Search Results for: U.S. Securities and Exchange Commission
U.S. Charges Belize Agents Linked to Cynk’s Stock Surge
September 10th, 2014
Two men working out of the same Belize building as the penny-stock company Cynk Technology Corp. (CYNK), which surged to a market value of more than $6 billion for an hour in July, were among six people accused by ...
U.S. SEC charges Houston adviser with not disclosing fund payments
September 3rd, 2014
A Houston-based investment advisory firm steered clients to certain mutual funds without disclosing that it was receiving payments from the broker who offered those funds, the U.S. Securities and Exchange Commission alleged in a civil fraud complaint on Tuesday. ...
BofA Tax Set-Aside and Wylys Penalty
August 25th, 2014
Bank of America Corp. must set aside $490 million of its Aug. 21 $16.7 billion settlement to cover taxes that borrowers face on forgiven mortgage debt — a step taken by the Justice Department to give homeowners relief that ...
SEC charges Former Bank Executive and Friend With Insider Trading
August 19th, 2014
The Securities and Exchange Commission (SEC) has charged a former bank executive in Massachusetts and his friend with insider trading in advance of the bank’s acquisition of another financial institution. The SEC alleges that Patrick O’Neill, then a senior ...
Intercontinental Exchange acquires trading technology patents
August 7th, 2014
Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, announced today that it has acquired intellectual property rights that relate to computerized trading strategies. The acquired intellectual property rights include U.S. Patent Numbers 7,177,833; 7,251,629; 8,498,923; ...
Wylys Call SEC $750 Million Trial Demand a Miscalculation
August 7th, 2014
The lawyer for Samuel Wyly and the estate of Charles Wyly told a judge they shouldn’t have to pay regulators as much as $750 million after being found liable for using a web of offshore trusts to hide stock ...
UBS, Deutsche Bank questioned by U.S. regulators on trading operations
July 29th, 2014
Germany’s Deutsche Bank (DBKGn.DE) and Switzerland’s UBS (UBSN.VX) were investigated by U.S. regulators, who are searching to find whether broker-run stock exchanges gave an unfair advantage to high-frequency traders. The investment banks, which said on Tuesday that they were ...
U.S. SEC poised to adopt reforms for money market funds
July 23rd, 2014
U.S. regulators are expected to adopt rules on Wednesday that force “prime” money market funds used by large institutions to float their share price. Proponents have suggested that moving from the current stable $1 per share net asset value ...
Ghana’s First Hedge Fund Planned by Ex-Exchange Regulator
June 26th, 2014
Tikowrie Capital Ltd., a Ghanaian money manager started by a former regulator, plans to establish the West African country’s first hedge fund. “The appetite of investors in the country has grown over the years,” Tikowrie Executive Director Maxwell Gidi ...
BNP Keeps Investors Guessing About U.S. Sanctions Penalty
June 16th, 2014
BNP Paribas SA (BNP) has given investors scant information about how much it expects to pay to settle a criminal probe of U.S. sanctions violations. The bank told shareholders at an annual meeting on May 14 that the settlement ...
