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