San Luis Obispo Tribune
The Securities and Exchange Commission has charged a San Luis Obispo based investment adviser with fraud, according to a lawsuit filed in federal court in Los Angeles last week. The SEC charges are based on the failure of WealthWise principal Jeffrey Forrest to disclose to his clients that he had a conflict of interest in […]
On Wall Street
Under a new FINRA pilot program starting this month, customers who bring arbitration claims against the firms of their financial advisors will be able to choose to have their cases heard by a panel of three of their peers, a switch from the current norm of two public panelists and one industry arbitrator. The new […]
The Public Record
Last March, Scott Coren and Michael Nannizzi, analysts at Bear Stearns, issued a report upgrading the stock of New Century Financial, a company that provides sub-prime mortgages to low-income homebuyers, from “underperform” to “peer-perform.” California-based New Century’s stock rallied on Coren and Nannizzi’s research note to investors, rising 3% in afternoon trading on Thursday March […]
Bloomberg
It isn’t the bull market Wall Street might have wished for, but it’s barreling along all the same. Striking it rich on the blunders of the financial world: The lawyers who represent investors looking to sue their brokerage firm. “Bad markets expose bad portfolios,” says Vincent Imbesi, who handles securities cases at the New York […]
Bloomberg
Ben S. Bernanke last week floated the notion of “macroprudential regulation,” government-speak for “an attempt by regulators to develop a more fully integrated overview of the entire financial system.” Good luck, Mr. Federal Reserve chairman. If integration, broker oversight or speedy reporting of trouble are among the goals you’re shooting for, you had better brace […]