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Municipal bond underwriters are under investigation by the Financial Industry Regulatory Authority to see whether firms are funding lavish entertainment for rating agency executives as well as public officials from towns and cities, FINRA Chief Executive Richard Ketchum said Monday.
“We have seen examples of excessive expenses for the entertainment of issuer officials and rating agency officials, which are then charged to the municipalities’ cost of issuance, thereby reimbursing the firm out of bond proceeds,” he said at FINRA’s annual fixed-income conference in New York. Get the full story »
Charles Schwab Corp. will pay $18 million to settle regulatory charges that it hid mortgage-related risks in a bond mutual fund from investors. Get the full story »
Industry regulators have fined Goldman Sachs $650,000 for failing to disclose that two of its brokers, including the executive accused of leading the mortgage securities deal that brought civil fraud charges against the firm, were under investigation by the government.
The Financial Industry Regulatory Authority announced the fine Tuesday, saying Goldman lacked adequate procedures to ensure that the required disclosure was made for Fabrice Tourre, a Goldman vice president. Goldman made that report in May, more than seven months after Tourre received a notice from the Securities and Exchange Commission that it was considering filing charges against him, FINRA said. Get the full story »
Larry Hagman, the actor who played the villainous J.R. Ewing in 1980s TV show “Dallas,” became a victim of fraud and misconduct at the hands of Citigroup Inc., a FINRA arbitration panel ruled this week.
The total award includes $10 million in punitive damages that Citi must pay to charities selected by Hagman, $1.1 million in compensatory damages and nearly $440,000 in legal fees. Get the full story »
