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DBSI which went bankrupt last fall, was “doomed to fail,” said Joshua R. Hochberg, an examiner appointed by a bankruptcy court to examine DBSI’s business affairs. But the company’s troubles did not stop founder and president Douglas Swenson and other officers, directors, owners and top employees from giving “significant amounts of money to themselves,” according to […]
Ameriprise Financial has reached a settlement with the Commonwealth of Massachusetts in connection with allegations of deceptive sales practices. The settlement requires the Minnesota-based broker-dealer to pay fines in the amount of $200,000. The government complaint contended that Ameriprise failed to adequately supervise its financial representatives, thus allowing this instance of broker misconduct to take […]
Mary Shapiro, Chairman of the U.S. Securities and Exchange Commission (SEC), gave a speech at the Securities Industry and Financial Markets Association (SIFMA) annual meeting yesterday signaling the agency’s priorities in the coming months and years. Key issues raised by Chairman Shapiro include revitalizing enforcement efforts, the need for forthrightness in consumer products, as well […]
Three South Florida men have been charged with operating a Ponzi scheme as well as committing affinity fraud through their two companies: HomePals Investment Club LLC and HomePals LLC. Ronnie Eugene Bass Jr., Abner Alabre, and Brian J. Taglieri are charged with defrauding investors in the amount of $14.3 million. As with many Ponzi schemes, […]
Seven hedge fund managers and executives were arrested yesterday in connection with an insider trading case investigated by the Securities and Exchange Commission (SEC), the U.S. Attorney’s Office, and the Federal Bureau of Investigation (FBI). Among those arrested was heavyweight portfolio manager Raj Rajaratnam of the Galleon Group. He and the others are charged with […]