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Rothstein colleague indicted in Ponzi scheme case

Steven Lippman, 49, of Plantation, was charged with conspiracy to violate the Federal Election Campaign Act, to defraud the U.S., and to defraud a financial institution. Prosecutors said Lippman, a shareholder in Rothstein’s now defunct law firm, Rothstein, Rosenfeldt and Adler (RRA), was illegally reimbursed by RRA for certain political contributions he made including the […]

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Schwab considers warning customers about complex ETF's

The move follows the sudden plunge in an exchange-traded note called VelocityShares Daily 2X VIX Short-Term ETN, or TVIX, which lost 60 percent of its value in a short span of March. The warning would be similar to one that pops up when investors trade options related to volatility, which are more complex than stocks.  […]

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Fiduciary duty conversation continues

New rules that could require certain brokers to act in the best interests of clients should enhance laws already in place for some financial advisers, a coalition of investor advocacy and trade groups wrote late on Thursday. The letter to Securities and Exchange Commission Chairman Mary Schapiro from groups that include the Consumer Federation of […]

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Ex-NBA player indicited in Ponzi scheme case

A former NBA player has been indicted in New Jersey on federal charges he ran a more than $2 million Ponzi scheme. Prosecutors say C. Tate George used The George Group to run the investment fraud scam. The indictment on four counts of wire fraud was announced Friday.  Prosecutors say George persuaded people, including former […]

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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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