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In the latest downsizing move by a big bank, Wells Fargo has started cutting jobs this week in its securities unit, including positions in Charlotte according to reporting by The Charlotte Observer. The displaced employees include managing directors – high-level jobs that can draw seven figures in compensation, the sources said. The Wells Fargo unit […]
In a less than festive recognition of Super Bowl weekend, the Securities and Exchange Commission last Friday charged a Wedbush Securities broker and two of his clients with insider trading. While attending the 2011 Super Bowl between the Green Bay Packers and the Pittsburgh Steelers in Arlington, Texas, a client of Wedbush advisor Marc Winters […]
The Securities and Exchange Commission today announced enforcement actions against 14 municipal underwriting firms for violations in municipal bond offerings. The actions conclude charges against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. In all, 72 underwriters have been charged under the voluntary self-reporting program targeting material misstatements and omissions in municipal bond offering […]
The New York Attorney General’s office is announcing parallel actions against the two firms. Barclays agreed to settle the charges by admitting wrongdoing and paying $35 million penalties to the SEC and the NYAG for a total of $70 million. Credit Suisse agreed to settle the charges by paying a $30 million penalty to the […]
A Merrill Lynch investment adviser who handles money for high-profile union pension accounts won a $500,000 arbitration award last month against his former employer whom he had accused of trying to ruin his reputation in the wake of his departure. The victory comes seven years after the adviser was sued in federal court by Wachovia […]