A federal judge has ordered the acquittal of two former employees of disgraced financier Allen Stanford on charges that they illegally shredded thousands of company documents. U.S. District Judge Richard W. Goldberg cited insufficient evidence Friday in Miami in the case against ex-Stanford employees Thomas Raffanello and Bruce Perraud. The judge's order came on the second day of jury deliberations. Raffanello and Perraud faced up to 50 years in prison if convicted of conspiracy, document destruction and other charges. Defense attorneys had argued that all records were backed up electronically. Raffanello was previously chief of Miami's Drug Enforcement Administration office. Stanford is awaiting trial in Houston.
Robert Rubin, a senior adviser to Citigroup Inc. at the time of its deep losses from subprime mortgages, and former CEO Charles Prince said they learned belatedly that Citi had $43 billion in high-risk securities on its books.
Berkshire Hathaway was sued by an ex-manager of its RV biz. His claim? He was fired after blowing the whistle about 'millions of dollars' of fraud at the unit
The Securities and Exchange Commission is reviewing the use of financial derivatives by mutual funds, exchange-traded funds and other investments to determine whether new protections are needed for investors.
Federal prosecutors are seeking an eight-year sentence for a Kirkland, Wash., financial adviser who stole more than $12 million from 42 clients.
Schapiro lays out new rules requiring asset-backed issuers to retain five percent of asset-backed securitizers
A former broker with Wells Fargo Advisors of St. Louis has sued the firm for sex discrimination.
Alan Fishman used to drive Wall Street bankers around New York. All the while, he thought he could do what they did. Now, the hedge fund president is facing five years in jail for securities fraud.
The SEC aims to add more enforcement agents and examiners to its hedge fund speciality unit. With 700 hedge shops closing in 2009, there should be shortage of applicants.
A judge has decided prosecutors have enough evidence to try two former Nebraska City brokers accused of defrauding investors out of more than $20 million.
The French bank says it's conducting an internal audit after uncovering 'anomalies' in the account. Clients have been notified.
District judge rejects Fidelity's argument, says fund company employees are covered by Sarbanes-Oxley; ruling 'will increase transparency'
I don't understand the flap about service fees, and think that Blaine F. Aiken was wrong about many of his assumptions and representations (the Fiduciary Corner column “Let's say goodbye to 12(b)-1 fees,” which appeared in the Jan. 18 issue).
A federal judge has refused to grant a mistrial despite signs that a Miami jury is struggling to reach a verdict in the Stanford document shredding case.
The Securities and Exchange Commission will reassess the 12(b)-1 fees collected by brokers as compensation for selling and servicing mutual funds, SEC Chairman Mary Schapiro said today.
Eight U.S. senators want Congress to oppose International Money Fund and World Bank loans to the government of Antigua and Barbuda until that government compensates victims of Stanford Financial Group. Stanford International Bank was located in Antigua.
The Charles Schwab Corp. could be liable for millions in investors' claims over losses to a short-term-bond fund that blew up this year because of its exposure to mortgage-backed securities.
