The SSEK Partners Group is investigating claims by investors who bought Puerto Rico municipal bonds from UBS (UBS), Banco Santander (SAN.MC), Banco Popular and other brokerage firms. We are also looking into claims involving other muni funds that have been exposed to Puerto Rico, including the: • Franklin Double Tax-Free…
The Financial Industry Regulatory Authority intends to weigh whether to mandate that brokerage firms have insurance covering payments for possible arbitration awards issued to investors. The SRO is aware that there has been frustration among claimants who have not received their awards. It can be a problem when a brokerage…
In a case preceding the credit crisis, a Financial Industry Regulatory Authority panel has awarded Michael Farah, an ex-star broker at Wedbush Securities Inc, a $4.2M arbitration award against the brokerage firm. Farah had accused the broker-dealer of making misrepresentations and omissions related to the collateralized-mortgage-obligation investments he recommended to…
As the value of proprietary closed-end bond funds invested created by a UBS AG unit (UBS) in Puerto Rico continue to drop, the financial firm and its 132 financial advisers find themselves facing what is expected to be a protracted legal battle with local investors who want their money back.…
The SEC has filed fraud charges against a couple over a Texas securities scam that allegedly targeted foreign investors wanting to become American residents. Bebe and Marco Ramirez and three of their companies-USA Now LLC, Now Co. Loan Services, and USA Now Energy Capital Group LP-are accused of fraudulently raising…
The Financial Industry Regulatory Authority is charging John Carris Investments LLC with misleading and bilking investors. It seeks a cease and desist order against the financial firm and George Carris, its CEO, to immediately stop soliciting customers to buy Fibrocell Science, Inc. stock without giving them the correct disclosures. The…
The National Credit Union Administration has filed residential mortgage-backed securities lawsuits against JPMorgan (JPM), Morgan Stanley (MS), UBS (UBS), Royal Bank of Scotland Group (RBS), Barclays (BARC), and Credit Suisse (CS) accusing the financial firms of selling $2.7 billion of these fraudulent securities to the credit unions. The Members United…
A district court judge has ordered Groupon Inc. to face a securities lawsuit filed against it accusing the deal-of-the-day coupon company of misleading investors regarding its financial state right before its IPO in 2011. The Illinois-based company had sought to have the securities fraud case brought by investor Michael Carter…
Now that US Attorney General Eric Holder has turned down JPMorgan Chase’s (JPM) offer to settle criminal and civil charges related a mortgage-backed securities probe, the financial firm is looking at a settlement of possibly $11 billion. The financial figure has gone up as talks have expanded to include additional…
Massachusetts Attorney General Martha Coakley is looking into JPMorgan Chase & Co.’s (JPM) debt collection practices over how the bank gets payments from borrowers that are delinquent. Coakley’s probe is separate from the one being conducted by a group of 13 states. According to JPMorgan, the bank stopped suing over…