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Former broker to pay more than $500,000 for defrauding 9/11 widow

he Securities and Exchange Commission announced that a federal judge in Massachusetts entered a final judgment on March 14, 2012 ordering defendant James J. Konaxis, formerly a registered representative of Beverly-based broker-dealer Sentinel Securities, Inc., to disgorge more than $483,000 in commissions earned over a two-year period by defrauding a former customer who was left […]

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SEC Charges Senior Executives at California-Based Firm in Stock Lending Scheme

The SEC alleges that Argyll Investments LLC’s purported stock-collateralized loan business is merely a fraud perpetrated by James T. Miceli and Douglas A. McClain, Jr. to acquire publicly traded stock from corporate officers and directors at a discounted price from market value, separately sell the shares for full market value in order to fund the […]

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Citi fined $1.2 million by FINRA over bond markups

The Financial Industry Regulatory Authority said it ordered Citigroup Inc. (C) to pay more than $1.2 million in fines, restitution and interest related to alleged excessive markups and markdowns on corporate and agency bond transactions. Finra said that from July 2007 to September 2010, Citi International Financial Services LLC, a subsidiary of the global bank, […]

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Bond oversight lax according to Securities and Exchange Commission

Wall Street banks may not be exercising proper supervision of state and local government bond sales, the Securities and Exchange Commission said, warning investors about risks in the $3.7 trillion municipal market. Reviews of underwriters showed that some may not be sufficiently examining bond documents for evidence of fraud, the agency’s Office of Compliance Inspections and […]

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NY Mets, owners settle with Madoff trustee

The NY Mets and owners announced a deal with a trustee for Bernard Madoff’s fraud victims that requires them to pay millions less than they might have.  Mets CEO Fred Wilpon and team president Saul Katz, co-majority owners, emerged smiling from a Manhattan federal courthouse after a judge announced the agreement, which makes it likely they’ll pay […]

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