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SEC Chairman Mary Schapiro, in a letter sent to senators late Monday, asked Congress to pursue legislation that changes the legal formulas used by the agency to calculate penalties. Ms. Schapiro’s proposals would allow the SEC to impose fines up to nine times greater than the maximum currently allowed by U.S. law. The changes would […]
LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers in Oregon who sold risky investments to people, many of them elderly and without the mental capacity to make investment decisions. The Oregon Division of Financial and Corporate Securities says LPL Financial, a division of LPL Investment Holdings Inc.,, has […]
The first bonds designed to cover damage exclusively from severe thunderstorms are about to become a total wipeout for investors. Insurer Mariah Re Ltd. is poised to default on a $100 million, three-year bond that it issued in November 2010 on behalf of American Mutual Family Insurance Co., with bondholders expected to lose all of […]
DeWaay Financial Network LLC, one of several broker-dealers being sued by the trustee for DBSI Inc.’s private-actions trust, may pay the ultimate price for selling the real estate firm’s deals. Last month, claiming that bankruptcy looms, DeWaay asked a federal judge in Delaware for a temporary injunction to halt eight arbitration claims that investors have […]
A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, saying that the S.E.C.’s policy of settling cases by allowing a company to neither admit nor deny the agency’s allegations did not satisfy the law. The judge, Jed S. […]