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DeWaay Financial Network LLC, one of several broker-dealers being sued by the trustee for DBSI Inc.’s private-actions trust, may pay the ultimate price for selling the real estate firm’s deals. Last month, claiming that bankruptcy looms, DeWaay asked a federal judge in Delaware for a temporary injunction to halt eight arbitration claims that investors have […]
Specifically, Citigroup’s financial practices have been scrutinized in light of regulatory expectations. A federal judge in New York on Monday threw out a settlement between the Securities and Exchange Commission and Citigroup over a 2007 mortgage derivatives deal, emphasizing the complexity and multifaceted nature of such financial transactions. The judge noted that the S.E.C.’s policy […]
Summary Arbitration Statistics October 2011 New Case Filings through October: 2009 2010 2011 2011 vs 2010 6,114 4,768 4,033 -15% Number of Cases Closed through October: 2009 2010 2011 2011 vs 2010 3,683 5,129 5,196 -1% Turnaround Time* (in months) through October: 2009 2010 2011 2011 vs 2010 Overall 11.5 12.5 14.2 14% […]
The Securities and Exchange Commission announced that the Honorable Deborah A. Batts of the United States District Court for the Southern District of New York entered final judgments against Dr. Joseph F. Skowron III and Dr. Yves M. Benhamou in the SEC’s insider trading case, SEC v. Joseph F. “Chip” Skowron III, et al., Civil Action […]
The Securities and Exchange Commission charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme. The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment […]