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LPL Financial Places Independent Reps Under Supervision 21 Aug 2013 | 06:26 am
LPL Financial Inc. (LPLA) is no longer allowing independent representatives to supervise themselves and will impose a fee increase on some 2,200 one-person shops. These changes are among the firm’s st...
AIG Shuts Down Customers’ Bank Accounts in the Wake of Dodd-Frank Limits 20 Aug 2013 | 06:11 am
American International Group (AIG) will give its banking unit back their money and close out their accounts. The move is because the Dodd-Frank Wall Street Reform and Consumer Protection Act has impos...
New York Subpoenas 22 Digital-Currency Companies and Investors Over Bitcoin 17 Aug 2013 | 10:58 pm
The New York State Department of Financial Services has subpoenaed a number of investors and digital-currency companies to better understand the Bitcoin (XBT) arena. Letters were sent to key players r...
Two Investors’ Securities Fraud Lawsuit Against SEC Over Stanford Ponzi Scam is Dismissed 17 Aug 2013 | 03:33 am
A federal judge has dismissed the securities fraud lawsuit filed by two investors against the Securities and Exchange Commission for failing to report that Allen Stanford was running a $7.2 billion Po...
Professional Athletes, Celebrities Often Targeted for Securities Fraud 14 Aug 2013 | 08:54 pm
The Shepherd Smith Kantas & Edwards law firm has represented many athletes and other celebrities who lost millions because of improper handling of their investments. While overspending and poor invest...
SEC Stops Former Marine’s Hedge Fund Fraud That Targeted Military Folk 13 Aug 2013 | 04:40 am
The Securities and Exchange Commission has secured an emergency order to stop a hedge fund scam run by ex-marine Clayton A. Cohn and his Market Action Advisors, a hedge fund management firm that is re...
Investors Claim They Lost $300M in Ohio Ponzi Fraud Lawsuit 10 Aug 2013 | 11:25 pm
In Ohio, investors are suing Glen Galemmo for allegedly running a Ponzi scam. The securities fraud lawsuit claims that approximately 100 to 200 investors lost more than $300 million. Galemmo is now na...
SEC Adopts Rules to Protect Investors that Have Brokerage Firm-Held Assets 8 Aug 2013 | 05:04 am
In a 3-2 vote, the SEC adopted rules to provide substantially more protections to investors who have assets held by registered broker-dealers. SEC Chairman Mary Jo White issued a statement saying she ...
Texas Money Manager Sued by SEC and CFTC Over Alleged Forex Trading Scam 7 Aug 2013 | 12:49 am
The Securities and Exchange Commission and the Commodity Futures Trading Commission have filed separate yet parallel securities fraud lawsuits against a Texas money manager accused of bilking investor...
Oppenheimer & Co. to Pay $1.4M to FINRA For Allegedly Unregistered Penny Stock Sale & Anti-Money Laundering Violations 6 Aug 2013 | 12:35 am
The Financial Industry Regulatory Authority says that Oppenheimer & Co. (OPY) will pay a $1,425,000 fine for the purported sale of penny stock shares that were unregistered and for not having an anti-...
