Former Stockbroker Pleads Guilty to Insider Trading in IBM Case Daryl Payton, an ex-trader at Euro Pacific Capital Inc., has pleaded guilty to conspiracy to commit securities fraud. Payton was involved in an insider trading scam that revolved around software manufacturer SPSS Inc., which IBM acquired in 2009. A U.S.…
Puerto Rico’s Electrical Power Authority, also known as PREPA, is experiencing a surge in overdue accounts. According to a report from an FTI Consulting subsidiary, since 2012, the U.S. territory’s electrical authority has seen a 219% increase in the number of company and residential accounts that are at least 120…
The New York Department of Financial Services says that Bank of Tokyo Mitsubishi UFJ must pay another $315 in penalties for misleading Benjamin M. Lawsky, the state’s Superintended of Financial Services, about transactions involving Iran, Myanmar, and Sudan. All three nations are subject to U.S. economic sanctions. The Japanese bank…
The U.S. Securities and Exchange Commission is asking a district judge to authorize a fair fund to pay back people shareholders who didn’t participate in an insider trading scam involving shares of Wyeth LLC and Elan Corp. PLC. The regulator is seeking to reimburse people who traded the stocks over…
The North American Securities Administrators Association has named what it believes are the financial products that pose the greatest threat to investors. The group said that a lot of these dangers involve new products employed in classic financial scamshttps://www.stockbroker-fraud.com, some propelled by the Internet. Many involve unlicensed agents seeking to…
According to Alayne Fleischmann, the whistleblower who gave the evidence which helped resident in a $13 billion mortgage settlement from JPMorgan Chase(JPM) to the U.S. Department of Justice last year, that amount was not enough. Fleischmann, a lawyer, joined the financial firm as a deal manager in 2006. She says…
According to Bloomberg.com, sources are telling them that Citigroup (C) and Bank of America (BAC) are selling soured U.S. mortgages to satisfy the demand from investment firms that are raising the prices. For example, say the individuals who asked not to be named, Bank of America recently placed approximately $1…
Three more firms have decided to suspend trades of nontraded real estate investment trusts managed and backed by companies under Nicholas Schorsch’s control. The suspension comes following news of a $23 million accounting error involving American Realty Capital Properties Inc. (ARCP) which is Schorsch’s publicly treated REIT. ARCP owns Cole…
Royal Bank of Scotland Group Plc (RBS), UBS AG (UBS), (HSBC), Bank of America Corp (BAC), HSBC Holdings Plc, JPMorgan Chase & Co. (JPM), and Citigroup Inc. (C) will pay $4.3 billion in penalties to regulators in the United States and Europe for failing to stop traders from attempting to…
According to a Financial Industry Regulatory Authority-released survey of investors, 92% of participants believe that there needs to be a regulatory “cop” to protect investors. 94% said that regulators should use the latest technology and tools on the job. The survey is intended to evaluate how investors feel about regulatory…