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The Financial Industry Regulatory Authority (FINRA) has fined Citigroup Global Markets Inc. $600,000 and censured the brokerage firm for tax evasion trading strategies found to be operating among its affiliates. The first scheme involved international clients of Citigroup circumventing US tax laws, allowing them to increase their respective returns. The second scheme was a complex […]
Richard Ketchum, Chairman and Chief Executive of FINRA, testified before the House Financial Services Committee today in support of allowing the SEC to ban mandatory arbitration clauses in securities contracts. It is common practice for broker dealers to stipulate a mandatory dispute resolution forum in the event of a broker/client dispute. Such clauses, normally found […]
The law firm has been contacted by investors and is preparing to file additional FINRA arbitration claims against broker dealers for losses incurred based on the recommendation to purchase Medical Capital securities. The individual brokers and individual advisors who sold Medical Capital are not targets of investor claims. “Investors should be aware of a pending […]
Recent failures of private placement deals, including notes issued by Medical Capital Holdings, has brought to light the issue of due diligence performed by broker-dealers. The issue that has been raised is that there is little to no pre-screening of private placement investment products by a regulatory body. This lack of regulatory oversight has exposed […]
Former AIG CEO Hank Greenberg has agreed to pay the SEC $15 million to settle past accounting issues, as reported by the Wall Street Journal. The settlement addresses allegations related to accounting practices during his tenure at AIG, reflecting ongoing efforts by the SEC to hold corporate leaders accountable for financial misconduct. Additionally, former AIG […]