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SEC moves to enact tougher penalities

SEC Chairman Mary Schapiro, in a letter sent to senators late Monday, asked Congress to pursue legislation that changes the legal formulas used by the agency to calculate penalties. Ms. Schapiro’s proposals would allow the SEC to impose fines up to nine times greater than the maximum currently allowed by U.S. law. The changes would […]

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LPL Fined for Supervisory Problems

LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers in Oregon who sold risky investments to people, many of them elderly and without the mental capacity to make investment decisions. The Oregon Division of Financial and Corporate Securities says LPL Financial, a division of LPL Investment Holdings Inc.,, has […]

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Connecticut Man Pleads To Securities Fraud

A Connecticut man has pleaded guilty to securities fraud charges in New York City, admitting his role in trades that reaped more than $1 million in illegal profits. John Bennett entered the plea Monday in federal court in Manhattan. The film producer and former investment professional pleaded guilty to conspiracy and securities fraud charges. The […]

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SEC fines RIA for reverse repo transaction

The SEC has ordered broker-dealer FTN Financial Securities to pay nearly $2 million for allowing a registered investment advisor, Sentinel Management, to defraud its clients through a reverse repurchase transaction. FTN Financial Securities, headquartered in Nashville, was ordered to pay disgorgement of $1.5 million and prejudgement interest of about $377,758.73 within ten days of the […]

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Bonds designed to cover weather damage to default

The first bonds designed to cover damage exclusively from severe thunderstorms are about to become a total wipeout for investors. Insurer Mariah Re Ltd. is poised to default on a $100 million, three-year bond that it issued in November 2010 on behalf of American Mutual Family Insurance Co., with bondholders expected to lose all of […]

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