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FINRA pilot for large cases to move forward

The Financial Industry Regulatory Authority (FINRA) announced today the launch of a pilot program specifically designed for large arbitration cases involving claims of $10 million or more. The program enables parties to customize the administrative process to better suit special needs of a larger case and allows them to bypass certain FINRA arbitration rules. Participation […]

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SEC freezes assets of Georgia investment advisor Aubrey Price

The Securities and Exchange Commission announced today that it has obtained a court order freezing the assets of a Georgia-based investment adviser who has apparently gone into hiding after orchestrating a $40 million investment fraud. The SEC alleges that Aubrey Lee Price raised money from more than 100 investors living primarily in Georgia and Florida […]

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Peter Madoff charged with fraud

On June 29, 2012, the Securities and Exchange Commission charged Peter Madoff, the brother of Bernie Madoff, with committing fraud, making false statements to regulators, and falsifying books and records in order to create the false appearance of a functioning compliance program over Madoff’s fraudulent investment advisory operations. The SEC alleges that Peter Madoff, who […]

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SEC charges FalconStor Software

On June 27, 2012, the Securities and Exchange Commission (“Commission”) charged that FalconStor Software, Inc., a Long Island, N.Y., data storage company, misled investors about bribes it paid to obtain business with a subsidiary of J.P. Morgan Chase & Co. FalconStor has agreed to pay a $2.9 million civil penalty to settle the Commission’s case. […]

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NASDAQs Facebook compensation plan to be rolled out next week

Nasdaq aims to file a plan next week with the United States Securities and Exchange Commission detailing how it will compensate market makers who lost money during the botched trading debut of Facebook, the world’s largest initial public offering this year, according to a person familiar with the matter. The losses were caused at least […]

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