Michael Oppenheim, an ex-JPMorgan Chase (JPM) investment adviser, was arrested this week and charged with bilking clients of at least $20 million. Oppenheim worked for the firm from 2002 until March of this year. Authorities claim that starting as early as 2011, Oppenheim convinced clients to allow him to take…
Siblings Teresa and George Bravo, who formerly worked as financial advisors at UBS Financial Services Inc. of Puerto Rico (UBS-PR), have filed a $10 million Financial Industry Regulatory Authority (FINRA) arbitration claim against the firm. The Bravos, both were senior vice presidents at the broker-dealer, claim that management deceived not…
The Securities and Exchange Commission has reached as settlement with three ex-Freddie Mac executives accusing them of knowingly misleading investors about the quality of high-risk mortgages that the company bought heading into the end of the housing boom several years ago. The former executives are ex-Freddie Mac (FMCC) CEO Richard…
The Financial Industry Regulatory Authority has barred the owner of Commonwealth Capital Corp. from the securities industry. Kimberly Springsteen-Abbott is accused of misusing investor funds. Commonwealth Capital Securities Corp., a wholesaling brokerage firm, packages and distributes illiquid equipment-leasing funds. Springsteen-Abbott is broker-dealer director and the president of the parent company.…
A notice of appeal was submitted with the 1st U.S. Circuit Court of Appeals by plaintiffs seeking to overturn a ruling by a federal district court dismissing their 401(K) case against Fidelity Investments. The case is In Re Fidelity ERISA Float Litigation. According to the plaintiffs, who are participants in…
The Securities and Exchange Commission is charging Pacific West Capital Group Inc. with securities fraud and other violations. The regulator contends that the investment firm and its owner, Andrew B. Calhoun IV, misled clients about life settlements. According to the SEC, Calhoun and Pacific West raised close to $100 million…
According to media reports, Deutsche Bank AG (DB) could settle allegations over Libor manipulation with U.S. and British regulators as early as this month. A source reports that the settlement is likely to be larger than $1.5 billion and unit Deutsche Bank Group Services may even plead guilty. Regulators expected…
Closing arguments took place this week in the Federal Housing Finance Agency’s mortgage-backed securities lawsuit against Nomura Holdings Inc. (NMR). The U.S. regulator claims that the bank made false statements when selling some $2 billion in MBSs to Freddie Mac (FMCC) and Fannie Mae (FNMA). A lawyer for the bank…
The U.S. Securities and Exchange Commission is suing a former New York Giants player for allegedly helping to run a Ponzi scam. According to the regulator, Will Allen and his business partner Susan Daub raised over $31 million from investors, promising them profits from loans made to professional athletes. Allen…
The SEC has brought its first case for whistleblower protection violations involving Rule 21F-17. The Commission claims that KBR Inc. used language in confidentiality agreements that were improperly restrictive and could potentially impede the whistleblower process. According to the regulator, KBR required that witnesses involved in certain internal investigative interviews…