Pennsylvania regulators filed a civil complaint against broker-dealer TD Ameritrade, alleging it committed fraud in the sale of Reserve Yield Plus Fund. The Pennsylvania Securities Commission’s enforcement division alleges that TD Ameritrade and Amerivest Investment Management LLC repeatedly told investors, in calls that were recorded, that the fund was a money-market fund.
Posts Tagged ‘Assets’
Pennsylvania Files Complaint Against TD Ameritrade For Reserve Yield Plus Fund
August 4th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Ameritrade Holding Corp, Amerivest, Asset Value, Assets, Broker Dealer, Civil Complaint, Financial Crisis, Investment Management, Money Fund, Money Market Fund, Money Market Funds, Mutual Fund, Pennsylvania Securities Commission, Regulators, Senior Management, Share Level, Shock Waves, Spokeswoman, Subsidiaries, Td Ameritrade 
Comments OffGoldman Sachs and Barclays could be sued by Lehman Brothers
April 16th, 2010 Before You Invest Lehman Brothers may be able to launch law suits against financial service providers, including Goldman Sachs and Barclays, which bought discounted assets after its collapse, a legal examiner has said.Anton Valukas made the comments as part of a 2,000 page report into the failure of the bank.In the paper, Mr Valukas stated that Lehman Brothers lost $1.2 billion through selling a number of deposits in derivatives to the banks.He said: “The examiner concludes that an argument can be made that the transfers at issue were fraudulent transfers.”The bankruptcy expert added that the trustees of Lehman Brothers may be able to make claims for the money to be returned against any of the firms, such as Barclays, DRW Trading and Goldman Sachs, which took advantage of the discounted positions.Lehman Brothers may also be able to launch legal proceedings against Chicago Mercantile Exchange (CME), the trading exchange which conducted the sale.According to the report, Goldman Sachs bought an additional $450 million on equity trades and $150 million from gas positions.Barclays received $335 million in additional funds from energy trades.
Posted in Finance Fraud Tags: Advantage, Assets, Bankruptcy, Banks, Barclays, Chicago Mercantile Exchange, Collapse, Derivatives, Drw Trading, Failure, Financial Service Providers, Fraudulent Transfers, Goldman Sachs, Launch, Law Suits, Legal Proceedings, Lehman Brothers, Money, Trades, Trading Exchange Comments OffSEC to propose disclosure of high-frequency traders’ activities
April 8th, 2010 Before You Invest The Securities and Exchange Commission (SEC) is proposing that the identity of broker-dealers is revealed when high-frequency trades are made, insiders have said.Two unnamed sources told the Financial Times that the SEC is concerned about the current way in which high-frequency trading, which seeks out pricing and other discrepancies in markets through the use of computer algorithms, takes place.At the moment, the identity of broker-dealers carrying out such business is not shown up in audited trails – making it a hard sector to regulate.The new proposals would aim to improve this situation as part of wider reforms including the implementation of risk management controls.John Nester, SEC spokesman, did not confirm the precise details of the regulators plans but said: “Staff expect to make a recommendation in the very near future.”Last month, the new Financial Rules Bill proposed that all large hedge funds – those with assets of more than $100 million – must be registered with the SEC.
Posted in Finance Fraud Tags: 100 Million, Assets, Broker Dealers, Computer Algorithms, Disclosure, Discrepancies, Financial Times, Hedge Funds, High Frequency, Insiders, Nester, Precise Details, Proposals, Regulators, Risk Management, Securities And Exchange, Securities And Exchange Commission, Spokesman, Trades, Unnamed Sources Comments OffNew Mexico real estate exec accused of $80M scheme
March 27th, 2010 Before You Invest A prominent Albuquerque real estate executive used his reputation to defraud about 600 investors in New Mexico and elsewhere out of an estimated $80 million in a Ponzi scheme, the Securities and Exchange Commission alleged in a federal lawsuit.In the complaint, filed Tuesday, the SEC accused Douglas F.
