Blog
SEC Charges Goldman Sachs With Improper Securities Lending Practices
January 15, 2016
According to the SEC’s order instituting a settled administrative proceeding, broker-dealers such as Goldman Sachs are regularly asked by customers to locate stock for short selling. Granting a “locate” represents that a firm has borrowed, arranged to borrow, or reasonably believes it could borrow the security to settle the short sale. The SEC finds that […]
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SEC Announces Fraud Charges Against Investment Adviser
January 1, 2016
The SEC alleges that Atlantic Asset Management LLC (AAM) invested more than $43 million of client funds in illiquid bonds issued by a Native American tribal corporation without disclosing the conflict of interest that the bond sales generated a private placement fee for the broker-dealer, whose parent company partially owns AAM. “As alleged, Atlantic violated […]
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Third Avenue CEO Leaves Firm After Collapse of Focused Credit Fund
December 14, 2015
Third Avenue Management LLC has parted ways with Chief Executive Officer David Barse after the collapse of the company’s Focused Credit bond fund last week. The collapse of Third Avenue’s Focused Credit Fund jolted Wall Street and renewed worries about the difficulty of trading securities on the U.S. bond market. New York-based Third Avenue is […]
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Third Avenue Focused Credit Fund halts investor withdrawals
December 11, 2015
A firm founded by legendary vulture investor Martin Whitman is barring investor withdrawals while it liquidates its high-yield bond fund, an unusual move that highlights the severity of the monthslong junk-bond plunge that has swept Wall Street. The decision by Third Avenue Management LLC means investors in the $789 million Third Avenue Focused Credit Fund […]
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Stockbroker Stole Investor Money for Home Renovations
November 24, 2015
The SEC alleges that Bernard M. Parker raised more than $1.2 million from his longstanding brokerage customers and others who were told they were purchasing legitimate real estate tax lien certificates and would earn returns of six to nine percent annually. However, Parker only used a small amount of investor funds to purchase tax liens […]
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