How to Trade on Insider Information, but Not Spend Time Behind Bars

A former Wall Street trader made off with no jail time after cooperating with the government in its extensive insider trading investigations and prosecutions.  And he produced results, which count in this sort of thing.  His efforts contributed to the ...

Sullivan & Cromwell Partner Goes to Prison

‘A Greek Tragedy.’ The American dream of one lawyer who had risen out of humble beginnings and achieved immense success got a rude awakening earlier this month.  This individual – the son of an Irish immigrant dock worker and a ...

RBS CEO Gets Reduced Bonus – Still Too Much?

Royal Bank of Scotland CEO Stephen Hester is a sight of wonder.  Amid efforts by U.K. Prime Minister David Cameron to reduce bonuses for bank executives – especially those employed by a bank that’s 82%-owned by the ...

Greenlight CCO, JPM Trade Director Charged in Insider Trading Case

Two days after David Einhorn and his Greenlight hedge fund were charged with insider trading and fined $11.5 million, the regulator announced more charges and fines.  Former fund Compliance Officer Alexander Ten-Holter and JPMorgan Cazenove trading desk director Caspar ...

SEC Busts Florida Boiler Room

It’s hot in Florida, but the SEC is going to do its best to make it hotter for a Ft. Lauderdale-based firm and its founder.  They’re charged with operating a boiler room in which they hyped 2 thinly-traded penny stocks ...

4 Trading Firms, 8 Executives, 1 Computer Hacker Charged

Account Intrusion, Pervasive Stock Manipulation The SEC on Thursday charged a trader in Latvia with widespread intrusion of online accounts, in which he manipulated the prices of more than 100 NYSE and Nasdaq securities.  It’s estimated that customers of U.S. ...

SEC’s Khuzami to Lead the RMBS Working Group

At a joint news conference conducted by the SEC and the U.S. Department of Justice, Robert Khuzami, Director of the SEC’s Division of Enforcement – announced the formation of the RMBS Working Group.  Mr. Khuzami will lead the group which ...

Ex-MF Global Risk Chief Will Testify

Michael Roseman, the former CRO (chief risk officer) will testify on Thursday, 2/2/12 before a House Financial Services subcommittee which has been exploring the role that ratings agencies and risk officers played in the collapse of futures ...

2011 Bonuses: Bankers Stay Put

January 2012 is starting out quite different from past years.  Missing is the hustle and bustle of London bankers and recruiters, who in the past were actively pursued new jobs and firms for disgruntled, ‘short-changed’ bankers. Well, in January 2012, many ...

SEC Suspends Investment Bank, RR over Emailing

The SEC reported that an investment bank and one of its principals submitted an AWC, fining the firm $65,000 and suspending the principal from association with any FINRA member in any capacity for 4 months.  The committee found that as ...

OCIE to FINRA CEO Ketchum: New FinCEN Rule

The SEC wrote to FINRA CEO Richard “Rick” Ketchum informing him that Financial Crimes Enforcement Network (“FinCEN”) issued a final rule – effective 1/3/11 – amending Bank Secrecy Act (“BSA”) regulations re: the confidentiality of suspicious activity reports ...

FINRA: Protecting Customer Accounts

Ways Firms Can Safeguard Against the Risk of Fraudulent LOA’s. FINRA reports a sharp rise in stolen customer funds, based on incident reports submitted by member firms, which frequently note that the incidents occurred when customers use personal email accounts to ...