The Securities and Exchange Commission today announced fraud charges against a Detroit-based investment advisory firm and a portfolio manager for deceiving the trustees of a money market fund and failing to comply with rules that limit risk in a money market fund’s portfolio. Money market funds seek to maintain a stable share price by investing […]
The SEC approved a FINRA rule proposal which simplifies the way investors select arbitrators in disputes with their brokerage firms. Arbitrations, rather than court proceedings, are mandatory in disputes between investors and their brokers, who are regulated by FINRA — the Financial Industry Regulatory Authority. Clients and brokers have some options to chose the arbitrators from a pool of […]
The Securities and Exchange Commission today charged a former portfolio manager at Oppenheimer & Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds. An SEC investigation found that Brian Williamson disseminated quarterly reports and marketing materials to prospective investors misstating that the valuation of the […]
The Securities and Exchange Commission today announced that New York-based hedge fund adviser Philip A. Falcone and his advisory firm Harbinger Capital Partners have agreed to a settlement in which they must pay more than $18 million and admit wrongdoing. Falcone also agreed to be barred from the securities industry for at least five years. […]
The Securities and Exchange Commission charged a penny stock promoter in the San Diego area for fraudulently arranging the purchase of $2.5 million worth of shares in a penny stock company in an attempt to generate the false appearance of market interest and induce other investors to purchase the stock. The SEC alleges that David […]