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Wedbush Morgan broker Bambi Holzer's Sale of Private Placements Including Provident Royalties Comes Under Fire

May 27, 2010

A broker whose employment record is littered with customer complaints over variable annuities is now the focus of investor lawsuits over highly illiquid and risky private-placement investments. The broker, Bambi Holzer, has 42 settled customer disputes, according to information posted by the Financial Industry Regulatory Authority Inc. Four other disputes against her are currently pending, […]

Subprime Related Subpoenas From SEC Recieved By Citi

May 9, 2010

In Friday’s quarterly filing with regulators, the New York-based megabank says for the first time that it has received subprime-related subpoenas from the SEC. Citi’s filing said (on page 176) that it “continues to cooperate fully in response to subpoenas and requests for information from the Securities and Exchange Commission and other government agencies in […]

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

April 16, 2010

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 […]

Credit Suisse Ordered to Pay FINRA Arbitration Award

March 25, 2010

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 […]

Provident Asset Management Expelled for Offering Fraudulent Private Placement Deal

March 18, 2010

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. […]