Wednesday, 24 September 2014
Last updated 13 hours ago
Aug 6 2013 | 10:14am ET
Three former executives of Ponzi schemer R. Allen Stanford's brokerage have been ordered to pay nearly $5.5 million for their role in the fraud.
A Securities and Exchange Commission administrative law judge found Bernerd Young, Daniel Bogar and Jason Green liable for the $7 billion scam, even though the agency did not allege that any of them knew about the fraud. Still, their conduct was so "egregious" that Judge Carol Fox Foelak found against them anyway, agreeing with the SEC that the three didn't do enough to ensure that Stanford's marketing materials and disclosures were adequate.
Young was Stanford Group's chief compliance officer, Bogar its president and Green head of its private-client group. Each was ordered to pay a $260,000 fine; Green was ordered to disgorge $2.6 million, Bogar $1.5 million and Young nearly $600,000.
All three denied wrongdoing and can appeal the decision.
The ruling comes a year after Stanford himself was sentenced to 110 years in prison, and months after three other former Stanford executives received prison terms ranging from five to 20 years.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.