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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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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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