Articles Posted in News Releases

On March 2, 2013, the SEC published its request for data and other information to assist them in considering whether to make new rules about the standards of conduct and regulatory obligations for broker-dealers and investment advisors when they provide personalized investment advice about securities to retail customers. This is effectively the SEC seeking comment on the possible uniform…

On February 6, 2013, we posted a blog entitled RBS Paying $612 Million to Resolve LIBOR Case, which detailed RBS’s agreement to settle with federal regulators for the companies role in the LIBOR rate-fixing scandal. These same federal prosecutors and regulators are now aiming to reach settlements with at-least three more major financial institutions by the end…

In a recent ruling by the United States Supreme Court in Gabelli et al. v. SEC, the SEC now must file cases seeking civil penalties for securities fraud within five years of the alleged incident. This decision now puts a premium on quick action by the SEC’s Division of Enforcement, particularly since there likely are many cases…

In 2012, Raymond James Financial Inc. acquired Morgan Keegan from Regions Financial Corp. Raymond James, ahead of schedule, has completed the integration of Morgan Keegan advisors and their clients to the company’s technology platform and simultaneously announced.

On February 26, 2013, it was announced that the merger between the non-traded REIT American Realty Capital Trust III and the traded REIT American Realty Capital Partners Inc. was approved. This merger was first announced in December 2012. As a result of the merger each outstanding shareholder of American Realty Capital III common stock can choose…

On February 22, 2013 we posted a blog entitled FINRA’s Ruling in Charles Schwab Case “Kills” Customer Class Actions, which detailed FINRA hearing panel’s decision to uphold Charles Schwab & Co. Inc.’s use of arbitration agreements that force customers to bring all disputes into FINRA arbitration forums, and effectively precluding customers from pursuing class claims. On…

Howard G. Judah and Gergory F. Jablonski, former executives at National Life Settlements LLC, were each sentenced to 10 years in prison for their parts in a $30 million investment scheme that utilized insurance agents to sell products. In 2009, the Texas Securities Board uncovered their securities fraud and selling of unregistered securities. They have since pleaded…

We posted a blog entitled FINRA’s Ruling in Charles Schwab Case “Kills” Customer Class Actions, which detailed FINRA hearing panel’s decision to uphold Charles Schwab & Co. Inc.’s use of securities arbitration agreements that force customers to bring all disputes into FINRA arbitration forums, and effectively precluding customers from pursuing class claims. On February 26, 2013, the Massachusetts…

On March 1, 2013, “across-the-board cuts” are schedule to take place imminently if lawmakers cannot strike a new deal. If a new deal is not reached the nation’s top financial regulators will face over a hundred million dollars in budget cuts. These cuts will limit the agencies’ ability to conduct examinations, purchase needed technology, and oversee…

The Bank of New York Mellon Corp., one of two trustees of the failed Medical Capital Holdings Inc. private placements, has agreed to pay $114 million to investors. Medical Capital Holdings was a medical-receivables company that issued $2.2 billion in notes from 2003-2009. However, in 2009 the SEC charged it with fraud and it collapsed.…