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Displaying 7 out of 7 results for "Puerto Ricof=Litigation Summary".

UBS Puerto Rico's COFINA Conflicts Were Even Worse Than ERS Conflicts

(Oct 2016)

We have written extensively about the wreckage caused by UBS's business model in Puerto Rico. See "UBS Puerto Rico's Bond Fund Debacle: What We Know so Far" and "Lo que Sabemos hasta Ahora de la Debacle de los Fondos de Bonos UBS Puerto Rico". All our Puerto Rico posts are available in English and in Spanish.

UBS's Farm-to-Table business model included encouraging the Employee Retirement System ("ERS") and other entities in Puerto Rico to issue bonds when no viable market except for UBS's...

Bad Brokers Falsify Their BrokerCheck Records and No One Notices

(Jun 2016)

BrokerCheck records are supposed to accurately reflect brokers' registration, complaint and disciplinary history but, inexplicably, sometimes BrokerCheck records are materially false. Like other problems we've identified with BrokerCheck, there is an easy, low-cost fix.

We have recently written about the problems with FINRA's BrokerCheck and suggested a simple free market solution that would allow investors to protect themselves with no further regulation. How Widespread and Predictable is...

Smaller Brokerage Firms Are Even Worse!

(May 2016)

Last week we posted Have 1.3% or 7.3% of Stock Brokers Engaged in Misconduct? explaining that the competing estimates of broker misconduct differ because of differences in their definition of misconduct and the sample of brokers studied.

Firms with 400 to 999 Brokers Are Much Worse Than Larger Firms.

In last week's post, we listed the 100 highest risk brokerage firms with 400 or more registered brokers sorted by the percentage of their brokers associated with Investor Harm Events as of...

Enforcement Actions: Week in Review - April 8th, 2016

(Apr 2016)

SEC ENFORCEMENT ACTIONS

SEC Charges Four in Fraudulent "Free Dinner" Scheme
April 4, 2016 (Litigation Release No. 63)
Joseph Andrew Paul, John D. Ellis, Jr., James S. Quay and Donald H. Ellison were charged for embezzling money from victims by soliciting a "free dinner" scheme, splitting the victims' money amongst themselves instead of on investments they proclaimed had high returns. Quay has previous convictions of fraud, and both Quay and Ellison have questionable registrations as...

Enforcement Actions: Week in Review - April 1st, 2016

(Apr 2016)

SEC ENFORCEMENT ACTIONS

Securities Professional Charged With Defrauding Institutional Investors
March 28, 2016 (Litigation Release No. 58)
The SEC has charged Andrew W.W. Caspersen for embezzling approximately $95 million from two institutions. Caspersen deceived and offered promissory notes issued by Irving Place II SPV LLC, a name deceptively similar to a legitimate private equity fund Irving Place Capital Partners III SPV that is in no way associated with Caspersen. The U.S. Attorney's...

Enforcement Actions: Week in Review - March 18th, 2016

(Mar 2016)

SEC ENFORCEMENT ACTIONS

SEC Approves 2016 PCAOB Budget and Accounting Support Fee
March 14, 2016 (Litigation Release No. 51)
The SEC approved the Public Company Accounting Oversight Board (PCAOB) annual budget and accounting support fee for 2016 which is a task that SEC is required to do annually according to the Sarbanes-Oxley Act. The Sarbanes-Oxley Act of 2002 was established in efforts of the SEC to oversee and approve the PCAOB's accounting support fee and budget which funds its...

Enforcement Actions: Week in Review - January 15th, 2016

(Jan 2016)

SEC ENFORCEMENT ACTIONS

SEC Announces 2016 Examination Priorities
January 11, 2016 (Litigation Release No. 4)
The SEC has announced its new 2016 priorities for its Office of Compliance Inspections and Examinations. The new priorities center around liquidity controls, public pension advisers, product promotion, exchange-traded funds, and variable annuities.

Julie M. Riewe, Co-Chief of Asset Management Unit, to Leave SEC After 10 Years of Service
January 11, 2016 (Litigation Release No. 5)...

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