Displaying 133 results
Ex-AIG chief Greenberg to pay $15M to settle fraud charges
Former American International Group Inc. chief executive Maurice "Hank" Greenberg has agreed to pay a $15 million fine to settle fraud charges filed by the SEC.
General Electric to pay $50M in SEC settlement
General Electric Co. will pay a $50 million civil penalty to settle charges filed by the Securities and Exchange Commission accusing the conglomerate of improper accounting in order to make its financial results appear more attractive to investors.
Next Financial Group fined $1M for failure to supervise branch managers
Next Financial Group Inc. of Houston was fined $1 million today by the Financial Industry Regulatory Authority Inc. for failures to supervise its network of some 130 branch managers, also known as OSJs in the independent-contractor-broker-dealer industry.
Finra brought fewer enforcement actions in ’08; fines against individuals fell as well
As the stock market plummeted in 2008 and chaos reigned on Wall Street, Finra regulators found less reason to levy fines and enforcement actions against broker-dealers and their registered reps, according to a study.
Kirlin Securities expelled by Finra for manipulative trading
Kirlin Securities Inc. was expelled from the securities industry for alleged manipulative trading on the Nasdaq Stock Market Inc., Finra announced today.
Indictment brought against Fla. hedge fund manager
A grand jury has indicted a Florida hedge fund manager who disappeared for two weeks before surrendering to face criminal charges.
Chamber of Commerce asks court to reverse securities decision
A recent decision by a three-judge panel of the federal appeals court in Boston “dramatically expands securities fraud liability” and should be reversed, the U.S. Chamber of Commerce said in an amicus brief filed April 22.
Finra fines Fifth Third $1.75M for improper VA trades
The Financial Industry Regulatory Authority said Tuesday that it has fined Fifth Third Securities Inc. $1.75 million for a series of violations related to variable annuities transactions.
LPL unit fined $1.5M over VA sales violations
Finra yesterday fined one of LPL Holding’s independent broker-dealers more than $1.5 million because of wide ranging violations in the sale and record-keeping of variable annuities transactions.
Baird wins $1.4M from Morgan Stanley, ex-broker
Robert W. Baird & Co. Inc. has won a $1.43 million arbitration award against Morgan Stanley and a former Baird broker.
Broker charged with swindling $750K from elderly investors
A Massachusetts-based registered rep for a MassMutual subsidiary was charged with wire fraud after allegedly swindling two elderly investors.
Stanford accounts to remain frozen
A federal judge ruled Monday that investor accounts with Texas billionaire R. Allen Stanford's financial companies will remain frozen for another 10 days.
IRS must help Madoff victims, says Rep. Ackerman
The Internal Revenue Service should immediately issue guidance that would allow customers defrauded by New York-based Bernard L. Madoff Securities LLC.
Madoff bought no securities for 13 years: Trustee
The trustee in charge of untangling the mess left behind by Bernard Madoff told a packed auditorium Friday…
Ex-Fidelity traders fined $1M for taking swag
Eight former employees of Fidelity Investments will pay more than $1 million in total for improperly receiving travel, entertainment and gifts paid by outside brokers courting business from mutual fund company, the SEC announced today.
ING settles with investors bilked of $2.9M
ING Financial Partners last month reached a settlement with 38 defrauded investors to return $2.9 million stolen by two former brokers, both of whom are now in jail.
Ex-GunnAllen broker bilked $1.3M from seniors
A former broker from GunnAllen Financial Inc. of Tampa, Fla., stole $1.3 million from at least 16 elderly clients in the past six years, according to the New Jersey Bureau of Securities.
Citi Global Markets fined $300,000
Finra has fined Citigroup Global Markets, the brokerage and securities arm of Citigroup Inc., $300,000 for failing to reasonably supervise the commissions that its brokers charged their clients on stock and options trades.
Broker sanctioned for bilking injured children
A former Morgan Stanley broker has been sanctioned for making unsuitable trades in guardian accounts that were established for children who had received settlements in medical malpractice suits.
B-D fined $250,000 for lax oversight
Finra has fined independent broker-dealer J.P. Turner $250,000 for failing to employ an adequate supervisory system to ensure that its registered representatives charged customers "fair and reasonable" commissions on stock trades.
