Search Results for: U.S. Securities and Exchange Commission
State Street Agrees to Settle Forex Fee Suit for $60 Mln
July 10th, 2014
State Street Corp. (STT) agreed to pay $60 million to settle investor claims it inflated revenue by overcharging clients for foreign-exchange services, in a pact that resolves almost four years of litigation. The preliminary accord filed in Boston federal ...
U.K. Stocks, Power-Tax Rebates, Bonus Remarks: Compliance
July 7th, 2014
Britain’s markets regulator should investigate whether the closing prices of stocks are being manipulated, according to lawmakers. Conservative Mark Garnier pressed for the investigation by the Financial Conduct Authority at a July 3 hearing of the Treasury Committee in ...
Regions Financial to pay $51 mln for alleged accounting misdeed
June 26th, 2014
Regions Financial Corp, a large U.S. southeast regional bank, agreed to pay $51 million to settle federal and state allegations it failed to account properly for souring commercial loans during the financial crisis, boosting its earnings. The settlements announced ...
SEC Charges Hedge Fund Advisory Firm
June 24th, 2014
The U.S. Securities and Exchange Commission has charged a West Palm Beach, Fla.-based hedge fund advisory firm and its founder with fraudulently shifting money from one investment to another without informing investors. The firm’s founder and another individual later ...
Ex-Millennium Fund Manager Gets Four Years in Prison
June 24th, 2014
Former Millennium Global Investments portfolio manager Michael Balboa was sentenced to four years in prison for defrauding investors by inflating the value of Nigerian sovereign debt by $80 million. Balboa, convicted in December in a retrial in Manhattan federal ...
BNP Paribas, U.K. Fraud Raids, Taiwan Rules: Compliance
June 17th, 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 ...
‘Bitcoin Jesus’ Calls Rich to Tax-Free Tropical Paradise
June 16th, 2014
He’s known as Bitcoin Jesus in the world of cyber-currencies. Though he can’t promise you heaven, he is offering a haven: a condo in the Caribbean that comes with a new passport and almost zero taxes. Meet Roger Ver, ...
Predatory Trading Rules Considered in Canada
June 13th, 2014
The Ontario Securities Commission may consider measures to regulate high-frequency trading if evidence of predatory activity is found as it reviews its market-structure policies, Chairman Howard Wetston said. “The important question for us is, is our market fair?” Wetston ...
SEC Says Investor Accused of Fake Gold Bid Fled to China
June 12th, 2014
The U.S. Securities and Exchange Commission said the man behind a fake $750 million bid for Allied Nevada Gold Corp. (ANV) profited from selling an undisclosed stake in the mining company and has fled the country. Luis Chang and ...
Hedge Fund Manager Jarkesy Loses Bid to Toss SEC Case
June 11th, 2014
Houston hedge-fund manager George Jarkesy Jr. must face a U.S. Securities and Exchange Commission case in which he was accused of steering bloated fees to the John Thomas Financial Inc. brokerage. Jarkesy lost a bid to throw out the ...
