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 […]
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 […]
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, […]
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 […]
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 […]