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

Displaying 131-140 out of 200 results for "Muni Arb".

FINRA Dispute Resolution Statistics 2012

(Jan 2013)

Last week, we covered NERA's analysis of SEC settlements during FY2012. This week, we're taking a look at FINRA's recent release of their dispute resolution summary statistics. FINRA arbitration is a common way for investors to pursue restitution for damage caused by fraud, negligence, or other fiduciary breaches. FINRA provides a detailed summary of the arbitration process and claims can be filed either online or by mail.

Through December of this year, FINRA reports that the number of new...

SEC Litigation Releases: Week in Review - January 18th, 2013

(Jan 2013)

SEC Charges Georgia Resident with Insider Trading
January 17, 2013, (Litigation Release No. 22596)
According to the complaint (opens to PDF), John M. Darden III traded with non-public information regarding the merger between Southwest Airlines Company and AirTran Holdings, Inc. Darden, who gained over $150,000 in profits from the illicit trading, agreed to a final judgment that provides permanent injunctive relief and orders him to pay over $325,000 in disgorgement, pre-judgment interest, and...

SEC Litigation Releases: Week in Review - January 11th, 2013

(Jan 2013)

Court Orders New York-Based Hedge Fund Manager and Firm to Pay Nearly $5 Million in Disgorgement and Penalties
January 9, 2013, (Litigation Release No. 22588)
Final judgments were entered against hedge fund manager Chetan Kapur and his firm ThinkStrategy Capital Management for allegedly overstating the performance of their ThinkStrategy Capital Fund, "inflat[ing] the firm's assets, exaggerat[ing] the firm's longevity and performance history, and misrepresent[ing] the size and credentials of...

SEC Litigation Releases: Week in Review - December 28th, 2012

(Dec 2012)

SEC Charges Two Brokers with Insider Trading
December 26, 2012, (Litigation Release No. 22581)
This week the SEC filed an amended complaint (opens to PDF) charging research analyst Trent Martin with tipping brokers Thomas C. Conradt and David J. Weishaus with nonpublic information about IBM Corporation's acquisition of SPSS Inc. Martin learned of the impending IBM-SPSS transaction "from an attorney friend who was working on the deal." Martin, Conradt, and Weishaus allegedly traded on the...

Auction Rate Securities Responsible for $9.6 Billion Loss to Taxpayers

(Dec 2012)

In a complaint filed in Nevada against Goldman Sachs last year, the city of Reno states that it issued $73.45 million of Auction Rate Securities (ARS) in 2005 and $137.43 million ARS in 2006 on the advice of Goldman. Like many other municipalities, Reno subsequently saw the market crash in 2008 and yields skyrocket, leading to a $9.6 billion loss for issuers.

The ARS structure was promoted by Goldman as liquid, cash-equivalent investments that would allow Reno to borrow money for long term...

FINRA and BBB Launch Smart Investing Website to Educate Consumers on Financial Fraud

(Dec 2012)

The FINRA Investor Education Foundation in conjunction with the Better Business Bureau (BBB) announced the launch of their new website, BBB Smart Investing, last Friday. Smart Investing provides investors with "tools and information to help [them] better protect and manage" their money.

One useful feature that we've noted on the blog before is the FINRA BrokerCheck, a free search engine for disclosures, regulatory action and fines against brokers and brokerage firms. The search generates a...

CFTC Amendment to Rule 4.5 Survives Challenge

(Dec 2012)

Last Thursday, a Federal judge ruled on a challenge to the CFTC's February 2012 amendment to Rule 4.5 that will require mutual funds and ETFs that have sufficient non-hedging participation in derivative markets to register with the CFTC as commodity pool operators (CPOs). The CFTC defines a CPO as a "person engaged in a business similar to an investment trust or a syndicate and who solicits or accepts funds, securities, or property for the purpose of trading commodity futures contracts or...

SEC and FINRA Issue Investor Alert RE: Year-End Investment Considerations

(Dec 2012)

Late last week, FINRA and the SEC's Office of Investor Education and Advocacy issued an investor alert encouraging investors to take stock of their investments and finances at year-end. This alert is rather brief, but offers sound advice to prevent disputes that could lead to the kind of arbitration or litigation we see every day.

In particular, the two regulatory bodies suggest reviewing asset allocations and consider rebalancing. Conventional wisdom tells us that investing in more than one...

SEC Litigation Releases: Week in Review - December 7th, 2012

(Dec 2012)

SEC Secures Trial Victory and Obtains Over $2.1 Million in Disgorgement and Penalties in Market Manipulation Case
December 6, 2012, (Litigation Release No. 22561)
A final judgment was entered against brothers Mayer Amsel and David Amsel "following a bench trial in a market manipulation case involving the securities of a company known as East Delta Resources Corp." The final judgment orders the brothers to pay, jointly and severally, over $2.4 million in disgorgement, pre-judgment interest, and...

SEC Litigation Releases: Week in Review - November 23rd, 2012

(Nov 2012)

Brian Stoker Found Not Liable
November 21, 2012, (Litigation Release No. 22541)
On July 31, 2012, the United States District Court for the Southern District of New York found Brian H. Stoker, former Citigroup Global Markets Inc. employee, "not liable for violations of the Federal securities laws related to the issuance of a $1 billion collateralized debt obligation (CDO) called Class V Funding III." The SEC did not appeal the verdict, and "the time for appeal has expired." The SEC filed its...

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