The Securities and Exchange Commission today charged a Puerto Rico resident and his company with conducting a Ponzi scheme that targeted evangelical Christians and factory workers in Puerto Rico. The SEC alleges that Ricardo Bonilla Rojas and his firm Shadai Yire raised at least $7 million from as many as 200 investors living primarily in […]
New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen are jointly investigating and have requested information from JP Morgan Chase, Barclays, Royal Bank of Scotland, HSBC. UBS, Deutsche Bank and Citigroup were also named in the report by Bloomberg. In the UK the Serious Fraud Office has said it will investigate “a number […]
The SEC charged former college football Jim Donnan with fraud, alleging he teamed up with an Ohio man to conduct an $80 million Ponzi scheme that allegedly included other college coaches and former players as victims. According to the SEC, Mr. Donnan—a college football Hall of Fame inductee who guided teams at Marshall University and the […]
A Financial Industry Regulatory Authority hearing panel has hit Wedbush Securities with a $300,000 fine, and issued its president and founder, Edward Wedbush, a 31-day suspension along with a $25,000 fine. The August 2nd decision is a culmination of a range of offenses, inquiries and disciplinary actions dating back over a decade to February of […]
In the two decades before the 2008 financial collapse, the investment banking industry sidled up to state and local finance officials with an offer they couldn’t refuse. Instead of issuing plain vanilla 30-year fixed-rate bonds to build roads, schools and parking garages, why not sell variable rate bonds at lower rates and buy a swap […]