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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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City of Harvey Agrees to Settle Charges Stemming from Fraudulent Bond Offering Scheme

The Securities and Exchange Commission announced today that on December 4, 2014, the City of Harvey, Illinois agreed to settle charges stemming from an enforcement action filed in June 2014. The city has consented to the entry of a final judgment which includes undertakings designed to provide significant protections for bond investors. On June 25, […]

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SEC charges Sands Brothers Asset Management LLC, Steven Sands and Martin Sands

The Securities and Exchange Commission today announced charges against an investment advisory firm and three top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money or securities. Advisory firms with custody of private fund assets can comply with the custody rule by […]

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