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Morgan Stanley agrees to $13 million fine and restitution for supervisory lapses of UIT trading

FINRA ordered Morgan Stanley to pay $13 million in fines and restitution to clients for failing to properly supervise trades that increased charges and fees to customers of certain investment funds.  FINRA said that Morgan Stanley provided insufficient guidance to its staff on how to detect unsuitable short-term trades of unit investment trusts, or UITs. […]

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SEC Charges NY based investment adviser

he Securities and Exchange Commission today charged a Westchester, New York-based investment adviser with fraud stemming from lies to retail investors about the value of their investments in a Ponzi-like scheme. The SEC alleges that, starting in approximately 2010, Michael Scronic began to raise money from at least 42 friends and acquaintances, many of whom […]

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SEC investigates Woodbridge Group

Court Orders Woodbridge Group of Companies LLC to Produce Documents to SEC The Securities and Exchange Commission has obtained an order requiring the Woodbridge Group of Companies LLC, of Sherman Oaks, California, to produce the corporate documents of several company executives and employees, including Woodbridge’s President and CEO. According to the SEC’s application and supporting […]

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Former broker charged for real estate scheme

The Securities and Exchange Commission today charged a former broker, his company, and his business partner in an alleged real estate investment scheme utilizing high-pressure sales tactics to pilfer $6 million from retirees and other investors while using the proceeds to fund the broker’s lavish lifestyle and start e-cigarette businesses. The SEC alleges that Leonard […]

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Bae Keun Yu; SH Investment & Securities; Los Angeles, California

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Bae Keun Yu violated securities laws. Mr. Yu allegedly formed Optima Koam Investment Inc. in September 2013 in order to invest in Korean securities and opened an account at a Korean broker-dealer. He then purchased shares in […]

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