Results for "compliance"

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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....

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...

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...

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...

SEC funding shift in Senate's draft financial fix

November 10, 2009

Measures that would significantly boost funding for the Securities and Exchange Commission as well as give shareholders a say on executive pay are included in draft financial overhaul legislation in the Senate, a person familiar with the matter...

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....

Shared-trust fund offers easy way to roll up smaller accounts

November 6, 2009

Most financial advisers can relate to the challenges of handling smaller accounts that are inherited from the relatives of existing clients, or are in the form of small “orphaned” retirement accounts. For an adviser with a client account...

UBS fined $13.3M over unauthorized trades in clients' accounts

November 5, 2009

Swiss bank UBS AG has been fined 8 million pounds ($13.3 million) for management failures which allowed employees to make unauthorized trades with customers' accounts, Britain's financial regulator said Thursday. The fine is the third-largest...

Finra slaps Scottrade with $600K fine for ‘inadequate' surveillance systems

October 26, 2009

The Financial Industry Regulatory Authority Inc. today fined Scottrade Inc. $600,000 for failing to have adequate anti-money laundering procedures in place to detect and report suspicious transactions. In a statement, Finra noted that as an...

SEC exams of advisers get tougher and meaner

October 25, 2009

The SEC may be examining fewer investment advisers than ever, but when it does pay a visit, even routine exams are more demanding, according to lawyers, consultants, advisers and the agency itself. The Securities and Exchange Commission has...

State inspectors find fewer problems among investment advisers

September 29, 2009

State securities regulators today reported a drop in deficiencies in their latest inspections of investment advisers. The North American Securities Administrators Association Inc. said that 458 examinations of advisory firms found 1,887 deficiencies...

Risks of Reg D deals worry state regulators

September 27, 2009

The collapse of two high-risk private placement deals over the summer has shed light on the process by which broker-dealers bring these deals to market. Many are questioning the due diligence performed on private placements — known as “Reg...

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