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Diamondback Capital to wind down funds and close

Hedge fund Diamondback Capital Management LLC told investors Thursday that it plans to close and wind down its funds after receiving redemptions requests totaling more than a quarter of its assets. In a letter to investors Thursday, the Stamford, Conn., hedge fund’s founders Richard Schimel and Larry Sapanski said they received redemption requests for Dec. […]

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Ex-Fair Finance CEO Timothy Durham sentenced to 50 years

The Securities and Exchange Commission announced that on November 30, 2012, Timothy S. Durham, former CEO of Ohio-based Fair Finance Company (“Fair Finance”), was sentenced to 50 years in prison for orchestrating a $200 million scheme that defrauded more than 5,000 investors over almost five years. Judge Jane Magnus-Stinson of the United States District Court […]

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Final judgments entered in securities case involving China Voice Holding Corp.

On November 26 and 29, 2012, the Honorable Reed O’Connor, United States District Judge for the Northern District of Texas, entered final judgments against Alex Dowlatshahi, Christopher Mills, and Robert Wilson, permanently enjoining them and ordering monetary relief. The final judgments against Dowlatshahi and Mills permanently enjoin them from violating Section 10(b) of the Securities […]

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JP Morgan charged in connection with RMBS offerings

In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and affiliated entities with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firm agreed to a settlement in which it will pay $296.9 million. The SEC plans to distribute the money to […]

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FINRA Statistics thru September 2012

Summary Arbitration Statistics September 2012   New Case Filings through September: 2010 2011 2012 2012 vs 2011 4,279 3,705 3,394 -8%   Number of Cases Closed through September: 2010 2011 2012 2012 vs 2011 4,709 4,489 3,747 -17%   Turnaround Time* (in months) through September:   2010 2011 2012 2012 vs 2011 Overall 12.4 14.2 14.5 […]

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