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Trader Pleads Guilty In Inside-Information Case

A former hedge-fund trader pleaded guilty to criminal charges involving a scheme to trade on inside information about analysts’ ratings changes at UBS AG’s securities unit before the changes became public knowledge. Mark E. Lenowitz, who formerly traded equity securities on behalf of Chelsey Capital in New York and was a partner at Q Capital […]

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NASD has told Brookstreet Securities to close customer accounts

Losses on mortgage-backed securities have forced an Irvine brokerage firm to begin shutting down its operations, people close to the company said Thursday. At least some of the losses were said to be incurred by clients of the brokerage, Brookstreet Securities. Because of the losses, brokerage regulator NASD told Brookstreet this week to limit its […]

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Brookstreet closes down, 100 laid off

Brookstreet Securities Corp., an Irvine broker-dealer, has shut its doors, laid off 100 local employees and liquidated its assets because it is unable to meet margin calls on complex securities called collateralized mortgage obligations, the company’s spokeswoman Julie Mains told Register reporter John Gittelsohn today. An email sent to employees summed up the situation as […]

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NASD Charges Former Securities America Broker

In the first case of its kind, NASD announced today that it has fined Securities America, Inc. of Omaha, NE, $375,000 for improperly sharing directed brokerage commissions from a mutual fund company with Michael Bullock, a former Securities America broker in the Los Angeles, CA area. NASD also found that Securities America failed to adequately […]

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First the Losses, Now Bond-Fund Lawsuits

Today, the Wall Street Journal reported that the credit crunch is starting to hit some bond mutual-fund investors in unexpected ways, some are now taking legal recourse for losses in their investments. In the most recent instance, an Indiana charity filed an arbitration complaint against Memphis, Tenn., broker-dealer Morgan Keegan & Co. unit of Regions […]

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