Earlier today, the United States Securities and Exchange Commission (“SEC”) issued Investment Advisers Act of 1940 Release No. 2634 (August 15, 2007) announcing its settlement with Quattro Global Capital, LLC, a registered investment adviser to a group of hedge funds, for failing to properly file the Form 13F. Under Section 13(f) of the Securities Exchange [...]
Posted by Bryan Hill
Thursday, August 16, 2007
In a March 1 press release, the SEC announced that it is charging “14 defendants in a brazen insider trading scheme that netted more than $15 million in illegal trading profits on thousands of trades, using information stolen from UBS Securities, LLC and Morgan Stanley & Co., Inc. The SEC complaint alleges that eight Wall [...]
New York Attorney General Elliot Spitzer announced a filing of a lawsuit against UBS Financial Services, Inc. for allegedly defrauding its customer through its fee-based brokerage program. Spitzer’s action alleges that fee-based brokerage accounts are inappropriate for investors who rarely trade securities or hold significant amounts of cash. Although this lawsuit is focused upon a [...]
Posted by Bryan Hill
Wednesday, December 20, 2006
Earlier this fall, the Office of the Kansas Securities Commissioner entered an order to summarily suspend the investment advisor registration of a state firm located in Overland Park, Kansas. According to the Commissioner’s Press Release, the “firm committed fraud by informing a client that his funds were maintained in an account at a brokerage firm [...]
Posted by Bryan Hill
Tuesday, November 28, 2006
Earlier this month, the SEC filed an administrative proceeding against an advisor firm for, among other things, failing to meet the requirements of Rule 206(4)-7 which requires an investment adviser registered with the SEC to adopt and implement written policies and procedures reasonably designed to prevent violation of the Advisers Act and the rules there [...]
The New Jersey Attorney General just announced a $5 million settlement to be paid by an investment advisor/broker-dealer for failing to supervise its representative. The underlying wrongdoing apparently involved a rep forging client signatures on financial planning agreements and then mutual fund redemption forms in order to pay for fictional financial plans. According to the [...]
