Blog
Looks Like a Loss for Credit Susse in Auction-Rate Securities Cases
June 14, 2010
Last month, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $9.8 million to Catalyst Health Solutions in its auction-rate securities case against Credit Suisse Securities, meaning that more institutional investors are coming out on top in their cases involving auction-rate securities. Catalyst Heath Solutions, which manages prescription drug benefits, is just one of many […]
Read More
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, […]
Read More
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 […]
Read More
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 […]
Read More
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 […]
Read More