|Comments Off on Variable Annuity Penalty Costs Record $25 Million

The Financial Industry Regulatory Authority (FINRA) levied a record $25 million penalty against MetLife Inc., who agreed to settle a bevy of abuses tied directly to variable annuities.

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|Comments Off on Money Laundering Scheme Ends With Finra Ban

James Van Doren was barred by Finra for deceiving creditors who were trying to recoup assets from a friend’s business.

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|Comments Off on Jump In Securities Class Action Settlements

Cornerstone Research has reported that a total of $3 billion worth of securities class-action settlements occurred in 2015, involving 80 cases – a 184 percent increase over the previous year.

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|Comments Off on SEC Hands Industry Bar To Pa. Ponzi Schemer

A broker who pled guilty in Pennsylvania federal court to bilking at least $3.2 million from investors through fake certificates of deposit has agreed to be barred from associating with broker-dealers, the U.S. Securities and Exchange Commission announced Monday.

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|Comments Off on JPMorgan Units Pay $1M FINRA Fine Over Unsent Letters

J.P. Morgan Securities LLC and J.P. Morgan Clearing Corp. have agreed to pay just over $1 million to settle Financial Industry Regulatory Authority allegations they failed to send a number of required letters to customers and didn’t properly supervise employees’ outside accounts.

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|Comments Off on SEC Whistleblower Award Total Rises To $10M For Past Week

The U.S. Securities and Exchange Commission on Friday said it will jointly pay over $450,000 to a pair of whistleblowers for a tip that led the agency to launch a corporate accounting investigation, and for their assistance with the probe, bringing the past week’s award total to $10 million.

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|Comments Off on TD Ameritrade Added To $350M Ponzi Suit Naming Sidley

TD Ameritrade Inc. and Integrity Bank & Trust were added Thursday to a proposed class action against Sidley Austin LLP, Deloitte & Touche LLP and others alleging the firms are liable for aiding an Oregon investment group as it allegedly misled investors in what regulators have called a $350 million Ponzi scheme.

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|Comments Off on Brothers Hit With $2.2M Judgment Over RE Ponzi Scheme

A New Jersey federal judge on Wednesday ordered two brothers to fork over more than $2.2 million in a U.S. Securities and Exchange Commission suit alleging they duped investors out of millions through a sham real estate investment firm as part of a Ponzi scheme.

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|Comments Off on Real Estate Promoter Gets 19 Years For Texas Ponzi Scheme

Real estate investment manager Derek A. Nelson was sentenced to 19 years in prison a day after being convicted of running a $37 million Ponzi scheme through his Capital Mountain Holding Corp.

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|Comments Off on FINRA Charges Lawson Financial With Fraud For Bond Sales

The Financial Industry Regulatory Authority said Thursday that it has slapped brokerage firm Lawson Financial Corp. and its chief executive with a complaint alleging they defrauded investors who purchased millions of dollars in municipal bonds by propping up the borrowers using funds from a deceased customer’s charitable trust.

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