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Sam Wyly Settles Federal Fraud Charges for $198.1M

Sam Wyly, an ex-Texas billionaire who has declared bankruptcy, will pay $198.1 million to settle federal securities regulator claims accusing him of securities fraud to hide trades in companies that were under his control through the use of offshore trusts. A federal bankruptcy judge in Dallas and the SEC commissioners must still approve the settlement.  According to the agreement, Wyly and his family must take action so that offshore trusts in the Isle of Man will issue payments to satisfy the judgment that the SEC obtained last year against him and his now-deceased brother Charles Wyly.  In the meanwhile, the regulator will make sure that the 81-year-old gets a credit against his almost $181M million of federal income tax liabilities.    The SEC, in its securities fraud lawsuit that it brought in 2010, accused the brothers of making $553 million in undisclosed profits when it traded in companies under their control by using the offshores trusts. Both said they did nothing wrong. [...]

By |October 13th, 2016|Fraud, Press Releases & News, SEC|
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Wells Fargo Facing 401(k) Suit For Cross-Selling

Wells Fargo & Co. is facing more legal trouble after the bank's recent cross-selling scandal was revealed last month. A participant in Wells Fargo's 401(k) plan brought suit against the bank for a "material drop" in its stock price following the news of the scandal, described as a "criminal epidemic" that caused hundred of millions of dollars in damages to the retirement plan, according to court documents. “Defendants intentionally withheld material non-public information from Plan Participants invested in Wells Fargo stock and the public at large about a criminal epidemic at Wells Fargo associated with a critical component of Wells Fargo's business model and key driver of its stock price — i.e., cross-selling,” according to the lawsuit, Allen v. Wells Fargo & Co., et al. About 34% of the assets in the plan, which is a gargantuan $36 billion 401(k) with over 360,000 participants, is invested in the bank's common stock, according to BrightScope Inc. [...]

By |October 13th, 2016|Press Releases & News|
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SEC Sets Record In Enforcement Actions Against Advisers

The SEC filed a record number of enforcement actions against investment advisers and firms during the past fiscal year, the commission announced. It filed 160 cases against advisers and firms, including 98 standalone cases, rather than follow-up actions or cases based in delinquent regulatory filings. The SEC stated that both numbers are records. The agency additionally filed a record number of total enforcement actions across its entire area of oversight, 868, including 548 standalone cases. It collected over $4 billion in disgorgement and penalties. SEC Chairwoman Mary Jo White referred to the commission's enforcement program “a resounding success” and said it has been strengthened by improvements in the use of data. “Over the last three years, we have changed the way we do business on the enforcement front by using new data analytics to uncover fraud, enhancing our ability to litigate cases and expanding the playbook, bringing novel and significant actions to better protect investors and [...]

By |October 12th, 2016|Press Releases & News, SEC|
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FINRA Bars Jay Jules Gruenebaum

FINRA has permanently banned former broker Jay Jules Gruenebaum, who was terminated by his most recent employer, Stifel Nicolaus, for making unauthorized payments to clients. FINRA began its investigation of Gruenebaum after his June 16 termination and two customer complaints about mishandled accounts and particular representations he made to them, in addition to the unauthorized payments. FINRA requested in person testimony, but Jay Jules Gruenebaum failed to appear. "I would point out that the ban was for his unwillingness to travel to DC for an OTR [on-the-record testimony.] He had already decided to leave the industry and did not want to spend additional time and money," wrote Gruenebaum's attorney. Gruenebaum neither admitted nor denied FINRA's findings. Gruenebaum began his employment with Stifel Nicolaus in March 2013 and was terminated on May 23, 2016. This was not Gruenebaum's first termination. He was terminated by Merrill Lynch after six years of employment for altering client documents on several occasions, according to his BrokerCheck, which [...]

By |October 11th, 2016|Broker Check, FINRA, Press Releases & News|
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