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Displaying 11-20 out of 24 results for "Private Placements".

Overreliance on Credit Ratings Results in Large Losses for Municipalities

Earlier this week, the SEC charged Wells Fargo's brokerage firm with selling complex securities to institutional investors such as municipalities and non-profits. The Institutional Brokerage and Sales Division, between January 2007 and August 2007, made recommendations to institutional clients to purchase asset-backed commercial paper "issued by limited purpose companies called structured investment vehicles (SIVs) and SIV-Lites backed largely by mortgage-backed securities and CDOs." Already...

SEC Press Release: New Short Form Criteria

SEC Adopts New Short Form Criteria to Replace Credit Ratings

The Securities and Exchange Commission (SEC) issued a press release today announcing that it had removed "credit ratings as eligibility criteria for companies seeking to use 'short form' registration when registering securities for public sale." The SEC unanimously voted for the adoption of this new rule, in response to the Dodd-Frank Wall Street Reform and Consumer Protection Act that encouraged financial regulators to rely...

SEC Press Release: Morgan Keegan fined in connection with CDOs

Morgan Keegan to Pay $200 Million to Settle Fraud Charges Related to Subprime Mortgage-Backed Securities

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that

"Morgan Keegan & Company and Morgan Asset Management have agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities. Two Morgan Keegan employees also agreed to pay penalties for their alleged misconduct, including one who is now barred from the...

SEC Press Release: Reverse Mergers

SEC Issues Bulletin on Risks of Investing in Reverse Merger Companies

The Securities and Exchange Commission (SEC) announced in a press release today announcing that it had "issued an Investor Bulletin about investing in companies that enter U.S. markets through so-called 'reverse mergers'." The purpose of the Investor Bulletin, according to SEC's Office of Investor Education and Advocacy's, is to educate investors on the potential risks of investing in the stock of reverse merger...

FINRA Press Release: Non-Traded REITs

FINRA Charges David Lerner & Associates Over Sale of Non-traded Apple REITs

The Financial Industry Regulatory Authority (FINRA) issued a press release yesterday in which it announced that it had

"filed a complaint against David Lerner & Associates, Inc. (DLA), of Syosset, NY, charging the firm with soliciting investors to purchase shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT), without conducting a reasonable investigation to determine whether...

FINRA Press Release: Subprime Securitizations

FINRA Fines Credit Suisse Securities $4.5 Million and Merrill Lynch $3 Million for Misrepresentations Related to Subprime Securitizations

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has fined Credit Suisse Securities (USA) LLC $4.5 million, and Merrill Lynch $3 million for misrepresenting delinquency data and inadequate supervision in connection with the issuance of residential subprime mortgage securitizations...

SEC Press Release: Assigned Credit Ratings

SEC Seeks Public Comment to Assist in Study on Assigned Credit Ratings

The Securities and Exchange Commission (SEC) issued a press release today announcing that it had requested

for public comment on the feasibility of a system in which a public or private utility or a self-regulatory organization would assign a nationally recognized statistical rating organization (NRSRO) to determine credit ratings for structured finance products.

The SEC's effort is mandated by the Dodd-Frank...

FINRA Press Release: Private Placements

FINRA Sanctions Two Firms and Seven Individuals for Selling Private Placements Without Conducting a Reasonable Investigation

The Financial Industry Regulatory Authority (FINRA) issued a press release today announcing that

"it has sanctioned two firms and seven individuals for selling interests in private placements without conducting a reasonable investigation. The companies whose securities were sold in these private placements were unrelated to the firms and individuals FINRA...

SEC Press Release: Mortgage Backed Securities

SEC Announces Securities Laws Violations by Wachovia Involving Mortgage-Backed Securities

The Securities and Exchange Commission (SEC) issued a press release today announcing that

"Wells Fargo Securities LLC [had] agreed to settle charges that Wachovia Capital Markets LLC engaged in misconduct in the sale of two collateralized debt obligations (CDOs) tied to the performance of residential mortgage-backed securities as the U.S. housing market was beginning to show signs of distress...

SEC Press Release: Life Settlement Fund Fraud

SEC Charges Former UBS Financial Adviser With Defrauding Life Settlement Fund Investors

The U.S. Securities and Exchange Commission (SEC) issued a press release today announcing that they

"charged a former financial adviser at UBS Financial Services LLC with misappropriating $3.3 million in a scheme that included bilking investors in a private investment fund he established."

Kobayashi of UBS, Walnut Creek office, California, established Life Settlement Partners LLC, a pooled...

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