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FINRA Press Release: Principal Protected Notes

FINRA Fines UBS Financial Services $2.5 Million; Orders UBS to Pay Restitution of $8.25 Million for Omissions That Effectively Misled Investors in Sales of Lehman-Issued 100% Principal-Protection Notes

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has fined UBS Financial Services, Inc., $2.5 million, and required UBS to pay $8.25 million in restitution for omissions and statements made that effectively misled some investors...

FINRA Press Release: Private Placements

FINRA Sanctions Two Firms and Seven Individuals for Selling Private Placements Without Conducting a Reasonable Investigation

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has sanctioned two firms and seven individuals for selling interests in private placements without conducting a reasonable investigation. The companies whose securities were sold in these private placements were unrelated to the firms and individuals FINRA...

SEC Press Release: Mortgage Backed Securities

SEC Announces Securities Laws Violations by Wachovia Involving Mortgage-Backed Securities

The Securities and Exchange Commission (SEC) issued a press release today announcing that

"Wells Fargo Securities LLC [had] agreed to settle charges that Wachovia Capital Markets LLC engaged in misconduct in the sale of two collateralized debt obligations (CDOs) tied to the performance of residential mortgage-backed securities as the U.S. housing market was beginning to show signs of distress...

SEC Press Release: Hedge Fund Fraud

SEC Charges Hedge Fund Managers with Fraud

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged a hedge fund investment advisory firm and its two founders with orchestrating a multi-faceted scheme to defraud clients and failing to comply with fiduciary obligations."

The founders, Verzili and Rodriguez of Juno Mother Earth Asset Management LLC allegedly misappropriated client assets by using these assets for the fund's...

SEC Press Release: Life Settlement Fund Fraud

SEC Charges Former UBS Financial Adviser With Defrauding Life Settlement Fund Investors

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that they

"charged a former financial adviser at UBS Financial Services LLC with misappropriating $3.3 million in a scheme that included bilking investors in a private investment fund he established."

Kobayashi of UBS, Walnut Creek office, California, established Life Settlement Partners LLC, a pooled...

SEC Press Release: Securities Fraud Scheme

SEC Charges Former Officer of Colonial Bank for Role in Securities Fraud Scheme

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged a former vice president at Colonial Bank who was the head of its mortgage warehouse lending division with conducting a $1.5 billion securities fraud scheme."

Under Kissick, the former vice president at Colonial Bank and head of the mortgage warehouse lending division, the bank bought...

FINRA Press Release: Improper Marketing

FINRA Orders Schwab to Pay $18 Million to Investors for Improper Marketing of YieldPlus Bond Fund

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has ordered Charles Schwab & Company, Inc., to pay $18 million into a Fair Fund to be established by the Securities and Exchange Commission (SEC) to repay investors in YieldPlus, an ultra short-term bond fund managed by Schwab's affiliate, Charles Schwab Investment Management. The $18...

SEC Press Release: Municipal Bond Fund

SEC Charges Former Portfolio Managers With Defrauding Utah Municipal Bond Fund

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had

"charged two former portfolio managers with defrauding a mutual fund that invests primarily in municipal bonds issued by the State of Utah and its county and local authorities."

Young and Albright - co-portfolio managers of the Tax Free Fund for Utah at the time - charged municipal bond issuers over...

FINRA Press Release: Excessive Mark-Ups

FINRA Expels APS Financial, Bars Former President and Former Broker for Targeting an Elderly Investor with Fraudulently Excessive Mark-ups

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has expelled APS Financial Corporation, located in Austin, Texas, barred the firm's former President, George Conwill, and barred Peter Aman, a former broker at the firm, in a scheme which overcharged an elderly investor by $1.2 million."

The...

SEC Press Release: Banc of America Bid Rigging

SEC Charges Banc of America Securities With Fraud in Connection With Improper Bidding Practices Involving Investment of Proceeds of Municipal Securities

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that it had charged Banc of America Securities, LLC (BAS) with securities fraud for its part in an effort to rig bids in connection with the investment of proceeds of municipal securities.

"BAS has agreed to pay over $36 million, together with...

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