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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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DBSI Claims Put DeWaay on the Ropes

DeWaay Financial Network LLC, one of several broker-dealers being sued by the trustee for DBSI Inc.’s private-actions trust, may pay the ultimate price for selling the real estate firm’s deals. Last month, claiming that bankruptcy looms, DeWaay asked a federal judge in Delaware for a temporary injunction to halt eight arbitration claims that investors have […]

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Citigroup Settlement with SEC blocked by Federal Judge

A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, saying that the S.E.C.’s policy of settling cases by allowing a company to neither admit nor deny the agency’s allegations did not satisfy the law. The judge, Jed S. […]

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FINRA Dispute Resolution Statistics

Summary Arbitration Statistics October 2011   New Case Filings through October: 2009 2010 2011 2011 vs 2010 6,114 4,768 4,033 -15%   Number of Cases Closed through October: 2009 2010 2011 2011 vs 2010 3,683 5,129 5,196 -1%   Turnaround Time* (in months) through October:   2009 2010 2011 2011 vs 2010 Overall 11.5 12.5 14.2 […]

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