Bail was set at $5 million Thursday for the president of an Oregon investment research firm whose obscenity-laced phone calls to prosecutors and FBI agents was described as disgraceful by the judge who will preside over his securities fraud case. U.S. District Judge Deborah A. Batts said the bail for John Kinnucan can be secured […]
The U.S. Securities and Exchange Commission announced today that on February 14, 2012, it filed a civil injunctive action in the U.S. District Court for the Central District of California charging Brenda A. Eschbach of Tustin, California with securities fraud, investment advisory fraud, and acting as an unregistered broker-dealer. In its complaint, the Commission alleged […]
Citigroup Inc has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit. Wednesday’s settlement resolves claims under the federal False Claims Act against the third-largest U.S. bank, and arose from a “whistleblower” lawsuit brought by Sherry Hunt, […]
Massachusetts’ securities regulator on Friday subpoenaed Bank of America Corp. in connection with its involvement in two loan securities that resulted in $150 million in losses for investors. William Galvin, the secretary of the commonwealth, is examining whether Bank of America knowingly overvalued the assets in the portfolios in order to get the loans off its […]
FINRA is examining sales of certificates of deposit tied to derivatives after banks sold a record number of the investments last year. The industry-backed regulator wants to make sure the so- called structured CDs, where principal is protected by the Federal Deposit Insurance Corp., are properly understood by investors given their increasing complexity and lengthening […]