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Wells Fargo & Co. on Wednesday agreed to repay customers about $1.4 billion to settle a lawsuit and regulatory investigations alleging the company improperly marketed risky investments as safe.
A judge has refused to dismiss a multibillion dollar securities fraud case against former officers, directors, accountants and underwriters of Washington Mutual Bank, which collapsed last year in the biggest bank failure in U.S. history.
A Florida woman is suing an Omaha-area based brokerage and its parent company, alleging they failed to warn her and others about investing in what she says turned out to be a $2 billion Ponzi scheme.
Comverge Inc., a maker of energy-efficiency equipment, said Monday that it has filed to sell up to $100 million of securities.
New York Attorney General Andrew Cuomo filed a lawsuit Monday against the brokerage unit of Charles Schwab Corp., claiming the firm misled customers about the safety of auction-rate securities.
The former chief compliance officer at a Greenwich, Conn.-based securities company has pleaded guilty to conspiracy to commit securities fraud and wire fraud.
Retail brokerage firm TD Ameritrade Inc. agreed on Monday to repurchase $456 million in auction-rate securities from investors as part of a settlement with the New York Attorney General's office and Securities and Exchange Commission.
The Texas State Securities Board has ordered Bank of America Securities LLC and Banc of America Investment Services to pay a $3.6 million fine to the state.
Nothing seems to be missing at St. James Episcopal Church, where Paul Greenwood is the treasurer. The books at the local library, where he was on the board, appear to be in order. A financial audit of town government, where Greenwood moonlighted as supervisor and refused the $88,257 salary, hasn't turned up anything suspicious so far.
Federal authorities brought charges in two major securities fraud investigations Wednesday, saying one scheme fell apart because of publicity about the Bernard Madoff scandal.
The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market.
A former UBS AG executive who hatched an insider-trading scheme that prosecutors said was one of the biggest on Wall Street since the 1980s was sentenced on Monday to 78 months in prison.
Michigan Attorney General Mike Cox announced Thursday that his office reached a settlement with the investment arm of Comerica Inc. over the sale of $1.46 billion in auction-rate securities.
Bank of America Corp. said Wednesday it will buy back about $4.5 billion worth of auction-rate securities held by roughly 5,500 customers nationwide as part of a settlement agreement with Massachusetts regulators.
General Electric Co. says the Securities and Exchange Commission staff has notified the company it may recommend fines and other action for possible violations of securities laws.
Massachusetts' top securities regulator is asking Fidelity Investments to buy back auction rate securities it sold to customers.
New York Attorney General Andrew Cuomo says he will send a letter to Merrill Lynch & Co. notifying the investment bank it will commence a legal action against it as part of wide-ranging investigation into the collapse of the auction-rate securities market.
New York Attorney General Andrew Cuomo said Friday he sent a letter to Merrill Lynch & Co. notifying the investment bank that his office will file suit against it imminently as part of an investigation into the collapse of the auction-rate securities market.
The Supreme Court ruled Tuesday against investors who sue businesses that help manipulate stock prices of publicly traded companies.
The Wall Street Fraud Watchdog has been demanding a settlement from Wells Fargo bank for its involvement in auction rate sales to completely innocent consumers, since July. Auction rate securities were sold as just like cash, completely safe, with no risk.
CFTC and SEC Issue Joint Report on Regulatory HarmonizationWashington, DC – The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today issued a joint report identifying areas where the agencies' regulatory schemes differ and recommending actions to address those differences, where appropria …
Wall Street: Betting on our deathsWith the home mortgage crisis dragging along, consumer borrowing still lagging, and crises looming in other sectors like commercial real estate, Wall Street is desperate for a new product to kick-start securities markets.
CFTC and SEC Chairmen Issue Update on Harmonization ReportWashington, DC – The Chairmen of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) announced today that they anticipate, in two weeks, the two agencies will issue a report that will address key areas in which their regulatory sche …
A Short History of Fast Times on Wall StreetMANY fear that new technology is giving some investors unfair access to stock market information. Supercomputers allow certain traders to profit by executing trades in milliseconds, a practice known as high-frequency trading.
