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SEC Accuses Goldman Sachs of Fraud In Connection with Bet Against Subprime

The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its vice presidents. The agency alleges Goldman failed […]

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Credit Suisse Ordered to Pay FINRA Arbitration Award

Credit Suisse Group AG, the biggest bank in Switzerland by market value, was ordered by a U.S. judge to pay STMicroelectronics NV the remainder of a $431 million award over unauthorized investments in auction-rate securities. The arbitration award, ordered in 2009 by the Financial Industry Regulatory Authority, was affirmed on March 19 by U.S. District […]

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Provident Asset Management Expelled for Offering Fraudulent Private Placement Deal

The Financial Industry Regulatory Authority (FINRA) announced today that it has expelled Provident Asset Management, LLC, a Dallas based broker-dealer. The expulsion stems from a series of fraudulent private placement offerings marketed through an affiliate, Provident Royalties, LLC. Some have called the offering a Ponzi scheme, a massive one at that, involving thousands of investors. […]

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Fiduciary Duty Reform Proposal May Backtrack on Previous Rhetoric

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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Madoff Executive is Charged in Ponzi Scheme

The long-time director of operations for convicted Ponzi schemer Bernard Madoff’s defunct firm was arrested and charged criminally Thursday with allegedly directing that false accounting entries be made in the firm’s books to conceal Mr. Madoff’s fraud. Prosecutors from the U.S. Attorney’s Office in Manhattan charged Daniel Bonventre, former operations director at Bernard L. Madoff […]

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