On Eve of Alibaba’s I.P.O., Senator Urges S.E.C. to Look at Risks in Some Chinese Offerings

by The Compliance Exchange on September 18, 2014

The Alibaba Group may be preparing for a new life as a publicly traded company on the New York Stock Exchange. But one senator is urging securities regulators to take care in letting certain other Chinese companies do the … Read More »

Brokers Countersue to Thwart Suits by Unhappy Investors

by The Compliance Exchange on September 18, 2014

A brokerage firm countersued an investor  Joseph Peiffer represented in a case before financial industry regulators.Ron Vaerewyck was making his way through the convention floor at the annual World Money Show in Orlando, Fla., in February 2008 when he stopped by the booth for Reef Securities of Richardson, Tex.

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Dodd-Frank Agency Flopping

by The Compliance Exchange on September 18, 2014

A federal agency responsible for addressing emerging threats to the financial system has no comprehensive approach for identifying those threats, according to a report released Wednesday by the Government Accountability Office.

The Financial Stability Oversight Council (FSOC) was established in 2010 under the Dodd-Frank Act “to monitor the stability of the U.S. financial system … Read More »

Wall Street executives being investigated

by The Compliance Exchange on September 18, 2014

Citing Wall Street’s “troubling return” to risky conduct that preceded the 2008 financial collapse, Attorney General Eric Holder said Wednesday that federal authorities are poised to file criminal charges against an undisclosed number of individuals at various financial institutions.

In a speech at New York University’s School of Law, Holder said there are “investigations … Read More »

If Greed Is Good, Why Is Insider Trading Bad?

by The Compliance Exchange on September 18, 2014

Last week’s sentencing of Mathew Martoma for insider trading
may signal the end of the SEC’s efforts to bring down his former boss, Steven A. Cohen, but it will almost certainly guarantee another round of debate over the legal regime that has sent Martoma behind bars for the next … Read More »

Wilson Sonsini tech employee charged with illegal insider trading

by The Compliance Exchange on September 18, 2014

The Securities and Exchange Commission on Tuesday charged a senior technology employee with Silicon Valley law firm Wilson Sonsini Goodrich & Rosati with illegally trading on nonpublic information he learned about mergers involving the firm’s clients.

Dimitry Braverman, 41, allegedly made more than $300,000 in illegal profits by trading in … Read More »

Compliance Roundup

by The Compliance Exchange on September 18, 2014

A Tower Research Capital LLC unit agreed to pay a record $16 million penalty to settle U.S. regulatory claims that it didn’t hold enough capital to support its high-frequency trading.

Latour Trading LLC failed to maintain minimum levels of net capital on 19 of 24 reporting dates over a two-year … Read More »

UBS is guinea pig for France’s new tax evasion clampdown

by The Compliance Exchange on September 18, 2014

UBS has become the test case for French President Francois Hollande’s tax-evasion crackdown.

Bloomberg News reports that the Swiss bank is set to learn from a Paris appeals court on September 22 if it must post a $1.4bn bond to cover a potential criminal penalty for alleged money laundering. Its French unit already … Read More »

Deutsche Bank and 3 former executives charged with fraud

by The Compliance Exchange on September 18, 2014

Deutsche Bank AG and at least three former executives received indictments as part of an attempted fraud probe over the bank’s handling of a more than a decade-old civil lawsuit.

The bank was sent a copy of the indictment, which was originally filed with a Munich court in August, said Klaus Winker, a spokesman … Read More »

High Frequency Trading firm Latour hit with $16 million SEC fine

by The Compliance Exchange on September 18, 2014

Mary Jo White will take just a little off the top.

Financial regulators on Wednesday docked a giant high-frequency trading firm and one of its executives $16 million for failing to keep enough capital on its books in “haircut” calculations — the kind of safety measure that has been required … Read More »



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