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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 […]
On July 6, 2012 the Securities and Exchange Commission filed a Complaint in federal district court against The Companies (TC), LLC (“The Companies”) and its principals, Kristoffer A. Krohn (“Kris Krohn”), Stephen R. Earl (“Earl”), and former officer, Michael K. Krohn (“Mike Krohn”) (collectively “Defendants”). The Companies, directly and through related companies and subsidiaries, purchases […]
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 […]
On June 27, 2012, the Securities and Exchange Commission (“Commission”) charged that FalconStor Software, Inc., a Long Island, N.Y., data storage company, misled investors about bribes it paid to obtain business with a subsidiary of J.P. Morgan Chase & Co. FalconStor has agreed to pay a $2.9 million civil penalty to settle the Commission’s case. […]
The Securities and Exchange Commission announced today that it has obtained an emergency court order to halt an alleged Ponzi-like scheme operated by Small Business Capital Corp. (“SB Capital”) and its principal Mark Feathers (“Feathers”). According to the Commission, SB Capital and Feathers raised $42 million by selling securities issued by two mortgage investment funds […]