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SEC Charges Philadelphia-Based Business Owner for Defrauding Investors Through an Offering Scheme Involving U.S. Treasury STRIPS

November 14, 2011

The Securities and Exchange Commission today filed a Complaint in United States District Court for the Southern District of New York charging Tyrone L. Gilliams and his company TL Gilliams, LLC with fraud for misappropriating approximately $5 million from investors through an offering scheme involving U.S. Treasury STRIPS. According to the SEC’s Complaint, Gilliams and […]

SEC examines derivatives

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 […]

More than 1,000 MF Global employees fired

November 13, 2011

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, […]

Morgan Stanley Fined by FINRA

November 12, 2011

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 […]

San Diego financial planner charged by SEC

November 11, 2011

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 […]