FDIC Against Proposed Countrywide Settlement
The FDIC recently advised a U.S. District Court Judge to reject the proposed $500 million class-action settlement between Bank of America Corp.’s Countrywide unit and investors due to the relatively small percentage of the settlement that will go the investors, Bloomberg.com reported. The FDIC stated in their filing that only $41 million dollars would go […]
$14 Million Dollar Award Paid to Whistleblower
Atlanta Investment Fraud Attorneys At The Frankowski Firm, we stand as a beacon of trust and advocacy for investors who have been victimised by unethical brokers or investment advisors. With a steadfast commitment to justice, our seasoned Atlanta investment fraud law firms tirelessly advocate for investors, both small and large, who have suffered financial losses due to […]
Woman Charged for Ponzi Scheme Targeting Colombian-Americans
A recent SEC press release stated that the commission filed a complaint in federal court against Jenny E. Coplan for defrauding mostly Colombian-American persons into investing in immigration bail bonds. The SEC press release, relaying from the SEC complaint, stated that she allegedly raised approximately $4 million from more than 90 investors in Florida, California, […]
JPMorgan Chase Admits Fault in SEC Settlement
The latest news regarding JPMorgan Chase is that the SEC fulfilled their pledge to force them to admit their wrongdoing according, to a recent InsuranceJournal.com article. JPMorgan admitted, as part of a $920 million dollar agreement, that it violated federal securities laws when it failed to catch traders hiding losses in 2012, according to the […]
SEC Proposes New CEO Disclosure Rule
A HuffingtonPost.com article reports the SEC is proposing a new, and hotly debated, disclosure rule for CEOs. The rule, which is actually required under the Dodd-Frank Act, will force corporations to disclose the ratio of pay between the CEO and an average worker. The article points out that in the past, companies have complained about […]
Colorado-Based Portfolio Manager Sanctioned by SEC
According to an SEC press release, former portfolio manager Carl Johns was sanctioned for forging documents and misleading his former firm’s chief compliance officer about his personal trades. Mr. Johns was sanctioned for failing to report or pre-clear hundreds of his personal security trades, the press release stated, and he concealed the trades by altering […]
SEC Stops LA Based Company From Issuing Public Stock
A recent press release stated that the SEC issued a stop order against Counseling International. The stop order prevented the company from offering their shares to the public. The rationale behind the stop order, according to the press release, is that the SEC determined the Los Angeles based company had false and misleading information in […]
SEC Commission Approves JOBS Act to Lift Solicitation Ban and Disqualify Felons
The SEC Commission approved the Jumpstart Our Business Startups Act and the lifting of the ban on general solicitation according to the recent SEC press release. The JOBS Act is related to securities under Rule 506. The lifting of the ban is a measure to assist companies in finding investors and raising capital. Even if […]
SEC Urges an End to Mandatory Arbitrations
Armed with an argument for protecting investors’ rights, SEC member Luis Aguilar went before the North America Securities Administrators Association’s annual conference in Washington, D.C to argue that mandatory arbitration agreements should not be allowed, according to a recent Reuters.com article. Aguilar feels that the investor should be able to choose the forum in which […]
SEC Finally Releases Morgan Keegan Fund Distribution
A recent press by the Secretary of State for the State of Mississippi announced that the SEC has published their proposed plan for fund distribution to those injured by Morgan Keegan investments. This comes two years after the $200 million dollar settlement with Morgan Keegan and Morgan Asset Management. The settlement funds are to be […]