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The Securities and Exchange Commission announced that on November 30, 2012, Timothy S. Durham, former CEO of Ohio-based Fair Finance Company (“Fair Finance”), was sentenced to 50 years in prison for orchestrating a $200 million scheme that defrauded more than 5,000 investors over almost five years. This extensive fraud devastated the lives of countless individuals […]
In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and affiliated entities with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firm agreed to a settlement in which it will pay $296.9 million. The SEC plans to distribute the money to […]
Summary Arbitration Statistics September 2012 New Case Filings through September: 2010 2011 2012 2012 vs 2011 4,279 3,705 3,394 -8% Number of Cases Closed through September: 2010 2011 2012 2012 vs 2011 4,709 4,489 3,747 -17% Turnaround Time* (in months) through September: 2010 2011 2012 2012 vs 2011 Overall 12.4 14.2 14.5 2% […]
InvestmentNews reports a significant development in the financial industry: the Financial Industry Regulatory Authority Inc. (FINRA) has now opened its arbitration system to registered investment advisers (RIAs). This move marks a notable expansion of FINRA’s arbitration services, which have traditionally been utilized for resolving investor or industry complaints involving securities firms and broker-dealers. The announcement […]
A U.S. appeals court has upheld a $1.45 million arbitration award in favor of retired NBA basketball player Horace Grant. Grant sought reimbursement for losses he incurred from investing in risky bond funds that had been marketed to him as safe investments. The U.S. Court of Appeals for the Ninth Circuit, in an unpublished decision, […]