OTC Derivatives fraud aspect to an interesting Futures Magazine piece CFTC, SEC Differ on New Derivatives Rules 6/26/2011 On June 14, 2011, the Commodity Futures Trading Commission (“CFTC”) issued a notice of proposed order and request for comment1 (the “Proposed CFTC Order”) with respect to the effective dates of provisions…
Recent Securities Fraud tweets by Ross Intelisano: FT: Investigators listened in on almost 100 clients of Primary Global. Buyer (and Seller) Beware. http://t.co/GRNEcNs · reply · retweet · favorite MBIA Drops Merrill Fraud Case.Hard to tell if ML settled with dollars or MBIA forced to just withdraw.Bad news if latter…
Below is the Regions press release related to regulatory order for it to pay $200 million due to its actions related to the Morgan Keegan bond funds. Strangely, it announced also that it retained Goldman to explore selling Morgan Keegan. Regions has been extremely aggressive in defending the scores of…
Below is FINRA’s press release of the $200M restitution order the SEC and FINRA levied on Regions Morgan Keegan (RMK) related to bond funds it misrepresented to investors. Big for investors. We had blogged about this in April 2010 when the SEC charged Morgan Keegan & Company, Morgan Asset Management…
Fraud in the privately traded markets? Aline van Duyn of the FT wrote a fascinating piece over the weekend about the lessons of the Galleon case going much wider than stocks. We agree. Next wave of large and complex fraud will be in non-exchange traded products. Here is the piece.…
Below is an interesting Reuters piece by Matt Goldstein which quotes Ross Intelisano regarding securities fraud and Ponzi schemes. Special Report: A fame-seeking Philly trader’s rap falls flat Photo Thu, May 12 2011 By Matthew Goldstein NEW YORK (Reuters) – Tyrone L. Gilliams Jr., a commodities trader, part-time online preacher…
I couldn’t fight it any more. I started tweeting on securities fraud a few weeks ago. Here is the link: http://twitter.com/#!/rossbi – Basically, I’m curating (hipster word alert) news stories related to Wall Street with a little comment layered over it. Have found it very helpful to follow breaking news…
Sophisticated investors won a $54 million arbitration award against Citigroup Global Markets Inc. related to the MAT leveraged municipal arbitrage hedge fund. It is by far the largest FINRA award rendered against Citi related to MAT. The award in the matter named Hosier v. Citi also includes $17 million in…
FINRA fined UBS Financial Services, Inc. $2.5 million, and required it to pay $8.25 million in restitution for omissions and misleading statements made regarding the “principal protection” feature of Lehman Brothers100% Principal-Protection Notes (PPNs). Our firm is presently representing investors of the Lehman PPNs against UBS in arbitrations at FINRA.…
A Florida FINRA panel awarded $6.4 million to an investor in Citi’s MAT municipal bond arbitrage fund this week. It’s the largest award rendered against Citi related to its MAT and Falcon proprietary fund blow-ups. The case is Berghorse v. Smith Barney (FINRA 08-04466). Although damages claimed on the award…