InvestmentNews reports a significant development in the financial industry: the Financial Industry Regulatory Authority Inc. (FINRA) has now opened its arbitration system to registered investment advisers (RIAs). This move marks a notable expansion of FINRA’s arbitration services, which have traditionally been utilized for resolving investor or industry complaints involving securities firms and broker-dealers. The announcement […]
The Securities and Exchange Commission brought fraud charges against San Francisco-based hedge fund manager Hausmann-Alain Banet and his firm Lion Capital Management. According to the SEC’s complaint, Banet stole more than a half-million dollars from a retired schoolteacher who thought she was investing her retirement savings in Banet’s hedge fund. According to the SEC’s complaint […]
The US Securities and Exchange Commission is again seeking a study of money-market regulations after ChairmanSchapiro’s bid to advance new rules fell short. SEC Republican commissioners Gallagher and Paredes, together with Democrat Aguilar, sent a letter yesterday to Schapiro and SEC Chief Economist Craig Lewis reiterating a call for an analysis of whether certain rules could disrupt money-market funds […]
The Securities and Exchange Commission today filed fraud charges against a Portland, Oregon-based investment adviser who perpetrated a long-running Ponzi scheme that raised over $37 million from more than 100 investors in the Pacific Northwest and across the country. The SEC alleges that Yusaf Jawed used false marketing materials that boasted double-digit returns to lure […]
Laura Holt the former chief investment officer for Standford Financial Group was sentenced to three years in prison for obstructing a U.S. Securities and Exchange Commission probe of a $7 billion Ponzi scheme at the company. Pendergest Holt, 39, was sentenced today by U.S. District Judge Hittner in Houston. She was the third-highest- ranking executive in the financial […]