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After at least four years of investigation, federal authorities announced sweeping indictments of seven businessmen who they say ran the largest Ponzi scheme in the history of the region. Lee Loomis and his father-in-law, John Hagener, were charged along with five associates in an indictment unsealed today that accuses each of 19 counts of mail […]
Reliable news sources have reported that Behringer Harvard Strategic Opportunity Fund I and II will report catastrophic losses to investors this Friday. Behringer Harvard informed brokers last week of the fund problems and is preparing to tell investors. Launched in 2005, the Behringer Harvard Strategic Opportunity Fund I raised $65 million and invested in six […]
A Financial Industry Regulatory Authority hearing panel has hit Wedbush Securities with a $300,000 fine, and issued its president and founder, Ed Wedbush, a 31-day suspension along with a $25,000 fine. The August 2nd decision is a culmination of a range of offenses, inquiries and disciplinary actions dating back over a decade to February of […]
In the two decades before the 2008 financial collapse, the investment banking industry sidled up to state and local finance officials with an offer they couldn’t refuse. Instead of issuing plain vanilla 30-year fixed-rate bonds to build roads, schools and parking garages, why not sell variable rate bonds at lower rates and buy a swap […]
The Financial Industry Regulatory Authority (FINRA) announced today the launch of a pilot program specifically designed for large arbitration cases involving claims of $10 million or more. The program enables parties to customize the administrative process to better suit special needs of a larger case and allows them to bypass certain FINRA arbitration rules. Participation […]