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SEC charges New York financial advisor with stealing $20 million from customers

The Securities and Exchange Commission today announced fraud charges against a New York City-based financial advisor accused of stealing at least $20 million from customers to fund his own brokerage accounts and then squandering the bulk of the money in highly unprofitable options trading. The SEC alleges that Michael J. Oppenheim abused his position as […]

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Company officer earns $500,000 whistleblower award for reporting fraud

The Securities and Exchange Commission today announced a whistleblower award payout between $475,000 and $575,000 to a former company officer who reported original, high-quality information about a securities fraud that resulted in an SEC enforcement action with sanctions exceeding $1 million. Officers, directors, trustees, or partners who learn about a fraud through another employee reporting […]

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Former brokerage CEO charged for role in fraudulent scheme

The Securities and Exchange Commission today announced that the former CEO of a global investment services firm’s brokerage subsidiary agreed to pay more than $783,000 and admit wrongdoing to settle a case involving employees under his control misleading customers. The SEC previously charged ConvergEx Group subsidiaries, which paid $107 million and admitted wrongdoing to settle […]

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SEC Obtains Asset Freeze Against Massachusetts-Based Investment Advisers Charged with Misappropriation of Money from an Investment Fund

The Securities and Exchange Commission yesterday announced that a federal court has imposed an asset freeze against a group of Massachusetts-based investment advisory companies and their President/CEO, based on the alleged misappropriation of at least $16 million from an investment fund. Judge Nathaniel Gorton of the United States District Court for the District of Massachusetts […]

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Wells Fargo Steps Right Up in Compensation ‘Carnival Game’

Wells Fargo is latest to tweak 2015 awards for advisors, making them more complex Financial advisors at the wirehouse firms are facing more complex compensation plans in 2015, compensation experts say. “It is becoming close to being like a carnival game – you have to knock down three cans to get the top-shelf prize,” said […]

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