Legal http://wealthmanagement.com/taxonomy/term/23641/more en Ex-Bank of America Trader Avoids Prison in Muni Bond Case http://wealthmanagement.com/legal/ex-bank-america-trader-avoids-prison-muni-bond-case <div class="field-byline"> Reuters </div> <div class="field-deck"> He was sentenced to spend three years on probation and pay a $10,000 fine. </div> <div class="node-body article-body">He was sentenced to spend three years on probation and pay a $10,000 fine.</div> <div class="field-stocksymbols"> <span>Stock Symbols:&nbsp;</span> BAC </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/ex-bank-america-trader-avoids-prison-muni-bond-case" target="_blank">read more</a></p> http://wealthmanagement.com/legal/ex-bank-america-trader-avoids-prison-muni-bond-case#comments News Legal Fri, 25 Jul 2014 17:04:00 +0000 613831 at http://wealthmanagement.com Spencer Platt/Getty Images News/Thinkstock U.S. Judge Won't Void Five Ex-Madoff Employees' Convictions http://wealthmanagement.com/legal/us-judge-wont-void-five-ex-madoff-employees-convictions <div class="field-byline"> Reuters </div> <div class="field-deck"> U.S. District Judge Laura Taylor Swain found sufficient evidence for jurors' convictions </div> <div class="node-body article-body">The federal judge who oversaw the trial of five associates of imprisoned swindler Bernard Madoff on Thursday refused to overturn their convictions for helping their former boss run one of the world's biggest Ponzi schemes.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/us-judge-wont-void-five-ex-madoff-employees-convictions" target="_blank">read more</a></p> http://wealthmanagement.com/legal/us-judge-wont-void-five-ex-madoff-employees-convictions#comments Legal Fri, 25 Jul 2014 13:53:00 +0000 613081 at http://wealthmanagement.com <p>George Perez, a computer engineer who was found guilty of knowingly aiding Bernard Madoff in one of the biggest Ponzi schemes in history</p> Copyright Michael Nagle, Getty Images U.S. Jury Convicts Advisor Over Fraud Tied to Microcaps, NY Horse Firm http://wealthmanagement.com/legal/us-jury-convicts-advisor-over-fraud-tied-microcaps-ny-horse-firm <div class="field-byline"> Reuters </div> <div class="field-deck"> James Tagliaferri was found guilty on 12 of 14 counts including investment adviser fraud, securities fraud, and wire fraud </div> <div class="node-body article-body">An investment adviser in his 70s was found guilty on Thursday on charges he defrauded clients by funneling money to a New York horse racing firm and small, thinly traded companies in exchange for secret kickbacks.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/us-jury-convicts-advisor-over-fraud-tied-microcaps-ny-horse-firm" target="_blank">read more</a></p> http://wealthmanagement.com/legal/us-jury-convicts-advisor-over-fraud-tied-microcaps-ny-horse-firm#comments Legal Fri, 25 Jul 2014 13:00:00 +0000 613131 at http://wealthmanagement.com <p>World champioin race horse Big Brown</p> Copyright Mark Metcalfe, Getty Images Morgan Stanley to Pay $275 Million Penalty for Misleading RMBS Investors http://wealthmanagement.com/legal/morgan-stanley-pay-275-million-penalty-misleading-rmbs-investors <div class="field-byline"> Reuters </div> <div class="field-deck"> The SEC found Morgan Stanley had not given investors the correct information about how many of the mortgages they contained were delinquent </div> <div class="node-body article-body">The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two residential mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/morgan-stanley-pay-275-million-penalty-misleading-rmbs-investors" target="_blank">read more</a></p> http://wealthmanagement.com/legal/morgan-stanley-pay-275-million-penalty-misleading-rmbs-investors#comments News Industry Legal Wirehouse Thu, 24 Jul 2014 17:09:00 +0000 612571 at http://wealthmanagement.com Tables Turned: Madoff Letter to U.S. Judge Appears to be Fake http://wealthmanagement.com/legal/tables-turned-madoff-letter-us-judge-appears-be-fake <div class="field-byline"> Reuters </div> <div class="field-deck"> Motion supposedly filed by Madoff claimed the U.S. intelligence agencies used "bio-electric sensors" to influence the case against him </div> <div class="node-body article-body">Ponzi scheme swindler Bernard Madoff may be the victim of a forgery, after a U.S. judge on Wednesday denied a bizarre motion supposedly filed by Madoff that claimed the U.S. intelligence agencies used "bio-electric sensors" to influence the case against him.