Venecredit Fined $25K for Working with Foreign Finders to Generate Retail Investor Business According to the Financial Industry Regulatory Authority, Venecredit Securities must pay a $25,000 fine for allegedly using foreign finders to get new retail investor business. The financial firm has now been censured for two years. The SRO…
The Financial Industry Regulatory Authority has fined Ameriprise Financial Services Inc. and American Enterprise Investment Services Inc. $750,000 for failing to properly supervise wire-transfer requests and customer fund transmissions to third parties. Also, the SRO has barred Jennifer Guelinas, an ex-Ameriprise broker, for allegedly forging the signatures of two clients…
The United States has charged Bart Gutekunst, Richard Pereira, and David Bryson, all New Stream Capital LLC hedge fund executives, with securities fraud, wire fraud, and conspiracy. Pereira is New Stream’s former CFO. According to US Attorney David Fein, the defendants ran a securities scam to fool investors so they…
In Gabelli v. SEC, the US Supreme Court has decided that in some securities fraud cases, the SEC needs to move faster when it comes to filing its case. The ruling could affect agencies nationwide. In a unanimous decision, the justices sided with two officials of Gabelli Funds LLC, who…
In the wake of the recent financial crisis, retail investors, especially those seeking to save for retirement and who lost much when their stock portfolios and mutual funds dropped, are feeling compelled to get involved in complex products that until recently were targeted to their more sophisticated counterparts. Many want…
The Securities Change Commission is charging TAG Virgin Islands owner James S. Tagliaferri with securities fraud. The investment adviser is accused of getting kickbacks from putting investors’ funds in companies that were being thinly traded in and then employing a Ponzi-like scam to give clients their supposed “returns.” According to…
FINRA is fining Directed Services LLC, ING Investment Advisors LLC, ING Financial Advisers LLC, ING America Equities Inc. and ING Financial Partners Inc. $1.2M for failing to keep or review million of email correspondence between ’04 and ’08. The five broker-dealers are affiliates of ING Groep NV (ING, INGA.AE). According…
Recently, a secret deal came to light involving the Federal Reserve Bank of New York bailing out Bank of America (BAC) that released the latter from all legal claims involving mortgage-backed securities losses that the former obtained when the government rescued American International Group (AIG) in 2008. Some believe that…
According to Financial Industry Regulatory Authority Chief Executive and Chairman Richard Ketchum, the SRO is pulling back from its bid to regulate Regulating Registered Investment Advisers. This move comes after FINRA spent the last couple of years lobbing to become the main regulator for RIAs. However, according to Ketchum, in…
Lawmaker Presses SEC to Tackle High-Frequency Trading Rep. Edward Markey (D-Mass.) is pressing the Securities and Exchange Commission to help stop the allegedly harmful impact of high-frequency trading. Writing to SEC Chairman Elisse Walter and her predecessor Mary Schapiro, Markey talked about how the Market Reform Act of 1990 gives…