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UBS Fined $12 Million for System Failures Surrounding Naked Short Selling
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November 4, 2011 @ 11:48 am |
UBS Securities LLC was fined $12 million and censured by the Financial Industry Regulatory Authority, or FINRA, for widespread system deficiencies and a failure to supervise that led to tens of millions of improper short sales.
The firm violated federal securities laws and FINRA rules at various times from January 2005 through March 2010, with several violations continuing through the end of 2010. The violations included improperly excepting short sales from the rules and the improper inclusion of securities in short sales that should have been off limits.
In additi...
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Scion of Philadelphia Crime Family Indicted for Securities Fraud Conspiracy and Racketeering
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November 2, 2011 @ 2:34 pm |
Nicodemo S. Scarfo, the 46-year-old son of imprisoned Philadelphia crime boss “Little Nicky” Scarfo, was arrested on Nov. 1 along with 13 associates and indicted on multiple counts of conspiracy, including securities fraud, money laundering, racketeering, wire fraud and obstruction of justice.
The charges relate to the alleged extortionate takeover of a publicly traded financial services company, and include a count for a felon in possession of firearms, according to...
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State Securities Regulators Say Easing Rules on Crowdfunding Will Lead to Rampant Fraud
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October 31, 2011 @ 2:55 pm |
Last week the Financial Services Committee of the U.S. House of Representatives voted on a bipartisan basis to send the Entrepreneur Access to Capital Act to the floor for a vote, and state securities regulators are warning that the bill could lead to rampant fraud if it were to pass.
Sponsored by Rep. Patrick McHenry, R-N.C., the bill H.R. 2930 would deregulate crowdfunding by removing basic federal and state registration filing requirements. Crowdfunding refers to online fundr...
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FINRA Called Out by SEC for Altering Documents
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October 28, 2011 @ 4:20 pm |
As a result of the three submissions of altered documents in eight years, the Securities and Exchange Commission, or SEC, has ordered the Financial Industry Regulatory Authority, or FINRA, to hire an independent consultant as a means to improve its document preparation policies and procedures.
FINRA was directed to take other remedial measures as well, including organization-wide training of all employees, and remote or on-site visits from FINRA’s Office of Liaison and Counsel before SEC inspections for the purpose of emphasizing the importance of document integrity....
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NASAA Report: Securities Enforcement Actions Jumped 51 Percent in 2010 Over Previous Year
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October 27, 2011 @ 8:20 am |
The annual report on enforcement actions to fight securities fraud released this month by the North American Securities Administrators Association, or NASAA, shows that actions pursued by state securities regulators increased by 51 percent in 2010 over the number of actions reported in the previous year.
The report also indicates that fraud and unregistered securities cases increased in 2010 over 2009. Compared to the 2009 survey, securities fraud violations were up 10 percent nation...
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Rogue Trader: How I Brought Down Barings Bank and Shook the Financial World
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Corporate Crooks: How Rogue Executives Ripped Off Americans... and Congress Helped Them Do It!
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