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FINRA is examining sales of certificates of deposit tied to derivatives after banks sold a record number of the investments last year. The industry-backed regulator wants to make sure the so- called structured CDs, where principal is protected by the Federal Deposit Insurance Corp., are properly understood by investors given their increasing complexity and lengthening […]
Wall Street’s own watchdog filed a complaint against Charles SchwabCorp on Wednesday accusing the online brokerage of requiring customers to waive their rights to pursue class actions against the firm, a violation of industry rules. The Financial Industry Regulatory Authority alleged that San Francisco-based Schwab added a new provision in October to more than 6.8 […]
Carlyle Group LP abandoned a plan to ban shareholders from filing class-action lawsuits after U.S. regulators threatened to block a stock sale the private-equity firm is seeking to complete as soon as April. The Washington-based firm amended the documents for its initial public offering on Jan. 10 to include a provision that would have required […]
The Securities and Exchange Commission today charged Texas-based financial services firm Life Partners Holdings, Inc. and three of its senior executives for their involvement in a fraudulent disclosure and accounting scheme involving life settlements. Life Partners is a Nasdaq-traded company that generates virtually all of its revenues from brokering life settlements. Life settlements involve the […]
Ss=”rank-math-highlight” style=”background-color: #fee894″>Over two grueling weeks, convicted Florida Ponzi schemer Scott Rothstein laid out in incriminating detail how far the tentacles stretched in his $1.2 billion fraud scheme, which has been described as one of the largest Ponzi schemes in U.S. history. Rothstein pointed the finger at numerous lawyers, bankers, business people, relatives, friends, and […]