The three federal banking agencies and the SEC recently
approved for comment a proposed regulation implementing Section 619 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), more
generally known as the "Volcker...
A Gainesville man received
a twenty year sentence in prison for orchestrating a Ponzi scheme that bilked
investors out of $30 million. David Lewalski, 48, received the maximum
sentence from United States District Judge James Whittemore after
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...
The first jury trial seeking to hold a financial
institution liable for its complicity in Scott Rothstein's $1.4 billion Ponzi
uncertainty after the institution filed a motion seeking a mistrial
following testimony of a key witness...
Guaranty Bank of Austin, Texas's August 21,
2009 closure is the fourth-largest bank failure during the current wave of
bank failures and the tenth largest bank failure in U.S. history. The
bank's failure, which came just 15 months after its...
Michael Lewis packages his stories on the effects of the
global financial crisis in Iceland ,
and California into one book: Boomerang .
If you had ready the stories when they were published in Vanity Fair ,
From my discussions, many real estate fund managers are
still not sure if they are subject to registration under the Investment
Advisers Act. The definition of "private fund" can exclude many real estate
funds depending on the structure of...
The court-appointed trustee overseeing the unraveling of
Bernard Madoff's massive Ponzi scheme has filed
an amended complaint in which he is seeking the return of $226.4 million from
several Madoff family members including Madoff's brother...
An inevitable part of the current wave of bank failures
has been the FDIC's filing of lawsuits against former directors and officers of
the failed institutions. And though the FDIC's initiation of this litigation
has been gradual, the lawsuits...
With hundreds (thousands?) of private fund managers set
to register with the Securities and Exchange Commission next quarter, the new
form ADV is on the IARD system and
ready for you to start uploading information.
I noticed the first problem. ...
The online coupon industry, led by companies such as Groupon Inc. , is growing
rapidly, and it's still not clear which company or companies will end up the
winners. With so much money potentially at stake, it's not surprising that
The delayed trial of an investment group seeking damages
from a South Florida bank for its alleged role in facilitating Scott
Rothstein's massive multi-billion dollar Ponzi scheme is scheduled to begin
tomorrow. Originally set to start October...
A Texas man that was convicted of operating a $75 million
Ponzi scheme whose victims included former NFL players was
sentenced to seventeen years in federal prison. Kurt Barton, former
chief executive of Triton Financial, was previously convicted...
the Consumer Financial Services Group
The U.S. Supreme Court has agreed to hear a case that
will decide whether the Real Estate Settlement Procedures Act (RESPA), which is
directed at residential mortgage lending, prohibits a real estate settlement...
the Consumer Financial Services Group
Student loans were recently in the spotlight with the launch
by the Consumer Financial Protection Bureau (CFPB) of a new "Know Before You
Owe" project and online tool, and the Obama administration's...
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...
Much has been written about how difficult it is now to
obtain financing for small businesses. Banks charge high interest rates, and it
is tough to qualify even for a bank loan. Angel or VC funding is even harder to
come by. So, to secure funding, business...
Securities regulations have many goals (prevention
of misdeeds, market stability, investor protection), however, for those who
can navigate the system, new hedge fund regulations will have the
effect of increasing transparency for hedge fund investors...
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...
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 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...
As a general rule, securities fraud plaintiffs benefit
from telling the whole story while defendants benefit from dividing and
conquering claims: "Well, that allegation's no big deal; there's not much
evidence for that one; I don't...
by Dionysios S. Demetis
Over the past two decades,
Anti-Money Laundering (AML) and the Counter-Financing of Terrorism (CFT) have
undoubtedly emerged as two important contemporary themes that have generated
considerable attention. The following Emerging...
An Illinois man who promised returns of up to 200% was charged
with operating a Ponzi scheme that bilked investors out of more than $4
million. James Pantazelos, 61, of Rockford, Illinois, was charged
with six counts of mail fraud and four counts...
On October 25, 2011, the FDIC filed its latest failed
bank lawsuit, in connection with events surrounding the July 2009
failure of Mutual Bank of Harvey, IL . The FDIC's
complaint , which was filed in the Northern District of Illinois, names as...