Blog

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

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Brokerage Firm Fined for Misrepresentations Made to Former Broker

(Oct 2013)

When brokers sell unsuitable investments to their clients, it is often the case that those clients will sue the broker and the brokerage firm, a process known as 'broker-customer disputes.' What is less common is for brokers to sue the brokerage firm -- their own employer -- for encouraging them to sell risky investments that caused losses for their clients.

In a recent, closely-watched FINRA arbitration, Michael Farah of Newport Beach, California won approximately $4.3 million from his...

SEC Issues Proposal on Crowdfunding

(Oct 2013)

Yesterday, the Securities and Exchange Commission (SEC) issued proposed rules on crowdfunding to regulate the offer and sale of crowdfunding securities. The press release for the proposed rules can be found on the SEC website. These proposed regulations are meant to fulfill the SEC's requirements under Title III of the JOBS Act . We have previously discussed the JOBS Act crowdfunding provisions in the context of real estate investments, but the proposed rules cover all types of crowdfunded...

SEC Litigation Releases: Week in Review (Part II) - October 4th, 2013

(Oct 2013)

SEC Obtains Asset Freeze and Other Emergency Relief in Ponzi Scheme Targeting Investors in Japan
October 3, 2013, (Litigation Release No. 22832)
The SEC was granted a temporary restraining order, asset freeze and other emergency relief againstEdwin Yoshihiro Fujinaga and his company MRI International, Inc.. Fujinaga allegedly raised more than $800 million from investors through MRI, an allegedly "fraudulent Ponzi scheme designed to misappropriate money from investors. "The defendants...

SEC Awards More Than $14 Million to Whistleblower

(Oct 2013)

Earlier this week, the Securities and Exchange Commission (SEC) announced that an anonymous whistleblower has been awarded over $14 million for the information provided to the SEC that resulted in an expedited enforcement action. This is the third, and by far the largest, award granted by the SEC's Office of the Whistleblower since it was established by the Dodd-Frank Act in 2011.¹
Although the announcement does not specifically mention which enforcement action lead to the award, we can...

SEC Proposes Rule for "Pay Ratio" Disclosure

(Sep 2013)

Last week, the Securities and Exchange Commission (SEC)released a rule proposalthat would require "public companies to disclose the ratio of the compensation of its chief executive officer (CEO) to the median compensation of its employees." The proposed rule gives companies flexibility with respect to the methodology used to calculate the pay ratio. This flexibility allows for a variety of approaches that are appropriate for each company's size and structure.

Although the SEC does not specify...

SLCG Research: Structured Product Based Variable Annuities

(Sep 2013)

In 2010, AXA Equitable began issuing a new kind of variable annuity that, in addition to traditional mutual fund-like subaccounts, also included an option for a structured product-like crediting formula linked to an underlying index such as the S&P 500. Our firm had done a lot of work on both structured products and variable annuities, so in late 2011 we started analyzing the structured product embedded in AXA's product, eventually writing a short research paper on the subject which we...

CFTC: Concept Release on Risk Controls and System Safeguards for Automated Trading

(Sep 2013)

Yesterday, the Commodity Futures Trading Commission (CFTC) produced their concept release on "Risk Controls and System Safeguards for Automated Trading Environments" (PDF). The CFTC is hoping to evaluate the efficacy of currently implemented risk control mechanisms that may have been sufficient for "human judgment and speeds" but may no longer be sufficient in the present environment of automated and interconnected high-frequency trading.

After reviewing the present status of automated...

Municipal Bonds Trading in ETFs

(Aug 2013)

About a month ago, we spent a full week highlighting research conducted at our firm that shows the degree to which investors are harmed by excessive markups in municipal bond trading. In the paper, our colleagues argue that low-cost improvements in disclosure requirements could largely eliminate these transfers of wealth from taxpayers and investors to the brokerage industry.

After the research was completed, we began thinking about other ways investors gain exposure to municipal bonds. For...

FINRA's Market Data Center

(Aug 2013)

FINRA has a number of useful web-based tools on their website. We mention their BrokerCheck tool quite often, as it allows investors to check on the professional background and disciplinary history of any particular broker or firm registered with the agency. Another very useful tool is their Market Data Center, which provides a wide variety of market data for free.

Perhaps the most useful aspect of the Market Data Center is the the TRACE (Trade Reporting and Compliance Engine) database. TRACE...

SEC Charges Indiana School District and Underwriter with Defrauding Investors

(Jul 2013)

Yesterday the Securities and Exchange Commission (SEC) announced thatWest Clark Community Schools -- and Indiana School District -- City Securities Corporation and Randy G. Ruhl have been charged with defrauding investors in connection with municipal bond offerings. The SEC order against the school district and against the underwriter can be found on the SEC website.

The action stems from the fact that the school district was contractually obligated to disclose financial information on an...

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