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SEC halts prime bank scheme operated by D.C. law firm and Pennsylvania company

On November 30, 2011, the Securities and Exchange Commission filed an enforcement action under seal in federal court in Washington D.C. and obtained an emergency court order to halt a prime bank scheme that defrauded at least 13 investors out of more than $2 million since August 2010. The Court unsealed the action on December […]

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SEC Resolves Case Against Hedge Fund Adviser and Owner

On November 17 Judge John F. Grady of the U.S. District Court for the Northern District of Illinois entered a final judgment against Jeffrey R. Neufeld (Neufeld) and Paridon Capital Management LLC (Paridon) of Elgin, Illinois for defrauding the TCM Global Strategy Fund (TCM Fund or the fund), a hedge fund, and its investors. Without […]

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Lehman to Exit Bankruptcy – Creditors to Receive Little or Nothing

Lehman Bros. Holdings Corp., now just the odds and ends of the global financial behemoth that collapsed in September 2008, received court approval Tuesday to exit bankruptcy early next year. Lehman may now wind down its remaining operations, U.S. Bankruptcy Judge James Peck said at a hearing in New York. Once a mammoth investment bank […]

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Lehman Bros. Update

The trustee liquidating Lehman Brothers Holdings Inc’s brokerage unit asked a bankruptcy judge for permission to set aside $18.3 billion of assets to be returned to customers beginning early next year. That payout would represent more than three-fourths of the $23.7 billion of assets that James Giddens, the trustee for the Lehman Brothers Inc unit, […]

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FINRA fines brokerage firms for failed private placements

The Financial Industry Regulatory Authority on Tuesday fined eight brokerages and 10 individuals, and ordered $3.2 million in restitution for selling private placements that ultimately failed. The Wall Street self-regulatory watchdog found that the brokerages did not have “adequate supervisory systems in place to identify and understand” the risks of the private placement offerings, according […]

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