What Could Possibly Go Wrong?-- Wall Street Pursues Profit in Bundles of Life InsuranceAfter the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
So You Just Squandered Billions . . . Take Another Whack at It You've probably never heard of Jay Levine, Chris Ricciardi, John Costas or Stanford Kurland, but they are charter members of Wall Street's Mulligan Club.
NIR Group Subpoenaed By SEC The subpoena comes the same day NIR Group said it had hired a new third-party valuation service, after trumpeting the services of its former valuation firm to combat accusations of phony returns just four days earlier.
SEC accuses 6 people of buying Neff stocks with insider tradingThe SEC has brought suit against 6 individuals alleging insider trading of Neff Corp. securities prior to an April 7, 2005 announcement of acquisition, in violation of Section 10(b) of the Exchange Act.
California IOUs can be considered securities: SEC - MarketWatchThe Securities and Exchange Commission late Thursday issued guidance identifying the IOUs being issued by California as "securities," rather than just obligations of the economically troubled state.
Brokerage Firm and 4 Others Sued in Madoff Case - DealBook Blog - NYTimes.comFederal securities regulators have filed civil fraud charges against four individuals, including the investment adviser Stanley Chais and the officers of a small securities firm co-founded by Bernard L. Madoff, accusing them of knowingly steering billions of dollars into Mr.
Will The House Republicans Regulation Plan Stay Silent On Derivatives?excerpt: ""Reuters yesterday reported that the Obama administration "plans to unveil on June 17 its sweeping plan to overhaul financial regulation." The plan will reportedly "serve as a framework for lawmakers as they embark on the thorny task of restructuring how banks, h …
The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools This lengthy article describes how one municipal entity became victimized by its willingness to believe that it could leverage a profit by borrowing huge sums of money and investing it in contrived and dangerous derivative schemes.
American Express Q1 Net Income Down 56%The earnings call was uneventful and full of the same carefully poised verbiage as in the past. Why AXP would announce Delta PR today when travel concerns abound regarding the swine flu is well beyond comprehension.
Feds seize 2 corporate credit unionsFederal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.
Kansas-based credit union's woes will cost the entire industryU.S. Central's deficit, which exceeds $5 billion, helped trigger a $4.7 billion assessment against the country's 8,400 credit unions, from the billion-dollar giants to the throng of one- and two-employee shops.
Advisor accused of creating bogus billionarieA crooked financial advisor created a fictional billionaire investor in order to attract legitimate investors to her firm, Locke Capital Management, in New York and Rhode Island.
It's been no secret that the U.S. Government and the Fed have used the U.S. Dollar as a manipulative tool since World War II and the ascendency of the U.S. Dollar as the world's reserve currency. Massive quantities of totally unbacked "fiat" U.S.
It's no secret that: 1. every decline in asset values pulls billions of dollars out of capital in the financial system, 2. every drop in the capital of the financial system creates a new impediment to lending, and
Take the Money and Run: Money Manager Is Missing in Florida...along with $350 millonThe police are searching for Arthur Nadel, 75, a prominent Sarasota philanthropist and fund manager who was reported missing by his family Wednesday.
U.S. Dollar Dead Bounce Ends, Treasury Bond Bubble Begins to Dissipate Don't look now, but the USTreasury bubble has begun to burst. This should be an ongoing story throughout 2009. The entire sold story of a Flight to Safety is about as moronic and baseless as regarding the US stock and bond markets are regulated.
It's The End of the Financial World as We Know It (and I Feel Fine)AMERICANS enter the New Year in a strange new role: financial lunatics. We've been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing.
AIG, Castigated For Lavish Resort "Conference," Plans Another One At The Ritz-Carlton on Half Moon BayAmerican International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.
Will We Take Our Economy Back?The roller coaster this week has left some ordinary citizens outraged. Many are confused. Some are frightened. Most are disillusioned that their government officials allowed the financial industry to reel this far out of control.
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