The Securities and Exchange Commission is weighing new limits and disclosure requirements on the use of derivatives in mutual funds and exchange-traded funds, and the fund industry is pushing back. Investment companies and industry groups this past week submitted formal comments to the SEC in response to a request from the agency. Many of the […]
Some 1,066 employees of bankrupt broker and dealer MF Global Inc. have been fired, according to a statement issued Friday by James Giddens, the court-appointed trustee for the liquidation of the company. Between 150 and 200 former employees are being hired to assist in the wind down of the business and processing of bankruptcy claims, […]
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 […]
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 […]
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% […]