Articles Posted in News Releases

Former U.S. Attorney, Mary Jo White, Named Head of SEC
The Doss Firm

On January 21, 2013, the President nominated former U.S. Attorney Mary Jo White as head of the Securities and Exchange Commission (SEC). Her nomination signals that the SEC will be tougher on Wall Street. White has a strong track record as a prosecutor from taking on the terrorists behind the bombing of the World Trade Center in…

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Multinational Corporation Sues Credit Suisse Over Auction Rate Securities…Start of a Pattern?
The Doss Firm

STMicroelectronics NV (STMicro), Europe’s largest computer chip maker, has sued Credit Suisse for “allegedly placing $450 million of its cash into auction-rate securities (ARS) without authorization.” STMicro believes that more than $2 billion of its money was invested in these ARS, without authorization. The complaint alleges that STMicro thought its cash was being invested in…

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Former Jefferies & Co. Executive Charged With Defrauding Investors
The Doss Firm

On January 28, 2013, the SEC charged Jesse Litvak, a former executive of Jefferies & Co. a New York based broker-dealer, with defrauding investors in a mortgage-backed securities (MBS) investment scheme. According to the SEC’s complaint, Litvak allegedly purchased MBS investments from some customers of Jefferies & Co. and subsequently sold the investments to other Jefferies &…

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2012 Securities Class Action Statistics
The Doss Firm

On January 15, 2013, The Harvard Law School Forum on Corporate Governance and Financial Regulation released their study on the 2012 Trends in Securities Class Actions. A few interesting facts were revealed. One fact found was that federal securities class actions continue to stay around the average, even with the credit crisis “all but ended.” The 2007-2011 average…

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Leo Wells, Head of Atlanta-Based Wells Real Estate Funds (Reits), Throws in Towel
The Doss Firm

Atlanta’s Leo Wells, head of Wells Real Estate Funds, will not be “register[ing] any new investment products” for the time being. Leo Wells is one of the most well-known, outspoken, issuers of non-traded REITs. Thus, his timely “pause” from the industry is noteworthy. Leo Wells cites the lack of regulatory clarity, marketplace clarity, and uniform guidelines…

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FINRA’s 2013 Focus Areas
The Doss Firm

On January 11, 2013, FINRA released its regulations and priorities examination letter. This annual letter serves as a notice to the industry on what FINRA will be focusing on in the coming year and what it sees as heighten risk areas. According to FINRA’s letter, “FINRA is particularly concerned about sales practice abuses, yield-chasing behaviors, and…

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Pruco Securities, LLC Ordered to Pay Restitution and Fine for Improper Pricing of Investments
The Doss Firm

On December 26, 2012, FINRA ordered Pruco Securities, LLC to pay $10.7 million in restitution, plus interest, and a $550,000 fine for inaccurately pricing mutual funds. The firm was charged with having an inadequate supervisory system and procedures in place to detect the problem. According to the SEC website, Pruco’s retail brokerage business, COMMAND, mishandled mutual fund…

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Wall Street Firms Sanctioned for Using Municipal Funds to Pay Lobbyists
The Doss Firm

On December 27, 2012, FINRA fined Citigroup, Goldman Sachs, JP Morgan, Merrill Lynch, and Morgan Stanley more than $4.48 million for “unfairly obtaining the reimbursement of fees they paid to the California Public Securities Association from proceeds of municipal and state bond offerings.” This was a violation of fair dealing and supervisory rules of the…

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Memphis, TN Morgan Keegan & Co. Censured and Fined for ETF Sales Practice Violations
The Doss Firm

On October 18, 2012, FINRA censured and fined Memphis, Tennessee Morgan Keegan & Co. (CRD# 4161) $365,000 for its failure to “establish and maintain a supervisory system” to achieve compliance with NASD/FINRA rules in connection with the sale of non-rraditional ETFs. According to FINRA’s website, Morgan Keegan provided retail brokerage services and concurrently “failed to…

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