Thursday, February 23rd, 2012

Morgan Keegan Employee Gets Arb Award

Kyle Rote, Jr., took his employer, Morgan Keegan, to FINRA arbitration over a disputed $954,000 investment loss in 2 funds run by the firm. While Mr. Rote and wife Mary Lynne won the case, the arbitration award from the…

SEC Charges China-Based Executives

The SEC on Wednesday charged 2 China-based executives with defrauding investors into believing they were investing in a Chinese coal business when in fact they were investing in an empty shell company. The Chairman and CEO of Puda Coal…

Banker Relies on Whistleblower Rule in Lawsuit for Bonus

A senior investment banker at Credit Agricole SA is suing the French lender for millions of pounds, on the grounds that he lost out in bonuses and was fired for reporting colleagues under whistleblowing rules. Although wrongful dismissal damages…

Falcone, Harbinger Sued by Investor

A limited partner in Phil Falcone’s Harbinger Capital hedge fund filed a lawsuit immediately days after the FCC rejected LightSquared, Inc.’s bandwidth application because its signals interfere with signals used for GPS navigation. For Falcone and Harbinger Capital Partners,…

New Fraud Claims Against BofA’s Countrywide

Is there no end to the troubles facing the Countrywide and, in turn, its parent company Bank of America. On Thursday, MBIA claimed it has new evidence of “widespread mortgage-origination fraud” at Countrywide, hoping to bolster its $1.4 billion…

Goldman Programmer Wins Appeal of Conviction

A federal appeals court late Thursday reversed the conviction of Sergey Aleynikov, a former Goldman Sachs programmer found guilty of copying and removing proprietary code from the bank’s high-frequency trading platform, prior to starting a new job at Teza…

Senior Marketing Director to Plead to Tipping Insider Information

In connection with the SEC’s Kinnucan/Broadband insider trading case, a former SanDisk Corp. senior marketing director, Donald Barnetson, will plead guilty on Friday to insider trading, records in Manhattan federal court show. Barnetson left SanDisk in early 2011, according…

Insider Trading Charge: Expert Consulting Firm, Owner

The SEC on Friday charged John Kinnucan and his Portland, OR-based expert consulting firm, Broadband Research Corporation, with insider trading in the technology sector. The charges stem from the SEC’s ongoing investigation of insider trading involving expert networks.

In a…

Ex-Merrill Broker Charged with Insider Trading

A former Merrill Lynch executive was fined for leaking confidential information about a British pub chain to the hedge fund Greenlight Capital. Britain’s top securities regulator, the Financial Services Authority (FSA) said the onetime Merrill corporate broker, Andrew Osborne,…

Citi Fined for Gaming Federal Housing Program

Citigroup will have to pay $158 million to settle charges that its mortgage unit defrauded the Federal Housing Administration. Government officials said that the bank had inaccurately claimed that certain mortgages were eligible for government insurance.

Under the FHA’s Direct…