Charges Are Said to Be Near Over Kickbacks in Exports of Luxury Cars to China

by The Compliance Exchange on April 21, 2014

New York authorities appear to be getting closer to filing charges in connection with an investigation into accusations of kickbacks being paid to salesmen at high-end car dealerships in the New York area. The investigation is part of a broad national crackdown on businesses seeking to turn a quick profit by exporting luxury cars … Read More »

How a 56-Year-Old Engineer’s $45,000 Loss Spurred SEC Probe

by The Compliance Exchange on April 21, 2014

Jeff Steckbeck didn’t read the prospectus. He didn’t realize the price was inflated. He didn’t even know the security he read about online was something other than an exchange-traded fund.

The 56-year-old civil engineer ultimately lost $45,000 on the wrong end of a volatilitybet, or about 80 percent of his investment, after a Read More »

NYSE, Brokerages Sued Over High-Frequency Trading

by The Compliance Exchange on April 21, 2014

Bank of America Corp. and the New York Stock Exchange were among dozens of exchanges, brokerages and traders sued over high-frequency trading by the city of Providence, Rhode Island, over claims they rigged securities markets to divert billions of dollars from buyers and sellers of shares.

Scrutiny of high-frequency trading and whether … Read More »

Former-BP exec sold $1M in stock at height of spill disaster

by The Compliance Exchange on April 21, 2014

Former-BP exec sold $1M in stock at height of spill disasterA former BP employee who was a coordinator during the 2010 oil spill in the Gulf of Mexico has agreed to settle federal charges of using confidential information on the seriousness of the spill to profit illegally from trading in BP stock.

The Securities and … Read More »

Hacking Into Tomorrow’s Banking Crisis

by The Compliance Exchange on April 21, 2014

Any student of history knows that defensive bulwarks are too often built with the last war in mind. A risk for banks is that they and regulators focus too much on problems that led to the last financial crisis.

Understandably, efforts to shore up the financial system have centered on making surebig banks have enough equity … Read More »

SEC Weighs Making Brokers Disclose Where Trades Are Sent

by The Compliance Exchange on April 21, 2014

The U.S. Securities and Exchange Commission is weighing a requirement that brokers tell investors exactly where their stock trades go to be executed, a proposal that may address complaints that the decisions are sometimes made against the client’s best interests.

The proposal could give investors more insight into whether they are getting the best price when … Read More »

Number of fines imposed by City regulator drops by 40%

by The Compliance Exchange on April 21, 2014

The number of fines given out by the main City regulator to senior executives in the financial services sector for misconduct or breach of rules has dropped by 40% in the past four years.

The figures will raise concerns that the Financial Conduct Authority (FCA) is failing to crack down hard enough on bad practice despite all the concerns … Read More »

U.S. insider trading cases face test at appeals court

by The Compliance Exchange on April 21, 2014

A U.S. appeals court is set hear a case whose outcome could make it harder for the government to prosecute insider trading and potentially jeopardize several high-profile guilty verdicts, including that of SAC Capital Advisors portfolio manager Michael Steinberg.

The question facing the 2nd U.S. Circuit Court of Appeals in New York on Tuesday is one that has divided lower … Read More »

SEC Charges Brokerage Firm Executives in Kickback Scheme to Secure Business of Venezuelan Bank

by The Compliance Exchange on April 21, 2014

The Securities and Exchange Commission announced another round of charges in its ongoing case against several individuals involved in a massive kickback scheme to secure the bond trading business of a state-owned Venezuelan bank.

The SEC alleges that two executives at New York City-based brokerage firm Direct Access Partners (DAP) were integral participants in the wide-ranging fraud. … Read More »

10 questions to ask a recruiter (and 1 to avoid)

by The Compliance Exchange on April 17, 2014

10 questions to ask a recruiter (and 1 to avoid)

Every once in a while, the phone rings, and it’s a recruiter on the other end. While you might not be interested in what he is offering, you have to admit that it’s flattering … Read More »



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