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FINRA fines firms $9 million for leveraged ETFs

The Financial Industry Regulatory Authority, or Finra, has ordered Citigroup Inc. (C), Morgan Stanley (MS), UBS AG (UBS) and Wells Fargo & Co. (WFC) to pay a combined $9.1 million for allegedly improper sales of leveraged and inverse exchange-traded funds. Wall Street’s self-regulator fined the companies a total of more than $7.3 million and also […]

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Former Morgan Stanley executive charged

The Securities and Exchange Commission today charged a former executive at Morgan Stanley with violating the Foreign Corrupt Practices Act (FCPA) as well as securities laws for investment advisers by secretly acquiring millions of dollars worth of real estate investments for himself and an influential Chinese official who in turn steered business to Morgan Stanley’s […]

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Los Angeles based man charged in municipal bond fraud scheme

The Securities and Exchange Commission today announced that it has obtained an emergency court order to freeze the assets of a Los Angeles man orchestrating a securities fraud by falsely presenting himself to investors as a specialist in municipal bond investments. The SEC alleges that Michael Anthony Gonzalez raised approximately $1 million since February 2010 […]

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SEC adopts new swap rules

The Securities and Exchange Commission has adopted new rules defining terms used in regulation of the over-the-counter swaps market. The rule, jointly written with the Commodities Futures Trading Commission, was mandated by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which did not fully define terms like “security-based swap dealer” and “majority […]

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Velocity shares 2x long VIX investigated by Massachusetts after 60% drop

Massachusetts’s securities regulator said it is looking into an exchange-traded note managed by Credit Suisse hat has lost 60% of its value in the past week. The Massachusetts inquiry comes as the Securities and Exchange Commission also is looking into the product. The SEC review is preliminary, according to people familiar with the matter. Meanwhile, […]

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