SEC examiners will turn to outside auditors and other third parties to help verify records at investment advisory and broker-dealer firms, an agency official said last week at the CCOutreach conference.
Ponzi scam artists will have greater freedom to flourish if state regulators get expanded oversight of registered investment advisory firms, according to attorneys on a panel today at the annual Financial Services Institute conference in New Orleans.
Investment advisers whose only fees are deducted from client accounts — and do not have custody of assets — will not be subject to additional exams under a regulation expected to be approved today by the Securities and Exchange Commission.
Hours before passing the most significant financial-reform package in nearly 80 years, the House Friday killed an amendment that would have given the Financial Industry Regulatory Authority Inc. the authority to regulate investment advisers at broker-dealers.
'America's Prophet' and investment adviser Sean David Morton said he used psychic powers to predict the movement of the stock market. One move Morton probably didn't see coming: the government charged him with fraud.
Property owners at four struggling and bankrupt resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse, saying the bank gave predatory loans to the resorts' investors as part of a scheme to take over the properties.
Credit Suisse Securities (USA) LLC has agreed to buy back $79 million of auction rate securities from Colorado investors who struggled to sell them after the market for them froze.
A billionaire hedge fund manager charged in a $25 million insider trading case now faces a lawsuit saying he helped finance Sri Lankan militants notorious for suicide bombings.
Securities America Inc. was tagged last month with a lawsuit from Massachusetts regulators alleging that the firm misled investors who were sold high-risk private placements.
A Securities America adviser named last week in a class action said he had no way of knowing that securities he sold would later blow up.
In strikingly unenthusiastic fashion, federal Judge Jed Rakoff signed off on the Securities and Exchange Commission's plan to fine Bank of America $150 million after failing to tell shareholders of about $16 billion in impending losses at Merrill Lynch.
A federal judge in Minnesota today ordered Trevor G. Cook jailed for failing to surrender more than $35 million in assets.
A December study of Justice Department records showed that federal prosecutions of financial crimes have dropped dramatically nationwide over the past six years, despite the recent media frenzy over big-time Ponzi schemes and insider trading scandals.
A lawsuit accuses an energy company owned by Dallas Cowboys owner Jerry Jones of aiding and abetting an alleged $15 million securities fraud.
Major life carriers' earnings will take just a minor hit from President Obama's proposed Financial Crisis Responsibility Fee, according to a report from securities firm Keefe Bruyette and Woods.
A New York couple who lost more than $2 million on financial and health care stock investments made by their independent adviser in 2008 and who stopped opening their monthly statements has failed in a bid to collect damages from Fidelity Investments, the custodian for their RIA.
Key members of Congress will begin an investigation to determine whether officials from Merrill Lynch deliberately misled lawmakers about bonuses the brokerage firm intended to pay out to top executives for its 2008 performance.
A sister who sued her brother and his brokerage firm won a $608,000 arbitration decision last month in a case that alleged, among other claims, churning of highly volatile stocks in the weeks leading up to the market collapse of September 2008.
Bills introduced recently to give seniors another year's grace on required minimum distributions from retirement accounts won't get any traction in Congress, according to experts.