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/tables-turned-madoff-letter-us-judge-appears-be-fake" target="_blank">read more</a></p> http://wealthmanagement.com/legal/tables-turned-madoff-letter-us-judge-appears-be-fake#comments News Legal People Wed, 23 Jul 2014 23:52:00 +0000 611821 at http://wealthmanagement.com Copyright Mario Tama, Getty Images Saft on Wealth: New Money Fund Rules Keep Illusions Alive http://wealthmanagement.com/markets/saft-wealth-new-money-fund-rules-keep-illusions-alive <div class="field-byline"> Reuters </div> <div class="field-deck"> New rules aim to forestall runs on money market funds, notably one which will force 'prime' institutional funds to allow their value to float </div> <div class="node-body article-body">New money market fund reforms are half measures which will fail to end investors' illusion that there is such a thing as a safe asset.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/markets/saft-wealth-new-money-fund-rules-keep-illusions-alive" target="_blank">read more</a></p> http://wealthmanagement.com/markets/saft-wealth-new-money-fund-rules-keep-illusions-alive#comments News Industry Legal Markets Wed, 23 Jul 2014 19:59:00 +0000 611561 at http://wealthmanagement.com homeworks255/iStock/Thinkstock U.S. SEC Backs Ban on Investor Settlements Erasing Complaints From Broker Records http://wealthmanagement.com/industry/us-sec-backs-ban-investor-settlements-erasing-complaints-broker-records <div class="field-byline"> Reuters </div> <div class="field-deck"> Regulator recommends FINRAconduct a "comprehensive review" of other procedures that can enable brokers and firms to erase, or "expunge," certain details </div> <div class="node-body article-body">The U.S. Securities and Exchange Commission has approved a new brokerage industry rule to ban dispute settlements between securities firms and investors that require investors to agree to erase complaints from brokers' public records.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/industry/us-sec-backs-ban-investor-settlements-erasing-complaints-broker-records" target="_blank">read more</a></p> http://wealthmanagement.com/industry/us-sec-backs-ban-investor-settlements-erasing-complaints-broker-records#comments Industry Legal Wed, 23 Jul 2014 19:41:00 +0000 611471 at http://wealthmanagement.com Copyright Alex Wong, Getty Images UPDATE 4-NY Fed found serious problems at Deutsche Bank's U.S. arms -sources http://wealthmanagement.com/news/update-4-ny-fed-found-serious-problems-deutsche-banks-us-arms-sources <div class="node-body article-body"><p>* NY Fed sees shoddy reporting, inadequate auditing</p> <p>* Says Deutsche Bank made no progress fixing problems</p> <p>* Bank to come under closer Fed scrutiny from 2016</p> <p>* Shares down 0.5 percent, underperforming peers (Adds Dudley speech, details on examiners)</p> <p>By Kathrin Jones and Arno Schuetze</p></div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/news/update-4-ny-fed-found-serious-problems-deutsche-banks-us-arms-sources" target="_blank">read more</a></p> http://wealthmanagement.com/news/update-4-ny-fed-found-serious-problems-deutsche-banks-us-arms-sources#comments News Legal Markets Wed, 23 Jul 2014 19:23:39 +0000 610731 at http://wealthmanagement.com U.S. SEC adopts long-awaited reforms for money market funds http://wealthmanagement.com/news/us-sec-adopts-long-awaited-reforms-money-market-funds <div class="field-byline"> Reuters </div> <div class="field-deck"> The rule will require prime money market funds to move from a stable $1 per share net asset value, to a floating NAV </div> <div class="node-body article-body">U.S. securities regulators adopted rules on Wednesday designed to curb the risk of investor runs on money market funds, capping the end of a years-long heated debate between regulators and the industry dating to the financial crisis.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/news/us-sec-adopts-long-awaited-reforms-money-market-funds" target="_blank">read more</a></p> http://wealthmanagement.com/news/us-sec-adopts-long-awaited-reforms-money-market-funds#comments News Legal Markets Wed, 23 Jul 2014 16:03:00 +0000 611311 at http://wealthmanagement.com Copyright Chip Somodevilla, Getty Images U.S. SEC Poised to Adopt Reforms for Money Market Funds http://wealthmanagement.com/legal/us-sec-poised-adopt-reforms-money-market-funds <div class="field-byline"> Reuters </div> <div class="field-deck"> The reform will impact a wide variety of asset managers </div> <div class="node-body article-body">U.S. regulators are expected to adopt rules on Wednesday that force "prime" money market funds used by large institutions to float their share price.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/us-sec-poised-adopt-reforms-money-market-funds" target="_blank">read more</a></p> http://wealthmanagement.com/legal/us-sec-poised-adopt-reforms-money-market-funds#comments Legal Markets Wed, 23 Jul 2014 11:00:00 +0000 611151 at http://wealthmanagement.com Copyright Chip Somodevilla, Getty Images