The House passed an amendment killing a proposal that would have given the Securities and Exchange Commission (SEC) the power to allow the Financial Industry Regulatory Authority (FINRA) to carry out oversight on investment advisers working at broker-dealer firms. The amendment, submitted by Republican Representative Spencer Bachus, R-Alabama, was part of the Investor Protection Act […]
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) […]
According to the WSJ today: In what will likely be a closely studied ruling, a retail investor was awarded $200,000 after a Financial Industry Regulation Authority arbitration panel decided the investor’s UBS AG (UBS) broker inappropriately sold her risky Lehman Brothers principal protected notes. The case is one of the first involving the Lehman notes […]
Indemnification dispute with the insurer won’t affect their businesses, firm insists By Bruce Kelly At the same time that LPL Holdings Inc. and the three broker-dealers it bought from Pacific Life Insurance Co. were filing suit against the insurer, LPL was reaching out to its advisers to reassure them that the dispute wouldn’t affect their […]
Federal regulators announced Tuesday that they have charged a Minneapolis money manager and a Burnsville radio personality with running a Ponzi scheme that defrauded at least 1,000 people out of more than $190 million in a bogus currency investment scheme. The U.S. Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) issued […]