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A U.S. appeals court has upheld a $1.45 million arbitration award in favor of retired NBA basketball player Horace Grant. Grant sought reimbursement for losses he incurred from investing in risky bond funds that had been marketed to him as safe investments. The U.S. Court of Appeals for the Ninth Circuit, in an unpublished decision, […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered David Lerner Associates, Inc. (DLA) of Syosset, NY, to pay approximately $12 million in restitution to affected customers who purchased shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT) DLA sold, and to customers who were charged excessive […]
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 […]