UBS Group will pay a total of about $387 million in fines related to misconduct by Credit Suisse Group in its dealings with Archegos Capital Management. In a consent order with the Federal Reserve, UBS agreed to pay $268.5 million for “unsafe and unsound counterparty credit-risk management practices” at Credit...
Remote work is a post-Covid fact of life. So it’s not surprising that the brokerage industry wants the Securities and Exchange Commission to speed up its review of proposals presented by the Financial Industry Regulatory Authority Inc. that would allow firms to permanently conduct remote supervision of their registered...
For years, brokers have been walking away from paying harmed clients who sued them and won their claims. It’s part of the unrecognized costs of doing business with small, fragile and undercapitalized brokerage firms, many of which sell and deal in expensive, volatile alternative investments. In 2013, in the...
Digital World Acquisition Co., a blank-check company, has found itself entangled in a web of legal trouble with the Securities and Exchange Commission over its proposed merger with media giant Trump Media and Technology Group. The SEC’s investigation revealed that DWAC had misled investors and failed to disclose crucial information...
The lights are going out at two unique ETFs from AlphaTrAI Funds that offered investors indexed market exposure only after the markets closed for the day by sitting on the sidelines during regular trading hours. The strategies were launched a year ago promoting back-tested data showing how much more efficiently...
A fraudster who has been convicted twice before has been charged by the SEC for alleged involvement in a multimillion-dollar Ponzi-like scheme. The regulator says that Eliyahu Weinstein, Aryeh L. Bromberg, Joel L. Wittels, Richard M. Curry, Christopher J. Anderson and Alaa Mohamed Hattab defrauded a total of $38 million...
More than a decade ago, something extraordinary happened at a hearing of the House Financial Services Committee. One witness pretty much torpedoed legislation that had been written by the panel’s chair. The pending bill would have established a self-regulatory organization to provide oversight of investment advisors. That meant an entity...
Regulatory requirements around retaining and supervising communications across financial services firms have become more stringent, in particular after an unusually high volume of business-related communications on WhatsApp was uncovered. Regulators have put users of this popular platform on high alert, while simultaneously monitoring whether firms are adhering to recent...