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Customer Hit with $80,000 in Respondents' Attorney's Fees
It is not often that a public customer is forced to pay a respondent's attorneys fees, but in a recent FINRA arbitration, that is exactly what happened. According to the description in the FINRA arbitration award  it appears that a public...

Third Party Bene is Not a Customer for Arbitration Purposes
A FINRA arbitration panel has dismissed a $32 million claim because the claimant was not a customer of the brokerage firms, and did not have an account with the Respondents. The Claimant had alleged that he was an undisclosed third-party...

The Need for Narrow SEC Subpoenas
Two common criticisms of investigations by the Securities and Exchange Commission have been the length of time investigations take and the enormous costs they impose on private parties. The issues raised by those criticisms have grown in...

New Computer Programs to Detect Insider Trading
When you are accused of insider trading , it is not the time to try out a new attorney, or to contact your sister's divorce attorney for help. The SEC is serious about insider trading , and if they are looking at your innocent trades, you need to...

Insurance Agents Charged with Fraud Targeting Elderly Investors
The SEC announced charges against four insurance agents for unlawfully selling securities in what turned out to be a multi-million dollar offering fraud targeting elderly investors. The SEC previously charged a Colorado man who allegedly...

Risk Alert for BDs Selling Unregistered Securities for Customers
The SEC has published an important alert for brokerage firm who are selling unregistered securities for their customers. The Risk Alert summarizes deficiencies that were discovered by OCIE during a sweep of 22 broker-dealers frequently involved in...

SEC Loses Laptops with Confidential Information
You can't read the whole article without a subscription, but Law360 is reporting that SEC employees and contractors may have lost (or had stolen) HUNDREDS of laptops. The article states that the information on the computers could be used for...

NY Attorney General Going too Far?
New York Attorney General Eric Schneiderman filed a lawsuit in June against Barclays PLC accusing the bank of giving an unfair edge to high-frequency traders and lying to other customers about it. Barclays has now moved to dismiss the complaint,...

What Does It Take to be an SEC Whistleblower?
With an increase in calls regarding the SEC Whistleblower, it is time to bump up our earlier report on the program. This article is an overview of the program, and is not legal advice whistleblower claims. If you are interested in discussing a...

FINRA Arbitrator Selection Under Scrutiny by SEC
FINRA' proposal to remove arbitrators with even the slightest connection with the industry from its "public" panels is apparently causing some concern at the SEC. The Commission, which must approve any FINRA rule changes, has extended its review...

 

SEC Litigation Releases:

Judgment Entered Against Former Chief Financial Officer of China-Based Company in Fraudulent Scheme Involving Purported Web Services Business
Subaye, Inc. and James T. Crane

Final Judgment and Administrative Order Entered Against Pennsylvania-Based Registered Representative Who Stole Funds from Customers
Dennis F. Wright

SEC Obtains Summary Judgment Against Defendants in Securities Fraud Involving Biopharmaceutical Company
Stephen D. Ferrone, et al.

Jury Finds Anthony M. Knight, Former Chairman of a Failed Internet Startup, Liable for Securities Fraud and Illegal Sale of Unregistered Securities
iShopNoMarkup.com, Inc., et al.

SEC Obtains Summary Judgment Win On Liability in Ponzi Scheme Case
Edwin Yoshihiro Fujinaga and MRI International, Inc., et al.

Judgment Against Former CEO Orders Payment of Over $450,000 in Case Involving Scheme to Manipulate Company’s Stock
8000, Inc., Jonathan E. Bryant, Thomas J. Kelly, and Carl N. Duncan, Esq.

The Securities and Exchange Commission Today Announced an Enforcement Action Against the Estate of Vincent James Saviano (Saviano) and His Firm Palmetto Investments LLC (Palmetto Investments), Alleging That He Defrauded Advisory Clients Who Invested in a Private Fund That Purportedly Executed a Day Trading Program.
The Estate of Vincent James Saviano and Palmetto Investments LLC

SEC Obtains Final Judgment Against Paul T. Mannion, Jr., Andrew S. Reckles, Pef Advisors LLC, and Pef Advisors Ltd.
Paul T. Mannion, Jr., et al.

Massachusetts-based Penny Stock Promoter Ordered to Pay Over $700,000 in SEC Fraud Case
Geoffrey J. Eiten and National Financial Communications Corp.

SEC Shuts Down $123 Million Atm Ponzi Scheme in California
Nationwide Automated Systems, Inc. et al.

News Stories:
Fed inspector general: NY Fed stumbled in handling of JPMorgan London Whale
WASHINGTON, Oct 21 (Reuters) - The Federal Reserve's inspector general arm found several flaws in...

U.S. says to scrap trade deal on Russian steel duties
WASHINGTON, Oct 21 (Reuters) - The U.S. Department of Commerce will terminate a 15-year old deal ...

Ex-SAIC unit to pay $1.5 mln over conflict of interest in govt contract
WASHINGTON, Oct 21 (Reuters) - A former unit of Science Applications International Corp, which is...

EU fines JPMorgan, UBS, Credit Suisse total 94 mln euros
BRUSSELS, Oct 21 (Reuters) - The European Commission fined JPMorgan, UBS and Credit Suisse a tota...

Russia temporarily bans fruit, vegetable imports from Ukraine
MOSCOW, Oct 21 (Reuters) - Russia will impose a temporary ban on fruit and vegetable imports from...

Omeros suspends mid-stage trial of Huntington's drug, shares fall
Oct 21 (Reuters) - Omeros Corp said it suspended enrolment in a mid-stage study testing its exper...

Kinder Morgan Canada pipeline plans hits a mountain of opposition
VANCOUVER, Oct 21 (Reuters) - A Western Canadian pipeline once seen as the best near-term hope fo...

UPDATE 1-Air France KLM, Delta, Alitalia offer concessions to settle EU probe
BRUSSELS, Oct 21 (Reuters) - Skyteam alliance partners Air France KLM, Delta Air Lines and Alital...

Air France KLM, Delta, Alitalia offer concessions to settle EU probe
BRUSSELS, Oct 21 (Reuters) - Air France KLM, Delta Air Lines and Alitalia have offered to give up...

Russia's natural resources minister wants shale oil regulation eased
MOSCOW, Oct 21 (Reuters) - Russia needs to lighten regulation to exploit unconventional oil depos...


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