The Department of Labor’s reproposed fiduciary rule will likely be released a “couple months after July,” Phyllis Borzi, assistant secretary for DOL’s Employee Benefits Security Administration, said during a Tuesday afternoon meeting with the ERISA Advisory Council. After pulling the original draft of the rule to amend the definition of fiduciary under the Employee Retirement […]
Receiver Kenneth Bell sent emails earlier this year to 16,000 investors who made money from the Lexington, N.C.-based online company ZeekRewards. He also posted a letter on the ZeekRewards receivership website, saying the investors, or net winners, had until May 31 to contact his office to negotiate a settlement or face possible legal action. “It’s […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds. FINRA ordered Wells Fargo Advisors, LLC, as successor for Wells Fargo […]
A 70-year-old Orange County man has been sentenced to eight years in federal prison for running a Ponzi scheme that bilked more than two dozen investors out of nearly $3 million. The Orange County Register reports (http://bit.ly/10yzYWf) Timothy Melvin Murphy was also ordered Tuesday to pay $2.95 million in restitution. Murphy pleaded guilty last year […]
UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research reports. U.S. District Judge Jesse Furman in Manhattan found that Trevor Murray, who was fired in February 2012, could move forward with his case. Murray alleges […]