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Morgan Stanley Fined by FINRA

The Financial Industry Regulatory Authority fined Morgan Stanley & Co. and Morgan Stanley Smith Barney LLC $1 million for allegedly charging excessive markups and markdowns on corporate and municipal-bond transactions. The Morgan Stanley units were also ordered to pay customers $371,000 in restitution and interest, the regulator said.  Finra alleged Morgan Stanley charged markups and markdowns […]

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San Diego financial planner charged by SEC

The SEC has charged a prominent San Diego-based financial advisor with fraud, accusing him and his firm of failing to disclose to clients a conflict of interest in an investment and lying to and misleading clients about a hedge fund he manages.  Kevin O’Rourke, the suit’s target, is the founder and president of Western Pacific […]

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SEC files 146 enforcement actions against investment advisers and thier companies

The Securities and Exchange Commission engaged in an unprecedented crackdown on investment advisers over the last year, contributing to an overall surge in agency enforcement.  The SEC announced today that it filed 146 enforcement actions against investment advisers and investment companies during the 2011 fiscal year, which ended Sept. 30. That number represents a 30% […]

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Jefferson County Files for Bankruptcy

Jefferson County, Ala., commissioners Wednesday voted to file the largest municipal bankruptcy in U.S. history, saying they could not come to terms with creditors over restructuring $3.14 billion of defaulted sewer debt.  On a 4 to 1 vote, commissioners decided to proceed with a Chapter 9 filing.  The decision was rendered after commissioners met over […]

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MF Global account transfer delayed

Former MF Global Ltd. clients face a further delay in securing their funds and collateral after CME Group Inc. said it had frozen access them until after the close of business on Nov. 8.  The Chicago-based exchange operator oversaw the mass transfer of client accounts from the failed brokerage to new clearing partners, a process that was due […]

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