I've been reading several calls
for prosecution of fraud on Wall Street lately. No, these aren't coming from
the Occupy Wall Street crowd. Instead, top economic and business commentators
and scholars are noting the dearth of prosecution and...
Hutto-Schultz and Jeffrey E. Jamison
As expected, the Obama administration filed
a petition for certiorari asking the Supreme Court to review and overturn the
decision by the U.S. District Court for the D.C. declaring President
by Michael B. Raines
and Jeffrey E.
Although the CFPB's new mortgage rules ("Mortgage Rules")
are less than a month old and do not go into effective until January 10, 2014,
the CFPB is not wasting any time putting the mortgage...
by Korey Clark
Although cryptocurrencies, most notably bitcoin, have been around for a few years, they've been of interest mainly to tech-savvy libertarians and investors with low aversion to risk. Few state lawmakers have devoted much attention...
The SEC now recognizes "spousal equivalents" defined as
"cohabitants occupying a relationship generally equivalent to that of a
spouse." Before wondering if the federal government is making big strides, keep
in mind that this recognition...
by Edmund D. Harllee
Tuesday, November 1, 2011, the Board of Governors of the Federal Reserve System
(the "Board") and the Federal Deposit Insurance Corporation (the "FDIC") each
issued a final rule to implement the requirement...
FINRA is elbowing its way into an oversight role for
investment advisers. House Financial Services Committee Chairman Spencer Bachus
has introduced the Investment
Adviser Oversight Act of 2011 . The argument is that the SEC is too
In 2013, the number of lawsuits the FDIC has filed against the directors and officers of failed banks reached the highest annual level during the current wave of failed bank litigation, though the pace of litigation filings peaked in the second quarter...
The Federal Financial Institutions Examination Council
(FFIEC), noting that security threats continue to mount, has supplemented its 2005
guidance on authenticating the identity of customers who access their
financial accounts online. The supplement addresses...
NEW YORK - (Mealey's) The U.S. government on Oct. 24 filed a $1
billion lawsuit against Bank of America Corp., as successor for
Countrywide Financial Corp., alleging that Countrywide violated
provisions of the False Claims Act by engaging in...
by Melissa Beck and Kenneth E. Kohler
On March 29, 2011, the Federal
Reserve Board and the FDIC separately approved a joint notice of proposed
rulemaking (the "NPR") implementing the credit risk retention
requirements of section...
by Daniel F.C. Crowley, Bruce J Heiman and Nicole B. Erhbar
July 21, 2011 will be the first
anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act
("Dodd-Frank"), the most comprehensive reform of the U.S. regulatory
A federal appellate court revived a lawsuit brought by the court-appointed receiver in Trevor Cook's $190 million Ponzi scheme against Associated Bank (the ""Bank"), ruling that the Receiver had stated a "plausible claim"...
by Zafreen J. Husain
On February 26, 2014, the Consumer Financial Protection Bureau (CFPB) filed a four-count complaint in the U.S. District Court for the Southern District of Indiana against for-profit college chain, ITT Educational Services, Inc...
In the previous blog post , I began discussing the “bad actor” concept as it relates to Rule 506 private placements. In that post, I focused specifically on who the potential “bad actors” are, and what sort of “bad acts”...
A Cincinnati money manager who once claimed to have more than $200 million in assets under management is now the target of a lawsuit charging that he masterminded an elaborate Ponzi scheme that caused "tens if not hundreds of millions of dollars"...
LONDON - (Mealey's) Financial giant HSBC has agreed to
pay $1.9 billion to the U.S. Department of Justice and other federal agencies
to settle claims that it instituted "inadequate compliance with anti-money
laundering [AML] and sanctions...
An independent trustee has been appointed to manage the business operations of TelexFree Financial, LLC; TelexFree, LLC; and TelexFree, Inc. (collectively, "TelexFree"), the consortium of entities currently accused by state and federal regulators...
por Oscar A. Herasme, Esq. , Ferreira & Herbert Law Group
El tema de personas residiendo
dentro de los EE.UU sin estado inmigratorio legal ha sido punto de debate
politico por décadas. Aquellos que toman
una posición pro-inmigración...
The court-appointed bankruptcy trustee overseeing the marshaling of assets for victims of TelexFree's alleged fraudulent scheme has filed a status report with the overseeing Massachusetts Bankruptcy Court detailing his investigation to date, including...
On March 14, 2014, In the latest development in the long-running saga of the Libor scandal , the FDIC in its capacity as receiver of 38 banking institutions that failed between 2008 and 2011, has filed a massive new lawsuit in the Southern District of...
by Hillel T. Cohn
On January 21, 2011, the
Securities and Exchange Commission ("SEC") released its
Congressionally mandated study on the effectiveness of current legal and
regulatory standards for broker-dealers and investment advisers (the...
Section 416 of the Dodd-Frank Act require the Government
Accountability Office to study the feasibility of forming a Self-Regulatory
Organization to oversee private funds. With the removal of the 15 clients
exemption, many private fund managers will...
This morning, the three federal bank regulatory agencies
announced that their proposed new capital rules based on Basel III (and other
Basel standards) would not take effect on January 1, 2013, a date previously
proposed apparently in order to adhere...