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NASAA: Reform arbitration or add court option

The securities arbitraiton system should be refored or else investors should be given the option of taking their disputes to court, according to a group that represents state securities regulators. “We think it needs to be reformed,” said Joseph Borg, director of the Alabama Securities Commission in Montgomery and president of the North American Securities […]

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NASD Charges Morgan Stanley DW with Repeatedly Failing to Provide Emails to Arbitration Claimants and Regulators

Firm Also Charged with Falsely Claiming that Millions of Emails in its Possession Had Been Lost in 9-11 Terrorist Attacks NASD announced today that it has charged Morgan Stanley DW, Inc. with routinely failing to provide emails to claimants in arbitration proceedings as well as to regulators – and with falsely claiming that millions of […]

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Spitzer sues hedge fund, adviser alleging fraud

New York Attorney General Eliot Spitzer filed suit Thursday against hedge fund Samaritan Asset Management Services Inc., Samaritan adviser Johnson Capital Management Inc. and their top officers, saying they engaged in a fraudulent mutual fund market-timing scheme. The defendants secretly “piggy-backed” their trades on the investment accounts of retirement plans that were customers of Arizona-based […]

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Enron: The Tale of Two Sentencings

The surprisingly lenient prison sentence given recently to Enron Corp. former Chief Financial Officer Andrew Fastow highlights the benefits of cooperating with federal criminal authorities. The coming sentencing of former Enron President Jeffrey Skilling is likely to demonstrate the dangers of fighting them. Mr. Fastow’s six-year prison sentence came after the disgraced executive helped federal […]

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