The Financial Industry Regulatory Authority (FINRA) barred (AWC No. 20150454876-01) former PFS Investments, Inc. (PFS Investments) broker Malcolm J. Babin after the broker failed to respond to a letter from the regulator requesting information to aid their investigation. While BrokerCheck records kept by FINRA do not disclose the nature of the regulatory inquiry, in May 2015, Babin was permitted to resign from PFS Investments stating that the broker was terminated for 1) being involved in a... Read More
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The Financial Industry Regulatory Authority (FINRA), yesterday, announced plans to assess whether adhering to securities regulations is part of a firm's culture when conduction firm compliance and risk management examinations this year. Other areas for increased FINRA scrutiny include conflicts of interest in the sale of proprietary products and products the firm is paid to sell, technology, anti-money laundering and firm liquidity.
While not trying to impose a specific culture, when... Read More
Yesterday, a New York federal judge has certified two classes in the shareholder suit against Facebook over its $16 billion initial public offering. In certifying the two classes, the judge found while some individual questions exist in the case, the investors clearly fall into two distinct categories.
One of the classes will cover institutional investors, while the other will be for retail investors, according to the opinion. One of the classes will cover institutional investors,... Read More
The government recently negotiated spending bill that will keep the government operating until fall 2016 did not contain a provision to halt a Labor Department rule that would raise investment-advice standards for retirement accounts. In a victory for proponents of the DOL rule, legislators' policy riders that would have either prevented or delayed promulgation of the regulation did not make it into the must-pass measure. The fiduciary rule praised lawmakers for... Read More
Today, U.S. securities and futures regulators announced that JPMorgan Securities LLC and JP Morgan Chase Bank have agreed to pay $307 million to settle charges by the Securities & Exchange Commission (SEC), as well as other regulators, that the bank failed to disclose it was steering advisory clients to proprietary products, including the firm's own proprietary mutual funds, to obtain higher fees.
The investment advisory business and the nationally chartered bank will pay $267... Read More
The SEC has announced fraud charges against, and taken steps to freeze the assets of, Oxford City Football Club Inc., a Florida-based penny stock company that has falsely touted itself as “The largest publicly traded diversified portfolio of professional sports teams in the world.”
According to the SEC press-release, Oxford City Football Club Inc. “used pressure tactics and a boiler room of salespeople to raise more than $6.5 million from primarily inexperienced investors who were... Read More
In a terrible turn of events for individual investors, republican lawmakers are pushing legislation to replace the Department of Labor Fiduciary or "Best Interest" rule by tying it to the government spending bill and effectively killing the current proposal that has been in the works for nearly five years.
Read the full article here: http://www.investmentnews.com/article/20151202/FREE/151209976
The experienced securities litigation attorneys at Colling Gilbert Wright &... Read More
On Tuesday, the Tenth Circuit declined to review a decision granting certification to a class of investors alleging Oppenheimer Funds, Inc. invested money in its California mutual bond fund in junk bonds. In so doing, the court rejected arguments that class certification will force them to settle the investors’ claims. A three-judge panel denied Oppenheimer’s petition for permission to appeal U.S. District Judge John L. Kane’s October order granting class certification to over 50,000... Read More
As much as they tried, JP Morgan Chase could not get a suit claiming the banking giant misrepresented the quality of loans in a $1.9 billion mortgage-backed securities trust. The NY appellate court said the firm guaranteed information that later turned out to be inaccurate.
the Court affirmed a November 2013 lower court ruling that allowed investors to pursue claims against GE Capital Corp. subsidiary WMC Mortgage LLC, which originated the loans in the pool, and JPMorgan subsidiaries... Read More
Barclays Capital, Inc. has agreed to pay a $1 million fine to settle Financial Industry Regulatory Authority (FINRA)claims that the firm issued flawed data on a bond index it published and then failed to fix for months after discovering the problem.
According to FINRA complaint, Barclays' published inaccurate coupon return information for a bond index, known as the Pan Euro... Read More