The Securities and Exchange Commission today announced that UBS Financial Services Inc. has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy. According to the SEC’s order, UBS marketed and sold YES to approximately 600 investors through its platform of […]
The Securities and Exchange Commission today announced charges against registered investment adviser A.G. Morgan Financial Advisors, LLC (“AGM”) of Massapequa, New York, AGM’s owner Vincent J. Camarda, and AGM’s former Chief Compliance Officer James McArthur, for unlawfully offering and selling securities in connection with a more than $500 million unregistered fraudulent offering with lending company […]
Melvin Capital, once one of Wall Street’s most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit again by this year’s market slump. Melvin Capital had $7.8 billion in assets at the end of April. The fund lost 23% in the first four months of […]
On April 20, 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. In February 2022, the company, which sold $1.6B in life-settlement backed bonds defaulted. GWG has more than $2 billion in overall liabilities as of September 2021, along with $1.55 billion in […]
The Securities and Exchange Commission today charged United States Oil Fund LP, an exchange-traded product (ETP), and its general partner United States Commodity Funds LLC for misleading statements about limitations imposed by its sole futures commission merchant and broker. USO and USCF have agreed to pay $2.5 million in penalties to settle parallel cases by […]