The Securities and Exchange Commission charged that a South Florida investment manager defrauded investors by making false claims about his investment track record and providing bogus account statements that reflected fictitious profits. In the complaint filed in the U.S. District Court for the Southern District of Florida, the SEC alleges that since 2005, George Elia […]
Florida Governor Rick Scott suspended Margate Commissioner David McLean from public office, effective today. McLean allegedly used his influence in exchange for payment to assist a business owner in applying for an occupational license, among other activities. Cooperating Witnesses in the case included a commercial property owner of a Margate strip shopping center and a […]
Public companies can now use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD), says the SEC, as long as investors are notified of company communication plans. Regulation FD applies to social media and other emerging means of communication used by public companies the same […]
David Lerner Associates, Inc. (DLA) of Long Island was fined $2.3 million by FINRA, the Financial Industry Regulatory Authority, for selling municipal bonds and collateralized mortgage obligations (CMOs) to retail customers at unfair prices, and for supervisory violations. In addition to providing restitution to customers, the firm’s head trader, William Mason is suspended and fined $200,000. The ruling resolves charges […]
Discount brokerage Charles Schwab is reviewing whether to add a warning when a customer is about to trade certain exchange-traded products, according to a Reuters story titled “Schwab considers warnings on controversial exchange-traded products.” Schwab’s position indicates the need for retail investors to be cautious when considering an investment in “esoteric” securities. According to the […]
George Elia was arrested by the FBI on a criminal complaint alleging that the defendant committed wire fraud. If convicted, Elia faces a maximum of twenty years in prison, to be followed by three years of supervised release, and a potential fine. Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and […]
A $1.6 billion shortfall in customer funds at MF Global Holdings Ltd. is the subject of a fifth investigatory hearing by the House Financial Services Committee scheduled for Wednesday, March 28th. Laurie Ferber, MF Global’s general counsel, is expected to break her silence on the situation. “My impression throughout the afternoon and late into the […]
The Commodity Futures Trading Commission (CFTC) will hold a meeting of its Technology Advisory Committee on Thursday, March 29, 2012, in Washington, DC. The meeting will focus on three significant issues facing the futures and swaps industries as the Commission continues to finalize rules under the Dodd-Frank Act: (1) automated and high frequency trading (HFT): […]
The median home sale price jumped to $235,000 in Palm Beach County in February 2013, up 27% from a median price of $185,00 for the same time period last year. Home prices in Broward County are also increasing, as shown in the chart below. The news is especially good for sellers of upscale Palm Beach […]
The Financial Industry Regulatory Authority (FINRA) announced this week that it fined Citi International Financial Services LLC, a subsidiary of Citigroup, Inc., $600,000 and ordered more than $648,000 in restitution and interest to more than 3,600 customers for charging excessive markups and markdowns on corporate and agency bond transactions, and for related supervisory violations. According […]