|
Forensic Accountant Says Poor Due Diligence Contributed to Fraud in Private Placements
|
|
November 30, 2011 @ 2:02 pm |
According to forensic accountant and frequent expert witness Gordon Yale, the billions of dollars in allegedly fraudulent private placements sold to investors resulted partly from broker-dealers’ massive failure to meet their due-diligence responsibilities.
Yale is certified public account and principal of Yale & Co. who has worked on more than 50 lawsuits brought by investors against broker-dealers after failed deals. He has served as an expert witness for a dozen different plaintiff's lawyers in lawsuits pursuing more than $100 million in claims.
Las...
Read Full Article
|
|
LPL Financial fined $100,000 for failing to supervise broker who sold unsuitable investments to senior citizens
|
|
November 27, 2011 @ 1:18 pm |
LPL Financial LLC has been fined $100,000 for failing to supervise Jack Kleck, a broker who sold unsuitably risky investments to clients in their 80s, the Oregon Department of Consumer and Business Services announced on Nov. 22.
Boston-based LPL is a broker-dealer licensed by the State of Oregon and responsible for the activities of Kleck, once a licensed broker and the former manager of LPL’s branch office in La Grande, Oregon.
Pursuant to a consent order in which it neither adm...
Read Full Article
|
|
Schwab YieldPlus Fined and Suspended by SEC to Settle Fraud Charges
|
|
November 22, 2011 @ 6:35 pm |
Randall Merk, a former executive for Charles Schwab & Co. Inc., has agreed to pay a civil penalty of $150,000 and be suspended for one-year to settle charges of fraud and misleading investors
On Nov. 21, the SEC announced that Merk signed a consent and a proposed final judgment against him without admitting or denying the allegations.
The unlawful conduct related mostly to the Schwab YieldPlus Fund, the former flagship fixed-i...
Read Full Article
|
|
SEC Charges Madoff Employee With Creating Fake Trades. We knew he could not have done it on his own.
|
|
November 22, 2011 @ 12:21 pm |
The Securities and Exchange Commission today charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme.
The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment advisory operations with backdated arbitrage trade information to be formulated into fictitious trading on investors’ account statements. Kugel’s own account at BMIS was among those in which backdated trades were ...
Read Full Article
|
|
|
 RSS Subscription
|
The Whistle Blower's Dillemma: Confronting Fraud at AIG
|
Financial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers, and Con Men
|
|
