Fraud charges by SEC against Former UBS broker
Fraud charges related to the sale of a hedge fund operated as a ponzi scheme were settled with a former broker of UBS according to this CCH Wall Street article.. The SEC alleged in its Complaint that the UBS broker made misrepresentations regarding the GLT Venture Fund, L.P. while raising $14.1 million for the fund. The broker agreed to pay disgorgement and civil penalties in addition to an injunction forbidding future violations.
Posted by Greco & Greco on 01/25 at 05:21 PM
Brokerage Firms •
UBS •
Hedge Funds •
SEC •
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New York subpoenas firms in mortgage fraud probe
Reuters has reported here that the state of New York has subpoenaed three large Wall Street banks (Merrill Lynch, Bear Stearns, and Deutsche Bank) pursuant to a probe related to the creation of mortgage-backed securities. The New York probe reportedly is looking into how mortgages were packaged together by Wall Street to create securities sold to investors and the banks’ relationship with credit-rating firms.
Posted by Greco & Greco on 01/11 at 04:36 PM
Brokerage Firms •
Bear Stearns •
Deutsche Bank •
Merrill Lynch •
CMOs •
State Regulators •
New York •
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