Two J.P. Morgan Firms Fined over Deficiencies J.P. Morgan Securities and J.P. Morgan Clearing Corp. have been fined $775K and $250K respectively for several deficiencies. J.P. Morgan Securities is a broker-dealer of the bank JPMorgan Chase (JPM). .J.P. Morgan Clearing is the custodian, clearing, lending, and settlement arm of the…
According to Bloomberg sources say that investors in Brevan Howard Asset Management’s primary hedge fund are asking to withdraw about $1.4M from the fund in the wake of successive yearly declines and losses from the first quarter.The fund is the Brevan Howard Master Fund, which invests in different asset classes.…
U.S. District Judge Deborah K. Chasanow has dismissed Scottsdale Capital Advisors’ securities case claiming that the Financial Industry Regulatory Authority did not have legal authority to enforce securities laws. The self-regulatory organization had filed an administrative case against the financial firm, accusing it of selling unregistered penny stock shares. In…
U.S. Senator Elizabeth Warren chastised the Securities and Exchange Commission for not barring billionaire Steven Cohen from starting a new hedge fund just months after the regulator scolded him for not properly overseeing an ex-employee convicted of securities fraud. In 2013, Cohen’s SAC Capital consented to pay $1.8 million and…
Linn Energy (LINE) says that its unit holders have until April 25 to exchange their units for LinnCo shares. According to SeekingAlpha.com, the Texas-based company is making the deal to avoid CODI (cancellation of debt income). As it stands, Linn Energy has suspended its distribution and is making interest payments…
Wine merchant Peter Deutsch has filed a FINRA arbitration claim seeking $400 – $500M from Fidelity. He claims that he might have earned that amount of money if only the financial firm had not stopped him from obtaining a 66% share of a company in which he had already invested…
Cindy L. Lampkins is sentenced to five years behind bars. The Bloomington, Indiana investment adviser stole over $680,000 in retirement money from elderly investors and disabled clients. Lampkins was convicted on count of money laundering and one count of wire fraud. Lampkins was the VP of Kern Financial Group, which…
The Securities and Exchange Commission has filed financial fraud cases against Logitech International and Ener1. Logitech, a technology manufacturer, will pay $7.5M to resolve the charges. Its former controller, Michael Doktorczyk and ex-accounting director, Sherallyn Bolles, will pay $50K and $25K penalties, respectively. The SEC said that the two companies…
Over the last two years, more than 1,000 investors have sued UBS Puerto Rico (UBS-PR) in FINRA arbitration or other forums over mounting losses from the collapse of the Puerto Rico bond market. However, investors are not the only ones suing UBS-PR over its sale of risky bonds. Siblings Jorge…
UBS (UBS) is on trial in Manhattan federal court. According to Reuters, the civil case was brought by UBS Bancorp (USB) for three trusts. The trusts claim that in their contract with the Swiss banking giant, UBS agreed that the mortgages backing the securities would satisfy certain standards. However, they…