Blog
SEC Charges Kenneth Ira Starr
December 22, 2010
The Securities and Exchange Commission today charged Jonathan Star Bristol, attorney for former financial advisor Kenneth Ira Starr, with aiding and abetting Starr’s multi-million dollar fraud by allowing Starr to use Bristol’s attorney trust accounts to mask the misappropriation scheme. Beginning in November 2008 through Starr’s arrest in May 2010, more than $25 million of […]
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Fiduciary Duty Reform Proposal May Backtrack on Previous Rhetoric
March 1, 2010
There is speculation this week that Senator Christopher Dodd (D-CT), will introduce new financial reform legislation that fails to create single fiduciary duty for Registered Independent Advisors (RIAs) and Broker-Dealers. This represents an expected 180˚on the subject of fiduciary duty reform in light of intense lobbying efforts by the financial industry. The provision, rather than […]
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State Regulators vs. The Securities and Exchange Commission – Who Best Regulates Your Assets?
February 3, 2010
There is an ongoing debate regarding the role of state regulators in financial product oversight as Congress mulls over a proposal to expand the range of state oversight. Currently, financial advisors with under $25 million in assets are regulated by state regulators, with anything over that amount being regulated by the Securities and Exchange Commission […]
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Black Diamond Mining Company
January 22, 2010
Black Diamond Mining Company LLC, which produces coal in Central Appalachia, said it filed a plan with a U.S. bankruptcy court to emerge from Chapter 11 and an earlier motion to convert its case to a Chapter 7 liquidation had been withdrawn. The company also said it plans to conduct a bankruptcy-court-supervised auction for substantially […]
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Brookstreet and CEO Charged with Fraud
December 8, 2009
The Securities and Exchange Commission (SEC) has charged California-based Brookstreet Securities Corporation and its President/CEO, Stanley Brooks, with fraud. The charges stem from Brookstreet’s habitual selling of risky mortgage-backed securities to clients with conservative investment objectives. This risky and unsuccessful strategy was part of an internal Brookstreet program aimed at selling collateralized mortgage obligations (CMO) […]
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