Agent Sentenced To Five Years In Southern California For Ponzi Scheme
National and State Resources Run a FINRA check on your broker or brokerage firm by clicking here. You can view FINRA Regional Office Locations or click on a state below to view the resources specific to that state. Investor’s Guide to Securities Industry Disputes – How to Prevent and Resolve Disputes with Your Broker. Better Business Bureau (BBB) — For […]
Ruling Upcoming On Fiduciary Duty For Brokers
Should brokers be required to act in the best interest of their clients when providing personalized investment advice, including recommendations about securities, to retail investors? The answer to that question is close to a resolution. Financial advisers registered with the SEC are already held to this fiduciary duty known as the “best interest” standard. Brokers, […]
Bitcoin Entrepreneurs Urge For More Regulation
Last month, the IRS declared that it would consider bitcoins as property and not currency for tax reasons. This came to the pleasant surprise of many Bitcoin proponents who have longed for more federal regulation and would like to see more of it. It is no secret that the lack of regulatory certainty is a […]
According To The SEC, More Than 200 Private-Equity Firms Have Imposed Bogus Fees
The SEC has announced that over half of the private-equity firms it has investigated have charged unjustified expenses and fees to investors without their knowledge. The 2010 Dodd-Frank Act gave the SEC more power in overseeing money managers and allowed the SEC to examine some firms for the first time. At the close of 2012, […]
Statute Of Limitations Extended For Securities Fraud Cases In Alabama
On Tuesday, the Governor of Alabama, Robert Bentley, signed legislation extending the statute of limitations for securities fraud and theft by deception to five years from the date the fraud was discovered. Previously, the statute of limitations for securities fraud had been five years from the date the deal occurred, and the statute of limitations […]
FINRA Begins Retrospective Rule Review
FINRA issued two new Regulatory Notices recently in order to review rules on an ongoing basis. Regultatory Notice 14-14 requests comments on FINRA’s communications with the public rules, and Regulatory Notice 14-15 requests comments on gifts, gratuities, and non-cash compensation rules. FINRA’s rule reviews are targeted toward ensuring their rules stay relevant and are effectively […]
What Is Bitcoin?
Digital currencies, like bitcoin, have become popular as an alternative to cash or more traditional lines of credit. Crypto-currencies can be traded in online exchanges for more conventional currencies, like the dollar, or can be used to buy goods and services, which is customarily done online. Bitcoin was created in 2009 by an unknown person […]
News Corp, Murdoch Avoid Lawsuit Over Phone Hacking
News Corp and its Chairman, Robert Murdoch, avoided a lawsuit last week. U.S. District Judge Paul Gardephe dismissed a suit alleging that News Corp defrauded shareholders by hiding widespread, illegal phone hacking at two of its British newspapers, stating that defendants could not be held liable for statements that predated the period for which shareholders […]
Dewey Staff’s Guilty Pleas Shine Light On Alleged Fraud
Recently, more details on an alleged scheme to conceal the actual financial condition of Dewey & LeBoeuff LLP were uncovered when a judge revealed the identities and statements of former employees who pleaded guilty to engaging in the fraud. The former employees include accountants, billing staff, and back-office workers. The statements maintain that the employees […]
Rajat Gupta Loses Appeal On Insider Trading Charges
The United States Court of Appeals for the Second Circuit upheld the verdict against Rajat Gupta, the former Managing Director of McKinsey & Company. Gupta was convicted on charges of insider trading last year, being found guilty on three counts of securities fraud and one count of conspiracy. The court sentenced Gupta to two years […]