MetLife insurance has been fined $20 million by the Financial Industry Regulatory Authority (FINRA), Wall Street's policing body for misleading customers in switching them from variable annuities contracts into more expensive ones. Today, FINRA said the decision was its largest fine related to variable annuities, popular yet complex investments that have grabbed the attention of regulators in recent years. FINRA has taken hundreds of disciplinary actions against brokers and investment firms... Read More
Stock Market Fraud Attorneys Blog
Representing Investors Nationwide
Unauthorized trading occurs when your broker buys or sells securities without your express permission. As such, if your broker has made a purchase or sale of securities that you did not okay, you may have an unauthorized trading claim. The best way to determine if you have cause to take legal action is through a one-on-one consultation with the stock fraud attorneys at Colling Gilbert Wright & Carter. Please call us at (407) 712-7300 to schedule your free consultation and learn more... Read More
Yesterday, the Financial Industry Regulatory Authority (FINRA) convinced a Maryland federal judge to toss a brokerage's challenge to the agency's enforcement powers on the grounds that FINRA's penny stock allegations against the brokerage belonged in the regulator's administrative proceeding, not federal court.
U.S. District Judge Deborah K. Chasanow largely agreed with FINRA and the U.S. Securities and Exchange Commission (SEC) when she dismissed the suit brought by Scottsdale... Read More
Shrunken Citigroup Illustrates a Trend in U.S. Banks.
By Nathaniel Popper and Michael Corkery NEW YORK TIMES
Citigroup became the nation's first megabank some two decades ago by expanding into new businesses while pushing to knock down barriers that limited its size. A much different Citigroup was evident on Friday as it reported its quarterly results. Business lines like subprime lending... Read More
A new study says there's a flaw in the process for selling new debt issued by companies.
By Tracy Alloway, Bloomberg News
The process of pricing and selling new corporate bonds has often been described as more art than science. But a new paper from London-based research firm Fideres Partners LLP suggests it may just be inaccurate. "Corporate bonds' price in the days after their issuance may hint to a systemic under pricing by major dealers," Fideres, which has previously... Read More
The rules governing how financial services professionals handle trillions of dollars they invest on behalf of individuals saving for retirement are about to get significantly tougher.
The U.S. Department of Labor (DOL), just released its highly anticipated "fiduciary rule" today. The rule will require financial... Read More
Andrew Caspersen, a former managing principal at financial services firm Park Hill Group, was arrested on Monday on charges of fraudulently soliciting investments. According to the charges, Caspersen made claims he had authority to conduct deals on behalf of Park Hill Group with an outside private equity fund. The fund, run by Caspersen, was a shell company named Irving Place Capital Partners III SPV. According to the charges, Caspersen named the company closely to trusted private equity... Read More
Alternative investments are often risker than traditional stocks and bonds, but may be recommended by a broker in order to diversify a portfolio and produce higher returns. Some examples of alternative investments include:Hedge funds Start-ups Tenets in common Promissory notes Limited partnerships Asset protection programs Shares of privately held companies
Real estate investments and investments in real estate trusts may also be considered alternative investments.
Before a... Read More
Today, six banks, including UBS AG, Societe Generale SA and Natixis Funding Corp., have agreed to pay more than $100 million to settle private class action claims that they fixed prices and rigged bids for municipal derivatives, signaling a potential end to the multidistrict litigation in the area.
Under the proposed settlement, UBS will pay the largest portion, believed to be approximately $32 million, followed by Natixis, which has agreed to pay approximately $28.5 million. Societe... Read More
Late in 2015, the Financial Industry Regulatory Authority (FINRA) Dispute Resolution Task Force, a group formed solely for the purpose of systematically assessing and critiquing securities arbitration, released its Final Report and recommendations. The report contains 51 individual recommendations designed to improve FINRA’s heavily-regulated dispute resolution program. Some recommendations offer specific details on implementation; others urge conceptual reform of a particular aspect of the... Read More