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Our experts frequently write blog posts about the findings of the research we are conducting.

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UBS Puerto Rico Still Can't Shoot Straight

(Oct 2015)

We've written extensively about the investment carnage caused by UBS Puerto Rico's management and sales of closed end municipal bonds funds. A summary of our findings can be found here: UBS Puerto Rico's Bond Fund Debacle: What We Know So Far .

Others will have to decide whether UBS was just incompetent or also wolfishly indifferent to Puerto Rico investors but recent evidence demonstrates that UBS Asset Managers of Puerto Rico continues to be, at least, incompetent.

The fourteen closed end...

The Recent Market Turmoil Spells Trouble for "Auto-liquidators" like Interactive Brokers

(Aug 2015)

Interactive Brokers Group, Inc. (IB) caters to active traders including those who trade futures and options. These active traders' accounts typically are subject to "portfolio margin" requirements which we have written about at length. ¹ IB requires its customers to agree to have IB auto-liquidate positions when accounts are in a margin deficit.

IB's auto-liquidation procedures were the focus of a FINRA arbitration earlier this year in which the Claimant, Glen Lyon Long-Term Options, LP,...

UBS of Puerto Rico Continues to Wreak Havoc on Clients

(Aug 2015)

In October 2014, UBS Puerto Rico settled with the Office of the Commissioner of Financial Institutions for the Commonwealth of Puerto Rico ("OCFI") over UBS's lack of compliance and supervision as some brokers recommended some "mostly senior, low net worth investors with conservative investment profiles" use non-purpose loans to further concentrate their accounts in UBS PR closed-end bond funds. The UBS-OCFI settlement is available to view on our website.

As part of the settlement, UBS paid...

The Worst Investment in the World! Behringer Harvard's Priority Income Fund

(Jun 2015)

I. Introduction

What could be worse than a non-traded REIT? Well, REIT-sponsor Behringer Harvard has managed to create something even worse than a non-traded REIT: The Priority Income Fund. On May 9, 2013, Behringer Harvard and the manager of publicly traded BDCs, Prospect Capital Management, announced the initial public offering for their new joint-effort Priority Senior Secured Income Fund (PSSI) now renamed Priority Income Fund.ⁱ

The best thing that can be said of the Priority Income Fund...

Enforcement Actions: Week in Review - June 19th, 2015

(Jun 2015)

SEC ENFORCEMENT ACTIONS

Swiss Trader to Pay $2.8 Million to Settle Insider Trading Charges
June 15, 2015 (Litigation Release No. 119)
The SEC alleges that Swiss trader Helmut Ansheringer bought stock and call options based on non-public information that AuthenTec, a company that provides fingerprint sensors and software, would be purchased by Apple Inc. AuthenTec's public announcement that they would become a wholly-owned subsidiary of Apple led to a roughly 60% increase in their stock...

Enforcement Actions: Week in Review - June 5th, 2015

(Jun 2015)

SEC ENFORCEMENT ACTIONS

Merrill Lynch Admits Using Inaccurate Data for Short Sale Orders, Agrees to $11 Million Settlement
June 1, 2015 (Litigation Release No. 105)
An SEC investigation found some of Merrill Lynch's programs to execute short sale trades were using inaccurate and old data. Merrill Lynch and other broker-dealers are required to maintain an up to date easy-to-borrow (ETB) list composed of stocks that are readily accessible to borrow for short sale orders. Merrill Lynch...

Enforcement Actions: Week in Review - May 29th, 2015

(May 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Deutsche Bank With Misstating Financial Reports During Financial Crisis
May 26, 2015 (Litigation Release No. 99)
Deutsche Bank AG has agreed to pay a $55 million penalty to settle charges that they overvalued a portfolio of derivatives by failing to properly value their "gap risk". The derivatives portfolio in question contained "Leveraged Super Senior" (LSS) trades that Deutsche Bank used in order to buy protection against credit default losses. The...

Enforcement Actions: Week in Review - April 17th, 2015

(Apr 2015)

SEC ENFORCEMENT ACTIONS

SEC Halts Investment Scheme Targeting Military Personnel
April 14, 2015 (Litigation Release No. 66)
The SEC has charged Leroy Brown Jr. and his firm, LB Stocks and Trades Advice LLC, with securities fraud and conducting an unregistered securities offering and ordered an asset freeze against Brown. Brown fabricated his stock broking experience to prospective clients telling them that he had many years of experience in securities and that he had all the necessary...

Enforcement Actions: Week in Review - February 13th, 2015

(Feb 2015)

SEC ENFORCEMENT ACTIONS

SEC Proposes Rules for Hedging Disclosure
February 9, 2015(Litigation Release No. 26)
The SEC has announced the approval of the issuance of proposed rules. The proposed rules require a company to disclose whether its directors, officers, and other employees are permitted to hedge the company's equity securities. The proposed rules are mandated by Section 955 of the Dodd-Frank Act, and the rules are intended to better inform shareholders by increasing the...

Enforcement Actions: Week in Review - January 30th, 2015

(Jan 2015)

SEC ENFORCEMENT ACTIONS

SEC Charges Oppenheimer With Securities Law Violations Related to Improper Penny Stock Sales
January 27, 2015 (Litigation Release No. 14)
The SEC has charged Oppenheimer & Co. with breaking federal securities law over illegal sales of penny stocks. They are accused of allowing non-registered sales in their accounts, ignoring red-flags and failing to file Suspicious Activity Reports. Gibralter Global Securities, a Bahamas-based brokerage firm, is one customer alleged...

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