring, many are looking to bulk up their compliance departments, according to executive search firm Russell Reynolds Associates Inc. Compliance-related searches are...

Feds seize Ferrari from Fla. lawyer accused of $100M fraud scheme

November 9, 2009

Federal agents are seizing assets from a Florida lawyer suspected of orchestrating a multimillion-dollar fraud scheme. FBI and Internal Revenue Service agents were at the ritzy Fort Lauderdale home Monday of 47-year-old attorney Scott Rothstein....

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