Results for "lawsuits"

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$6M in investor funds goes missing from trust

September 23, 2012

Death and money apparently don't mix. On Sept. 14, Wisconsin regulators sued the Wisconsin Funeral Directors Association Inc. and Fiduciary Partners Inc., trustee of the $48 million Wisconsin Funeral Trust, alleging that the two organizations...

Brokers churned accounts and lost $2.7 million for clients, SEC says

September 10, 2012

Three former brokers at the independent broker-dealer J.P. Turner & Co. LL C churned client accounts and racked up more than three-quarters of a million dollars in commissions and fees for themselves and the brokerage, the Securities and Exchange...

Expungement ruling could have wide impact

September 2, 2012

A California appeals court ruling that makes it easier for brokers to expunge customer complaints and disciplinary actions from their records could have far-reaching implications for brokers everywhere. In an Aug. 23 decision, the California...

Court case is key for same-sex couples

August 12, 2012

Financial advisers who have same-sex couples as clients need to keep abreast of a recent legal decision that is headed toward the Supreme Court. A federal court in New York has declared that part of the federal Defense of Marriage Act, which...

Inland CEO Daniel Goodwin criticizes REIT IPO

August 3, 2012

Daniel Goodwin, chief executive of Inland Real Estate Group of Cos. Inc., criticized the timing of an IPO of a nontraded real estate investment trust that Inland formerly controlled, Retail Properties of America Inc. Once dubbed Inland Western...

U.S. Court dismisses class action bid against KBS REIT

July 29, 2012

A nontraded real estate investment trust that saw a sharp decrease in its valuation this year won a legal victory last Monday when a federal judge in Florida dismissed a potential class action against the REIT, KBS Real Estate Investment Trust...

B-Ds get mixed results in ruling over failed real estate deal

July 27, 2012

Independent broker-dealer Berthel Fisher & Co. Financial Services Inc. scored a victory this month in an arbitration over an investor seeking $934,000 in restitution for investing in a real estate deal involving an office building in Minnesota....

SEC considers suing Miami after muni bond disclosure probe

July 24, 2012

The U.S. Securities and Exchange Commission may sue Miami over whether the city adequately disclosed financial information when it raised money from investors. The SEC yesterday told Miami that its staff, after a more than two-year probe, plans...

Ex-Donald & Co. broker sentenced to 1 year for stock scheme

July 23, 2012

A broker for the now-defunct Donald & Co. Securities Inc. was sentenced in a Central Islip, New York, court to a year and a day in prison for his role in a stock-fraud scheme, according to a spokesman for federal prosecutors. Slava Volman had...

Ex-BofA executive indicted for fraud in municipal bond probe

July 20, 2012

A former Bank of America Corp. executive was indicted for allegedly participating in what prosecutors said was a “far-reaching conspiracy” to defraud municipal bond investments through bid rigging. Phillip D. Murphy, former head of Bank...

Wall Street banks' next fight may be with their own employees

July 15, 2012

Losses in Wall Street workers' 401(k)s — in a large part due to declines in the companies' share prices — could trigger a large number of lawsuits by unhappy employees. Those suits, according to experts, likely will hinge on whether the...

The next opponent for Wall Street banks? Their own employees

July 10, 2012

Losses in Wall Street workers' 401(k)s — in a large part due to declines in the companies' share prices — could trigger a large number of lawsuits by unhappy employees. Those suits, according to experts, likely will hinge on whether the...

TD, Schwab, others sued in patent infringement case

June 26, 2012

An Australian firm has filed patent-infringement lawsuits against six U.S. brokerage firms over their use of a trading-alert technology. In similar lawsuits filed last week, Markets-Alert PTY Ltd. of Bankstown, Australia, near Sydney, claims...

Hedge fund lied about its principals' having ‘skin in the game': SEC

May 29, 2012

The SEC has settled charges against investment adviser Quantek Asset Management LLC and two managers who told investors in two Latin American alternative investment funds that the executives had invested large portions of their own money in...

First REIT case goes against Lerner

May 27, 2012

The first of potentially hundreds of arbitration cases related to the sale of Apple REITs by David Lerner Associates Inc. has been decided in favor of claimants Joseph Graziose and Florence Hechtel. Two weeks ago, Financial Industry Regulatory...

'Targets on their back,' wealthy turning to trusts

May 23, 2012

Executive-liability insurance is often the first line of financial defense for executives and directors caught up in litigation such as investor lawsuits. For others without such coverage, asset-protection trusts are the way many insulate their...

Ex-Detroit mayor Kwame Kilpatrick accused of accepting gifts from adviser

May 9, 2012

Former Detroit Mayor Kwame Kilpatrick and the city’s ex-treasurer were sued by the U.S. Securities and Exchange Commission, which accused them of awarding pension-fund business in exchange for $125,000 worth of gifts from an investment adviser....

Sentences handed down in broker fraud case

May 4, 2012

Adam Harrington, a former broker at Sky Capital Holdings Ltd., was sentenced to five years in prison for his role in what prosecutors said was an eight-year scheme that defrauded investors of $140 million. Sky Capital's founder, Ross Mandell,...

Financial planner involved in NBA players' union probe: Report

April 27, 2012

The National Basketball Players Association is being investigated by the U.S Attorney's Office in Manhattan after President Derek Fisher asked for independent reviews of its finances and business practices, the union said in a statement. Union...

Wells Fargo wins possession of parking garages in Stockton

April 13, 2012

Wells Fargo & Co., in a lawsuit it filed as a bond trustee against financially ailing Stockton, California, was awarded possession of three parking garages. San Joaquin County Superior Court Judge Roger Ross in Stockton yesterday made the decision...

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