Straight Talk

The purpose of this blog is to provide education and news that will help clients through the litigation process.

|Comments Off on Biz Group Loses Stay Bid In DOL Fiduciary Rule Challenge

A D.C. federal judge on Wednesday denied a renewed request by a financial services industry group to block the U.S. Department of Labor’s rule expanding the definition of a fiduciary for retirement account investment advisers, saying the court had already determined the DOL’s interpretation was reasonable.

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|Comments Off on FINRA Fines Ameriprise For Missing Fraudulent Transfers

Ameriprise Financial Services Inc. agreed Wednesday to pay a fine to settle the Financial Industry Regulatory Authority’s claims it failed to catch and stop a sales assistant who was siphoning cash from his relatives’ accounts, even though the firm had just improved its supervisory systems after a similar failure.

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|Comments Off on DOL Gets First Victory In Fiduciary Rule Challenges

The U.S. Department of Labor’s so-called fiduciary rule for retirement account investment advisers was promulgated after an adequate analysis and within the agency’s authority, a D.C. federal judge ruled Friday, giving the government its first victory in one of many challenges to the new rule.

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|Comments Off on Trader Charged $9M Ponzi Scheme Not Singled Out

An Illinois federal judge on Thursday refused to dismiss an indictment against a Chicago trader who has been charged with wire fraud for orchestrating an alleged $9 million Ponzi scheme, ruling that he wasn’t singled out for prosecution while other similarly situated violators were let off the hook.

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|Comments Off on U.S. Takes Down Call-Center Financial Scam

Federal authorities said Thursday they had dismantled a massive call-center scheme perpetrated by individuals in the U.S. and India who bilked thousands of Americans out of hundreds of millions of dollars by posing as Internal Revenue Service and Department of Homeland Security officials.

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|Comments Off on Florida Man Gets 17 Years For Currency Trading Fraud Scheme

A Florida man was sentenced Tuesday in Miami to more than 17 years in federal prison for duping about 300 investors out of millions of dollars through a phony currency trading firm before cashing out and fleeing to Panama.

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|Comments Off on SEC sets record in enforcement actions against investment advisers

Uptick in adviser crackdown attributed to better data analytics and agency’s new unit focused on asset management

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|Comments Off on SEC Charges Adviser Over Cherry-Picking Trades

The U.S. Securities and Exchange Commission on Tuesday filed an in-house suit alleging a Hawaii-based investment adviser cherry-picked profitable trades for himself instead of clients’ accounts and falsely claimed he wouldn’t “double dip” on management and advisory fees.

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|Comments Off on Government’s Willful Blindness Theories Put Lawyers At Risk

The government’s recent focus on holding individuals accountable for corporate misdeeds is supporting the rise of aggressive theories of prosecution, including the idea that even absent actual knowledge, they should have known something was amiss — and defense experts say that’s an especially dangerous development for attorneys.

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|Comments Off on Royal Bank Unit Aided $123M ATM Ponzi Scheme, Suit Says

Royal Bank of Canada and a Los Angeles-based banking subsidiary have been sued in California state court for negligence and other claims by dozens of individual investors alleging a bank officer enabled a $123 million Ponzi scheme through an ATM machine leaseback program operated by the in-receivership Nationwide Automated Systems Inc.

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