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Top-Producing Independent Broker under Investigation

Frank Bluestein, one of the nation’s top-producing independent brokers, is under investigation by Michigan securities regulators for allegedly placing clients in partnerships that stopped paying dividends. Industry sources place Bluestein’s annual fees and commissions at close to $7 million. In the summer of 2007, he was ranked the fourth-largest independent-contractor registered representative, with $1 billion […]

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Federal Prosecutors Launch Probe of Bear Stearns Funds

Federal prosecutors have launched a criminal investigation into two Bear Stearns Cos. mortgage-related hedge funds that collapsed during the summer, according to people familiar with the matter. The U.S. attorney in Brooklyn has made a request to Bear Stearns for information related to the hedge funds, whose failure cost investors $1.6 billion, said these people. […]

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FINRA Board Approves Rule to Limit Motions to Dismiss in Arbitrations

The Financial Industry Regulatory Authority (FINRA) announced today that its Board of Governors approved rule amendments designed to limit significantly the number of dispositive motions – more commonly known as motions to dismiss — filed in its arbitration forum and to impose strict sanctions against parties who engage in abusive motions practices. “In many instances […]

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Morgan Keegan still can't price bonds, delays filing

Three fixed-income funds offered by Morgan Keegan & Co., whose assets have been difficult to price because of the subprime mortgage crisis, still cannot file annual reports, a spokeswoman said on Monday. Morgan Keegan, a unit of Regions Financial Corp., said on Aug. 30 it was seeking a 15-day extension to file the annual reports […]

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Hedge Fund Suitability

The hedge fund industry is estimated to be a $875 billion business and growing at about 20% per year, with more than 8,000 active hedge funds. Most hedge funds are highly specialized, relying on the specific expertise of the manager or management team. A hedge fund manager might employ investment strategies, some of which use […]

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