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SEC can do better with FINRA oversight

The U.S. Securities and Exchange Commission can do a better job of overseeing the Financial Industry Regulatory Authority, a government report found. While the SEC routinely inspects many regulatory programs run by Wall Street’s industry-funded regulator FINRA, it doesn’t review whether FINRA’s rules for the securities industry are effective, according to a Government Accountability Office […]

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Additional charges filed in $90 million Ponzi scheme case

On May 31, 2012, the Securities and Exchange Commission amended its complaint against New York investment adviser, Brian Raymond Callahan, and Callahan’s investment advisory firms, Horizon Global Advisors Ltd., and Horizon Global Advisors, LLC, in the SEC’s emergency action filed on March 5, 2012 that halted an ongoing $90 million Ponzi scheme. The SEC’s amended […]

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FINRA publishes additional guidance on suitability rule

In November 2010, the Securities and Exchange Commission (SEC) approved FINRA’s new suitability rule, FINRA Rule 2111. FINRA then issued Regulatory Notice 11-02, which announced the SEC’s approval of the new rule and discussed its requirements. FINRA also issued Regulatory Notice 11-25, which offered further guidance on the rule and announced a new implementation date […]

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SEC targets Apartments America, LLC

On May 10, 2012, the Securities and Exchange Commission charged a California-based real estate company and its owners with defrauding potential investors by boasting a false company track record to tout their purported real estate expertise while concealing the bankruptcy of their previous company. The SEC alleges that Michael J. Stewart, John J. Packard, and […]

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Georgia man consents to insider trading charges

On May 10, 2012, the U.S. District Court for the Northern District of Georgia entered a consent order requiring, among other things, that Defendant Dr. Bobby V. Khan, a Georgia-based doctor, pay more than double the amount of his trading profits obtained through alleged insider trading. The Commission filed charges against Dr. Bobby V. Khan […]

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