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 […]
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 […]
The Securities and Exchange Commission today announced it has charged Andrey C. Hicks of Boston, Mass., and Locust Offshore Management, LLC, his investment advisory firm, with misleading prospective investors about their supposed quantitative hedge fund and diverting investor money to the money manager’s personal bank account. The SEC also announced that Judge Richard Stearns of […]
The Securities and Exchange Commission today announced that the U.S. Attorney for the District of Massachusetts has charged Andrey C. Hicks of Boston, Mass., in a criminal complaint unsealed on Friday, October 28, 2011. Hicks was charged with committing wire fraud, attempting to commit wire fraud, and aiding and abetting wire fraud, in violation of […]
Months before MF Global teetered on the brink, federal regulators were seeking to rein in the types of risky trades that contributed to the firm’s collapse. But they faced opposition from an influential opponent: Jon S. Corzine, the head of the then little-known brokerage firm. As a former United States senator and a former governor […]