Results for "lawsuits"

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Finra bars broker who stole from sick child

April 12, 2012

Finra has barred a former broker who misappropriated money from several customers, including from a trust fund set up for a child suffering from cerebral palsy. The broker, Ralph Edward Thomas Jr. of Reisterstown, Md., who was most recently...

SEC accuses ‘socially conscious entrepreneur' of running $11M church-based Ponzi scheme

April 12, 2012

The Securities and Exchange Commission has hit Ephren W. Taylor II with fraud charges, alleging that he swindled church parishioners out of millions under the guise of being a “socially conscious entrepreneur.” Mr. Taylor, former chief executive...

UBS wins dismissal of billionaire's tax lawsuit

April 11, 2012

UBS AG won dismissal of a lawsuit brought by billionaire Igor Olenicoff, who blamed the bank for events leading him to plead guilty to failing to disclose about $200 million in offshore accounts on U.S. tax forms. U.S. District Judge Andrew...

DeWaay gets reprieve from Iowa court

April 5, 2012

DeWaay Financial Network LLC, one of dozens of broker-dealers ensnared in litigation over private placement investments gone sour, got some momentary relief from the Iowa District Court for Decatur County on Thursday. Judge John Lloyd ruled...

Oppenheimer fund solicitation challenged in investor lawsuit

March 27, 2012

An Oppenheimer Holdings Inc. fund was sued by a Massachusetts municipal pension plan that alleges its investment was solicited with “materially untrue and misleading statements.” The Brockton Retirement Board, which manages the southeastern...

Ex-adviser Allen pleads guilty to insider trading

March 20, 2012

Scott Allen, a former Mercer LLC investment adviser, pleaded guilty to charges that he supplied nonpublic information to a friend in a $2.6 million insider- trading scheme involving drug-company acquisitions. Allen, 45, of Atlanta, admitted...

Mets owners may not pay any money in Madoff settlement

March 19, 2012

The owners of the New York Mets agreed to a $162 million settlement of claims by the liquidator of Bernard Madoff's firm that won't require them to pay any money for at least four years, if ever. U.S. District Judge Jed Rakoff announced the...

OSU, Pickens come up empty in insurance battle

March 18, 2012

After a lengthy court battle, Lincoln National Life Insurance Co. will be permitted to keep $33 million in life insurance premiums it collected from an Oklahoma State University athletic fund program that eventually went bust. A March 9 decision...

Morgan Keegan loses dismissal bid in $8B Fairfax suit

March 16, 2012

Morgan Keegan, the brokerage being sold to Raymond James Financial Corp., lost its bid to be dismissed from an $8 billion lawsuit brought by Canadian insurer Fairfax Financial Holdings Ltd. Fairfax, in its 2006 lawsuit, accused investors of...

Ex-Tyco chief Dennis Kozlowski now advising nonprofit

March 16, 2012

The new home of felon and ex-Tyco International Ltd. Chief Executive Officer Dennis Kozlowski, while not furnished with the $6,000 shower curtain and paintings by Monet and Renoir that decorated his previous Manhattan abode, offers a stunning...

Stanford's advisers face long, tough legal slog

March 11, 2012

The legal woes of R. Allen Stanford, who was found guilty on 13 of 14 charges of fraud by a Houston jury last week, may be over. But for more than 300 former Stanford Financial Group financial advisers, a legal quagmire awaits. The advisers...

Lincoln National ordered to make good on insurance in heated Stoli case

March 6, 2012

The Lincoln National Life Insurance Co. will pay $5 million in death benefit proceeds for a life insurance policy the insurer had contended was fraudulent. A jury in the U.S. District Court for the Southern District of Florida on Friday found...

Ex-real estate group head guilty of fraud

March 4, 2012

A former investment adviser and head of a real estate trade association pleaded guilty last month in federal court in Minneapolis to defrauding investors of $1.1 million. Renee Marie Brown, 48, was the head of the Real Estate Investment Securities...

UBS sues two ex-advisers claiming they took customer data to Wells Fargo

February 16, 2012

A UBS AG brokerage unit sued two former financial advisers in Chicago, claiming they took confidential trade secret information including customer account data to competitor Wells Fargo Advisers LLC. Named as defendants in the lawsuit filed...

Pru will pay $17M to settle with seven states over death benefits

February 3, 2012

Insurance regulators in seven states have reached an agreement with Prudential Financial Inc. over unclaimed death benefits, requiring the carrier to pay $17 million to settle the allegations. The deal also will require Prudential to build a...

Finra challenges Schwab effort to stem class action claims

February 2, 2012

The Financial Industry Regulatory Authority Inc. and The Charles Schwab Corp. are engaged in a legal fight over whether a brokerage firm can avoid customer class-action claims by forcing all disputes into Finra arbitration forums. In a complaint...

Reagan adviser Arthur Laffer sued over alleged Ponzi scheme

January 16, 2012

Arthur Laffer, the economist who gained notoriety during the Reagan administration for his Laffer Curve, a theory that says reducing taxes can increase government revenue, has been implicated in a Ponzi scheme, according to Courthouse News Service....

Legendary band takes Warhol Foundation to court over banana

January 12, 2012

The Andy Warhol Foundation was accused in a lawsuit by The Velvet Underground of infringing the trademark for the banana design on the cover of the rock group's first album in 1967. The band's founders, Lou Reed and John Cale, said that the...

Thinkorswim users hit TD Ameritrade with hefty arbitration claim

January 10, 2012

TD Ameritrade Inc. has been hit with an $8 million arbitration claim by a group of options traders who say they lost money last summer during final integration of the thinkorswim trading platform. The arbitration, filed late last month by two...

Corzine sued by Montana farmers over futures account money

January 10, 2012

Jon Corzine, former chief executive officer of collapsed commodity brokerage MF Global Holdings Ltd., was sued for fraud by Montana farmers who claim he oversaw the misappropriation of their commodity trading account funds. The lawsuit filed...

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