A jury in London has found Tom Hayes, a former trader at Citigroup (C) and UBS (UBS), guilty of multiple counts of conspiring to rig the London interbank offered rate. He was sentenced to 14 years in prison. Prosecutors accused him of heading up the scam to manipulate the yen…
Aegis Capital Corp. must pay $950,000 to resolve allegations that it engaged in the improper sales of billions of shares of unregistered penny stock. The securities case was brought by the Financial Industry Regulatory Authority last August. According to the self-regulatory organization, the New York-based brokerage firm facilitated a penny…
A U.S. district court judge says that Barbara Duka’s lawsuit against the Securities and Exchange Commission can move forward. Duka used to be the head of Standard & Poor’s commercial mortgage-backed securities group. She is challenging the regulator’s decision to appoint an administrative law judge to preside over its securities…
In the wake of regulator scrutiny, Voya Financial Advisors is once again placing restrictions on its sale of variable annuities. The regulators are wondering whether the products are appropriate for investors who are saving for retirement. Variable annuities have been getting a lot attention from regulators from FINRA, the U.S…
SEC Accuses Pennsylvania Attorney of Insider Trading The U.S. Securities and Exchange Commission is charging Herbert K. Sudfeld with insider trading ahead of the announcement that Nationwide Mutual Insurance Company and Harleysville were about to merge in a $760 million deal. The regulator contends that the Pennsylvania attorney illegally traded…
Neal Goyal, the former head of Caldera Investment Group and Blue Blue Horizon Asset Management, has been sentenced to six years behind bars for bilking over 40 investors of more than $9 million in a Ponzi scam. Prosecutors contend that over the eight years that the 34-year-old ran the scam,…
The U.S. Justice Department wants the Supreme Court to review the ruling in United States v. Newman that overturned the convictions of hedge fund managers Todd Newman and Anthony Chiasson. The defendants were accused of trading on secondhand information they received regarding earnings announcements for Nvidia and Dell. The information…
Cetera Financial Group is shutting down one of its brokerage firms, J.P. Turner & Co., shortly after its purchase. Larry Roth, the independent financial network’s CEO, told InvestmentNews that the move is not part of a broader consolidation involving its different firms. About half of J.P. Turner’s 300 investment advisers…
Britain’s Financial Conduct Authority is banning former Rabobank trader Lee Stewart from the securities industry. Stewart pled guilty to conspiracy to commit wire fraud and bank fraud related to Libor rigging in the United States earlier this year. The British regulator said that the bar is for a lack of…
A Financial Industry Regulatory Authority panel arbitration panel says that Morgan Stanley (MS) must pay at least $2.4M to settle the latest client claims accusing its former broker, Steven Mark Wyatt, of mishandling their investments. The brokerage firm fired Wyatt in 2012. According to a group of doctors and their…