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Securities Cases: Goldman Sachs Investors Can Proceed with $13B CDO Fraud Litigation, Deutsche Bank Resolves Self-Dealing Lawsuit for $21.9M, and Elkhorn Capital Group Founder is Accused in $2.5M ETF Fraud

Collateral Debt Obligation, Deutsche Bank, ERISA Lawsuits, Exchange Traded Funds, Financial Firms, Goldman Sachs Group, Inc

Shareholders Can Proceed with $13B CDO Fraud Case Against Goldman Sachs A US district court judge has given Goldman Sachs (GS) shareholders the right to move forward with their $13B collateralized debt obligation fraud lawsuit accusing the bank of not disclosing certain conflicts of interest. Judge Paul A. Crotty granted the investors’ case class action…

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Ameriprise Financial to Pay $4.5M Over Alleged Failure to Protect Investors From Thieving Representatives

Ameriprise, Financial Advisers, Financial Firms

In a settlement reached with the US Securities and Exchange Commission, Ameriprise Financial Services (AMP) will pay $4.5M over allegations that it did not protect retail investors from five of their financial representatives, who stole over $1.5M. Three of these individuals had previously pleaded guilty to criminal charges involving investor fraud. The Commission charged Ameriprise,…

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Securities Fraud Allegations Against Former Merrill Lynch/RBC Financial Adviser Could Lead to More Unauthorized Trading and Failure to Supervise Claims

Financial Firms, Inadequate Supervision, Merrill Lynch, Securities Fraud

Earlier this year, the US Securities and Exchange Commission barred ex-RBC broker Thomas Buck from the industry. The action came less than four months after the regulator filed a civil case accusing Buck of investor fraud. He allegedly made material misrepresentations and omissions to investment advisory clients and certain customers while he was a Merrill…

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Retired Couple Awarded $800,000 in Damages From Oppenheimer & Co., Inc

Broker Fraud, Oppenheimer

Lawyers representing a retired couple in a claim against Oppenheimer & Co., Inc. recently obtained an award from a Financial Industry Regulatory Authority (“FINRA”) arbitration panel awarding them $800,000 in damages.  The claim was based upon an investment of the couple’s money, including retirement assets, into various energy stocks, including Breitburn Energy Partners, Sandridge Permian…

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Cryptocurrency Fraud Allegations Lead to Criminal Allegations Alleging $32M ICO Scheme

Cryptocurrencies

In New York, the founders of Centra Tech are now facing securities fraud, wire fraud, and conspiracy charges related to an alleged cryptocurrency fraud. Robert Farkas, Sohrab Sharma, and Raymond Trapani are accused of fraudulently raising $32M from investors during an initial coin offering (ICO). Prosecutors claim that the men misled investors into thinking that…

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Securities Cases: Anti-Money Laundering Violation Allegations Lead to $5.3M Fine Against ICFBCFS, Three Houston-Based Healthcare Executives are Accused of Falsifying Financial Information, and Pension Fund Accuses Wells Fargo of Holding Back Rebate Fees

Pension Funds, Wells Fargo

ICFBCFS and Chardan Capital Markets Accused of Anti-Money Laundering FINRA has fined the Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3M for “systemic anti-money laundering compliance failures.”  The self-regulatory organization contends that when clearing and settling the liquidation of over 33 billion penny stock shares between 1/2013 and 9/2015, the firm did…

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Royal Bank of Scotland Settles Mortgage Fraud Case for $4.9B

Mortgage Fraud, Royal Bank of Scotland,

Once again, Royal Bank of Scotland (RBS) has arrived at yet another securities settlement related to its mortgage practices leading up to the 2008 housing crisis. This time, RBS is getting ready to pay almost $4.9B. The deal, reached with the US Justice Department, must still must be finalized. The DOJ had been investigating allegations…

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