The United States Financial Industry Regulatory Authority (FINRA) arbitration panel has ruled that a Citigroup Inc (Citigroup) unit must pay at least US$3.1 million to a Florida-based couple who alleged that the firm did not properly supervise a broker.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined Morgan Stanley Smith Barney and Morgan Stanley & Co (Morgan Stanley) US$1 million and ordered them to pay US$188,000 in restitution for failing to provide:
The United States' (US) largest bank JPMorgan Chase & Co (JP) has agreed to pay US$18.3 million to settle a 2007-initiated class action which claimed that JP and the Bear Stearns Companies Inc (Bear) lending unit failed to make proper disclosures regarding interest rates for certain mortgages known as option adjustable rate mortgages.
The Australian Securities and Investments Commission (ASIC) has announced that it will cancel liquidator Mark Levi's registration after a finding by the Companies Auditors and Liquidators Disciplinary Board (CALDB) that he was "not a fit and proper person" for his registration due to his being "persistently and seriously dishonest".
The United States' (US) largest bank JPMorgan Chase & Co (JP) has agreed to pay US$23 million to settle allegations that it mishandled client funds by investing them in notes from the now bankrupt Lehman Brothers Holdings Inc (Lehman).
The United States (US) Securities and Exchange Commission (SEC) has made available the Consent (16 August 2013) of hedge fund adviser Philip Falcone and his firm Harbinger Capital Partners (Harbinger) to admit to and pay a total of over US$18 million to settle allegations of misconduct in connection with two funds.
The United States Public Company Accounting Oversight Board (PCAOB) has released Proposed Auditing Standards (13 August 2013) for public comment. The PCAOB stated that the proposals "would retain the pass/fail model in the existing auditor's report, but would provide additional information to investors and other financial statement users about the audit and the auditor".
United States (US) Senator for Michigan Carl Levin, Senator for Iowa Chuck Grassley, Senator for California Dianne Feinstein and Senator for Iowa Tom Harkin have introduced a new Bill to "combat acts of terrorism, money laundering, tax evasion, and other wrongdoing facilitated by US corporations with hidden owners".
Former Goldman Sachs Group Inc (GS) trader Fabrice Tourre has been found guilty of breaching United States federal securities law by aiding and abetting Goldman's fraud and intentionally misleading investors in relation to the Abacus 2007-AC1 synthetic collateralised debt obligation.
A United States (US) Federal Court judge has approved a US$590 million payment by bank Citigroup Inc (Citi) to settle a shareholder suit that accused Citi of covering up its exposure to "toxic" securities called collateralised debt obligations that were connected to mortgage investments.
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