A Harvard-educated former lawyer pled
guilty to operating a Ponzi scheme that took in more than $10 million from
investors. Robert Tunnell, Jr., 72, entered a guilty plea to one count of
mail fraud and one count of wire fraud, each of which carries...
On January 4, 2012, President Obama installed Richard Cordray as Director of the new Consumer Financial Protection Bureau Financial Protection ("CFPB"). Mr. Cordray had served as Attorney General for the State of Ohio and most recently was in...
NEW YORK - (Mealey's) The owners of Major League
Baseball's New York Mets and the liquidation trustee of Bernard L. Madoff
Investment Securities LLC (BLMIS) agreed on March 19 to a $162 million
settlement of claims relating to the defendants'...
The FDIC's pursuit of litigation against directors and
officers of banks that have failed as part of the current round of bank
failures has been moving forward, albeit at a deliberate pace. The agency's
litigation efforts advanced a couple...
The United States Government forced online poker sites to
the fringes of the financial system. The U.S. government has long argued that
online poker gambling is illegal under the Wire Act, a 1961 law that explicitly
prohibits sports betting conducted...
A California woman was sentenced to nine years
in prison for orchestrating a Ponzi scheme that took in nearly $7 million from
investors. Guadalupe Valencia, 47, of West Covina, California, was
sentenced by United States District Judge S. James Otero...
On this edition, Gerald Lins, General Counsel of a major investment management firm, and co-author of Regulation of Investment Companies , published by LexisNexis Matthew Bender, provides background on money market funds, recent controversies surrounding...
by Edmund D. Harllee
On Thursday, January 5, the Federal Reserve Board (the
"Board") issued proposed new Regulation YY, in order to implement changes
required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
The number of bank failures has been winding down for a
while now, but at same time the FDIC's failed bank litigation has been ramping
up. Through April 20, 2012, the FDIC has filed a total of 29 lawsuits against
former directors and officers of...
In a severe blow to the quest to recover funds for the
benefit of victims of Bernard Madoff's $50 billion Ponzi scheme, a New York
federal judge threw out $20 billion of common law claims that the
court-appointed trustee had asserted against banking...
With the House of Representatives' change in political
control, the Republicans are taking some steps to cut back on Dodd-Frank .
Earlier this week the House Committee on Financial Services distributed a press
release about five potential bills...
A Florida man received a twenty-year
prison sentence for orchestrating a Ponzi scheme that bilked investors out
of nearly $20 million and claimed many retired teachers among its victims.
James Davis Risher, 61, was sentenced by United States District...
Last year, I looked a the top 30 real estate private
equity fund managers to see which are already registered with the SEC. The 2011
version of the PERE 30 just came out, so I decided to look at the list
again. (Disclosure: my company is on the list...
On this edition, LexisNexis Matthew Bender Securities Board of Editors members Richard Phillips, Jonathan Eisenberg, Meyer (Mike) Eisenberg, Stanley Keller, and Giovanni Prezioso discuss Financial Reform Legislation S. 3217, recent and pending Supreme...
With a registration deadline of March 30, 2012 and a 45 day period for
the SEC to review the application , private fund managers need to file their
Form ADV by
February 14. I know that there are fund managers still on the fence on whether
The Consumer Financial Protection Bureau (CFPB) recently
developed a portal that allows companies to view and respond to complaints in
the complaint database. The CFPB released a presentation
describing the portal, providing detailed log-in information...
The Dodd-Frank Act contemplates the creation of a new
Consumer Financial Protection Bureau (CFPB) within the Federal Reserve. CFPB
would be responsible for consumer protection over financial products and
services offered by both banks and nonbanks, including...
If you're a fund manager getting ready to register
because you've been Dodd-Frank'ed, then you are likely in the middle of
drafting Part 2 of Form ADV, the brochure. One item that caused my to pause was
the risk factor requirements in Item...
In addition to filing Form ADV with the SEC when they
register with the Securities and Exchange Commission, private fund managers
will also need to start filing Form PF next year.
The amount of information required by Form PF is tiered.
The Receiver tasked with marshaling and distributing
assets to victims of R. Allen Stanford's alleged $7 billion Ponzi scheme has filed
papers asking a U.S. judge to approve a proposed plan to review and pay claims
by victims. In a filing in the...
PHOENIX - (Mealey's) The law firm Greenberg Traurig LLP
yesterday agreed to pay $61 million to settle a suit in the U.S. District Court
for the District of Arizona alleging that it aided an alleged Ponzi scheme that
bankrupted two companies and...
by Kay Gordon and Joshua M. O'Melia
On May 10, 2011, as required by
Section 418 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the "Dodd-Frank Act"), the U.S. Securities and Exchange Commission...
SAN FRANCISCO - (Mealey's) Chase Bank USA NA yesterday
agreed to pay $100 million to settle claims that it increased interest rates on
loan balances that were transferred to consumers' credit cards after it
allegedly promised them a fixed rate...
Federal authorities indicted a
New Jersey man on charges that he operated a $200 million Ponzi scheme through
bogus real estate investments. In a 45-count indictment unsealed last
week, authorities charged Eliyahu Weinstein, 36, with one count of conspiracy...
Section 206 of the
Investment Advisers Act prohibits fraud, deception or manipulation,
regardless of whether the fund manager is registered. Once registered, Rule 206(4)-1
imposes additional restrictions on advertising that the SEC has determined...