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JP Morgan Chase To Pay $150M to Settle Securities Lawsuit Over Lending Program Losses of Union Pension Funds

To settle a securities lending lawsuit filed by the AFTRA Retirement Fund, the Investment Committee of the Manhattan and Bronx Surface Transit Operating System, and the Imperial County Employees’ Retirement System, JPMorgan Chase & Co. will pay $150 million. The union pension funds are blaming the financial firm for losses…

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Some Former Pro-Athletes Regain the Spotlight But This Time For Financial Fraud

A number of former professional athletes have been accused of parlaying their hero/celebrity status and the credibility built on their names to commit securities fraud. According to USA Today, the adulation of celebrities, including sports heroes, in our culture makes high-profile athletes “naturals” for investment fraud. “Success in too many…

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Institutional Investor Fraud Roundup: Decline in Securities Class Action Settlements, ESMA Recognizes US Credit Rating Agency Framework, and Court Dismisses Securities Lawsuit Against Mecox Lane

According to a report published by Cornerstone Research, there has been a decline not just in the number of securities class action settlements that the courts have approved, but also in the value of the settlements. There were 65 approved class action settlements for $1.4 billion in 2011, which, per…

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SEC’s Office of the Whistleblower In Early Phase of Evaluating Reward Claims

Securities and Exchange Commission’s Office of the Whistleblower Chief Sean McKessy says that the preliminary stage for processing claims stemming from whistleblower cases that resulted in over $1 million in sanctions is underway. McKessy spoke before an Investment Adviser Association-hosted panel earlier this month. He said that the share that…

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Three Oil Service Executives Face SEC Charges in Texas Court For Allegedly Bribing Nigerian Customs Officials

In the U.S. District Court for the Southern District of Texas, the SEC has charged three oil services executives that were allegedly involved in a scam to bribe Nigerian customs officials with Foreign Corrupt Practices Act violations. The men are accused of using these payments to seek illicit permits for…

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Insurance Agent Convicted in Annuity Case Involving 83-Year-Old Dementia Patient

Independent insurance agent Glenn A. Neasham has been convicted for felony theft for selling a complex annuity to an elderly woman who was suffering from dementia. Neasham, who maintains that the woman seemed fine when the transaction was made in 2008, contends and that he acted appropriately. Now, other insurance…

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SEC Chairman Schapiro Says Jumpstart Our Business Startups Act Needs Better Investor Protections

Earlier this month, Securities and Exchange Commission Chairman Mary Schapiro wrote a letter to Senate Banking Committee Chairman Tim Johnson (D-S.D.) over her concerns that modifications needed to be made to the Jumpstart Our Business Startups Act to make sure that investor protections are enhanced. The US Senate is heading…

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US Army Staff Sergeant Held in Afghan Civilian Massacre Was Once Accused of Securities Fraud

Before US Army Staff Sergeant Robert Bales joined the military, he had a career as a stock trader. Now, media sources, who have been digging into his background to find out more about the man accused of massacring 16 villagers in Afghanistan, are reporting that the 38-year-old’s stockbroker career ended…

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SEC and SIPC Clash Over Standard of Proof Necessary to Insure Investors For Stanford Ponzi Fraud Losses

The Securities and Exchange Commission and the Securities Investor Protection Corporation are at odds over what the standard of proof should be used for the SEC’s application to make SIPC start liquidation proceedings for Stanford Group Co. The SEC recently sued the non-profit corporation, which is supposed to provide coverage…

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SharesPost, its CEO, and Fund Manager Settle with the SEC

The Securities and Exchange Commission says that it has reached a securities settlement in its administrative proceeding against SharesPost. Along with its Chief Executive Officer Greg Brogger, the online platform that serves as a secondary market for pre-IPO shares will pay $100,000 in penalties. According to the SEC, SharesPost was…

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