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Wall Street Journal
One of the largest financial scams to hit Wall Street has investors wondering if they’ll ever get their money back. Bernard L. Madoff, a former chairman of the Nasdaq Stock Market, is accused of running a “giant Ponzi scheme” that is estimated to have defrauded investors of as much as $50 billion. While the details […]
Investment News
The Charles Schwab Corp. could be liable for millions in investors’ claims over losses to a short-term-bond fund that blew up this year because of its exposure to mortgage-backed securities. At its peak in May 2007, the Schwab YieldPlus Fund had more than $13 billion in assets. From that point through Oct. 10, the fund […]
San Luis Obispo Tribune
The Securities and Exchange Commission has charged a San Luis Obispo based investment adviser with fraud, according to a lawsuit filed in federal court in Los Angeles last week. The SEC charges are based on the failure of WealthWise principal Jeffrey Forrest to disclose to his clients that he had a conflict of interest in […]
On Wall Street
Under a new FINRA pilot program starting this month, customers who bring arbitration claims against the firms of their financial advisors will be able to choose to have their cases heard by a panel of three of their peers, a switch from the current norm of two public panelists and one industry arbitrator. The new […]
The Public Record
Last March, Scott Coren and Michael Nannizzi, analysts at Bear Stearns, issued a report upgrading the stock of New Century Financial, a company that provides sub-prime mortgages to low-income homebuyers, from “underperform” to “peer-perform.” California-based New Century’s stock rallied on Coren and Nannizzi’s research note to investors, rising 3% in afternoon trading on Thursday March […]