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Former Morgan Stanley and Oppenheimer broker charged with insider trading

Vladimir Eydelman, the former Morgan Stanley and Oppenheimer Holdings broker arrested on insider trading charges last week, could expose some former clients and the firms to regulatory and legal actions, lawyers and securities industry veterans said. Eydelman, who was charged with fraud on March 19 by the SEC and the Justice Department, allegedly made more than […]

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FINRA fines Berthel Fisher and affiliate $775,000 for supervisory failures

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa, a combined $775,000 for supervisory deficiencies, including Berthel Fisher’s failure to supervise the sale of non-traded real estate investment trusts (REITs), and leveraged and inverse […]

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FINRA board approves rule prohibiting conditioning settlements of customer disputes on a customer's agreement not to oppose expungement

The Financial Industry Regulatory Authority (FINRA) announced today that its Board of Governors approved a rule proposal that would prohibit firms and associated persons from conditioning settlements of customer disputes on, or otherwise compensating customers for, an agreement not to oppose a request to expunge information from an associated person’s Central Registration Depository (CRD) record. […]

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SEC issues alert on Investment Adviser due diligence of alternative investments

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today issued a Risk Alert on the due diligence processes that investment advisers use when they recommend or place clients’ assets in alternative investments such as hedge funds, private equity funds, or funds of private funds.   The alert describes current industry trends […]

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3 with ties to Ponzi scheme charged

Three major associates of Nicholas Cosmo, the mastermind of a $400 million Ponzi scheme, were arraigned on an indictment Wednesday charging them with conspiracy, as well as mail, wire and securities fraud, officials said. The three — Jason Keryc, 34, of Wantagh; Anthony Ciccone, 39, of Locust Valley; and Diane Kaylor, 36, of Bethpage — […]

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