Results for "compliance"

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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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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