The Financial Industry Regulatory Authority has filed a regulatory complaint against two former MetLife Securities Inc. brokers for allegedly engaging in a seven-year scheme to inflate commissions by encouraging customers to switch $21 million in annuities, Reuters reports. According to the FINRA complaint, Christopher Birli and Patrick Chapin, who were both employees of MetLife in Williamsville, […]
The Securities and Exchange Commission announced that, on December 23, 2013, it charged David F. Marchand, of Campbell, California, a former Board Assistant to the Co-Chief Executive Officer of SAP AG, with unlawful insider trading in the securities of three issuers: SuccessFactors, Inc. (“SuccessFactors”), Ariba, Inc. (“Ariba”) and SAP AG (“SAP”). According to the SEC’s […]
The U.S. Supreme Court has granted certiorari in Halliburton v. Erica P. John Fund, setting up what could be the most important securities litigation decision in the last twenty-five years. At issue is the continued validity of the fraud-on-the market-theory, whereby reliance by investors on a misstatement is presumed if the company’s shares were traded […]
Businesses and start ups are on their way to selling ownership stakes in their companies by soliciting investors over the Internet under a proposal advanced by the Securities and Exchange Commission. The plan would set rules for equity crowdfunding, which lawmakers said would spur growth by easing financing when they mandated it in the 2012 Jumpstart […]
A federal grand jury has indicted Richard Shusterman, age 50, of Highland Beach, Florida, and Jonathan E. Rosenberg, age 44, of West Orange, New Jersey, on charges of conspiracy and wire fraud, in connection with a scheme to defraud equity investors and asset-based lenders in medical accounts receivable of more than $275 million. The indictment […]