The Securities and Exchange Commission says that it has resolved its Colorado securities fraud lawsuit against Universal Consulting Resources LLC (UCR) and the financial firm’s owner, Richard Dalton. Per the agreement, both will pay $15,842,948, including a $7,549,458 penalty, over allegations that investors were given materially misleading and false information…
The Securities and Exchange Commission’s Office of the Whistleblower says it has already received 334 tips since becoming operational in August 12. The office issued its fiscal year 2011 report last month. Per the report, between August 12 and September 30, which was when FYI 2011 ended, most of the…
Wells Fargo & Co. has agreed to settle for $148 million the civil claims and criminal charges accusing Wachovia Bank of taking part in a bid-rigging scam with other financial firms and overcharging local and state governments on their investments. The settlement resolves allegations that for eight years, Wachovia rigged…
Bank of America, Corp. has agreed to pay investors $315 million to settle their class action claim accusing Merrill Lynch of misleading them about the risks involved in investing in mortgage-backed securities. If approved, the proposed settlement would be one of the largest reached over MBS that caused investors major…
William Erik Byrne, who is unregistered securities advisor, admits that he sold $389,000 in investment and promissory notes to investors even after he received a cease and desist order from the Texas State Securities Board in 2005. He also is accused of giving out investment advice to clients even though…
Raymond James Financial Services has paid the $1.79M Dallas securities arbitration award plus interest it owes to Hurshel Tyler and the estate of his wife Mildred. They filed their claim with the Financial Industry Regulatory Authority. Both were in their 80’s. They contend that they were advised by an ex-Raymond…
The U.S. Court of Appeals for the Second Circuit has affirmed a district court’s decision to dismiss securities fraud claims accusing Merrill Lynch & Co. of hiding its ARS practices to manipulate the market. The case had been filed by plaintiff Colin Wilson on behalf of all buyers between March…
According to Bloomberg.com, former US Treasury Secretary Henry Paulson told a number of Wall Street executives in advance that the government was planning on Taking Control of Freddie Mac and Fannie Mae. This information, reportedly delivered to them at the Eton Park Capital Management LP offices on July 21, 2008…
LPL Financial must pay $100K for its improper supervision of a broker. The Oregon Division of Financial and Corporate Securities, which fined the financial firm, reports that LPL Financial has put in place better oversight procedures since the violation was discovered. LPL Financial is a LPL Investment Holdings Inc. division.…
The Financial Industry Regulatory Authority has ordered another 10 individuals and 8 financial firms to pay $3.2M in restitution to clients who were sold interest in risky private placements that were issued by DBSI, Inc., Medical Capital Holdings, Inc., and Provident Royalties, LLC. The parties that were sanctioned allegedly sold…