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Finra charges B-D chief with using investor funds for home remodeling
Finra claims the head of a B-D that packages and distributes illiquid equipment-leasing funds misused investor money to pay for personal expenses including remodeling her house.
Float suit vs. Fidelity
The next wave of litigation against 401(k) providers has arrived, with Fidelity Investments facing yet another lawsuit tied to the company's handling of money generated from plan assets.
Wells Fargo agrees to pay $105M to end MedCap suit
Investor recovery pool for failed private placements balloons by $105 million. Bruce Kelly has the details.
Superstar adviser DeWaay in 'survival mode,' says forensic accountant
That's how a forensic accountant described the financial condition of superstar adviser Don DeWaay, who today agreed to a $3M settlement with investors.
Court backs brokerages in forcing employees to hold accounts in-house
Appeals court in California says brokerage firms can force employees to hold accounts in-house, that flexibility in in trading policies rules.
Stockton bankruptcy sends chilly message to muni bondholders
If municipal bond investors aren't already stressed out over the latest developments in the Stockton, Calif. bankruptcy dealing, they should be. The city of nearly 300,000 was granted Chapter 9 bankruptcy protection on Monday after a federal judge berated creditors for not wanting to compromise
LPL facing more complaints about REIT sales
LPL Financial LLC is being further dogged by state regulators investigating the sale of nontraded real estate investment trusts and faces a new complaint from the Montana State Auditor's Department focusing on REIT sales to unsophisticated investors, according to a published report.A story in
Attorney: Belesis firm faces new Finra query
John Thomas Financial faces questions from the Financial Industry Regulatory Authority Inc. about accusations that it attempted to intimidate brokers who had left the firm, according to the attorney representing a group of the brokers. Finra sent a Wells notice in January to Anastasios “Tommy”
State securities cops seek bill to ban pre-dispute arbitration for advisers
State securities regulators are seeking federal legislation that would ban investment advisers from forcing their clients to use mandatory arbitration to settle claims against them.They also are urging Congress to prod the Securities and Exchange Commission to propose regulation that would ban
Suit raises questions about fees on subadvised funds
Suing to prove that a mutual fund charges small investors excessive fees is often an exercise in futility. For 30 years, the courts have set the bar so high for plaintiffs in such cases that most suits are dismissed before they get to trial. According to a 1982 legal precedent known as the
SEC clock is ticking, court rules
Agency must file cases seeking civil penalties for securities fraud within five years of the alleged incident
Merrill settles unpaid-OT suit for $12M
Lawsuit filed on behalf of a potential class of 12,000 client associates seeking compensation for unpaid overtime work between 2010 and 2012
More trouble for Thompson
Noted real estate investor Tony Thompson's legal and financial problems continued to mount last week as he and his company, Thompson National Properties LLC, were sued in federal court in Colorado over the failure to make payments on a notes program that is in default.
More woes for Tony Thompson as Denver couple files lawsuit
This week, an investor filed a lawsuit against Tony Thompson. Bruce Kelly fills in the details about the latest headache for the noted real estate investor.
Ameriprise 401(k) lawsuit set for January court date
Ameriprise workers filed suit in 2011, claiming firm profited from costly plan options
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Mary Beth Franklin, InvestmentNews
Davis D. Janowski, InvestmentNews