SEC
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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News from SEC’s Senior Summit
The SEC reported at its 2nd Annual Senior Summit that it was working on codifying suitability rules as they apply to recommendations for the purchase of securities by stock brokers, and further clarifying sales practice principals for investment professionals. If properly crafted, additional guidance in these areas should help prevent abuse of investors as well as provide additional tools for attorneys representing investors who have been abused by their stock brokers.
The SEC, FINRA, and state regulators also reported the results of their “free lunch” sweep of seminars targeted as seniors. The findings included 59% of the brokerage firms involved failing to properly supervise the seminars, and 23% of the seminars including advice that was unsuitably risky for senior investors.
Posted by Greco & Greco on 09/21 at 02:31 PM
FINRA •
SEC •
State Regulators •
Suitability •
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