Posted in Finance Fraud Tags: Albuquerque Real Estate, Assets, Chapter 11 Bankruptcy, Chapter 11 Bankruptcy Protection, Exec, Federal Lawsuit, Fraud, Kelly O Donnell, Licensing Department, Mexico Real Estate, New Mexico Real Estate, Offerings, Ponzi Scheme, Reputation, Securities And Exchange, Securities And Exchange Commission, Selling Unregistered Securities, Superintendent, Temporary Restraining Order, Vaughan Company Realtors Comments OffCitigroup may be earning $20bn a year by end of 2012
March 11th, 2010 Before You Invest Citigroup may be earning as much as $20 billion a year from its core business by the end of 2012, according to a prediction from the bank’s chief executive officer Vikram Pandit.Mr Pandit is set to use an upcoming speech to investors to predict that Citigroup can earn a yearly return of 1.25 per cent on its assets, reports the Financial Times.Citigroup’s asset level stood at more than $1,300 billion at the end of 2009, with the bank estimating this will grow by around five per cent a year.Based on these figures, Citigroup may surpass the $20 billion mark in 2012 as it seeks to increase its global presence.”Clients look to us as being the financial conduit to the world,” Mr Pandit has said. “We want to be a global bank for institutions and individuals.”Earlier this year, Citigroup reported losses of $7.6 billion for the final quarter of 2009 – with $6.2 billion of the deficit attributed to the bank’s repayment of its bailout funding.
Posted in Finance Fraud Tags: Assets, Bailout, Chief Executive Officer, Citigroup, Core Business, Financial Times, Global Bank, Global Presence, Institutions, Investors, Losses, Pandit Comments OffReverse Convertibles—Complex Investment Vehicles
March 11th, 2010 Before You Invest Click for entire articleOver the past few years, brokerage firms and banks have been issuing and marketing complex investments known in the industry as “structured products” to individual investors. These include “reverse convertibles,” which are well loved in part because of the high yields they offer.Also known as “revertible notes” or “reverse exchangeable securities”—and sold under a variety of proprietary names that may or may not use the term “structured” to describe the product—reverse convertibles are debt obligations of the issuer that are tied to the performance of an unrelated security or basket of securities.
Posted in Finance Fraud Tags: Assets, Banks, Bonds, Brokerage Firms, Debt Instrument, Debt Instruments, Debt Obligations, Elements, Financial Instruments, Fixed Income Products, Individual Investors, Inflation Risk, Investment Professionals, Investment Vehicles, Investments, Proprietary Names, Reverse Convertibles, Stocks, Structured Product, Structured Products Comments OffCitigroup plans to sell hedge fund business
February 26th, 2010 Before You Invest Citigroup is in talks with SkyBridge Capital to sell its hedge fund business worth $4 billion.An unnamed source told the Wall Street Journal that the investment banking group is thought to be in “advanced talks” with the organisation, which is run by two former traders from Goldman Sachs.Assets in the fund include $2.5 billion which Citi advises on, $500 million in capital tied to hedge fund stakes and $1 billion worth of hedge fund investments.Details of the deal, including how much SkyBridge would be willing to pay, have yet to be told, the news provider reported.Citigroup announced during 2009 that it would be looking to offload $715 billion worth of assets in a bid to reduce its exposure to risk and the bank is thought to still have more than $500 billion to shift.According to the news provider, Citigroup has sold a number of assets including stakes in the Japan-based Nikko Cordial securities and Nikko asset-management businesses.The sale of its Smith Barney brokerage business and consumer finance businesses in Portugal, Italy and Norway have also taken place as the bank attempts to recover in the wake of the global financial crisis.Fund-of-fund investments in Citigroup increased in 2009 by more than 20 per cent, the news provider stated.
Posted in Finance Fraud Tags: 1 Billion, Asset Management, Assets, Brokerage Business, Business Worth, Citigroup, Consumer Finance, Crisis Fund, Finance Businesses, Fund Business, Fund Investments, Global Financial Crisis, Goldman Sachs, Hedge Fund, Investment Banking Group, Nikko, Smith Barney, Unnamed Source, Wall Street, Wall Street Journal Comments OffGeorge Washington Bank fails; Ohio’s FirstMerit takes over
February 20th, 2010 Before You Invest George Washington Savings Bank in Orland Park, Illinois was closed by state banking regulators, with Akron, Ohio-based FirstMerit Bank acquiring all the deposits and virtually all of the assets of the 120-year-ancient bank.George Washington is the second Chicago-area bank to fail so far this year.
Posted in Finance Fraud Tags: Acquisition, Akron Ohio, Assets, Bank Failures, Banking Operations, Banks, Ceo, Chicago Area, Collapse, Fdic, Federal Deposit Insurance, Federal Deposit Insurance Corp, Firstmerit Bank, George Washington, Losses, Oak Lawn, Orland Park Illinois, Paul Greig, Regulators, South Suburban Comments OffChinese hacker school shut down – v3.co.uk – 8 Feb 2010
February 10th, 2010 Before You Invest A report in the China Daily newspaper claims that the country’s largest hacker training site has been shut down by the authorities.The paper said that three people have been arrested, and that assets to the value of ¥1.7m (£160,000) have been seized, suggesting that the site was huge business.The Black Hawk Safety Net site was set up in 2005, and had some 12,000 members, all of whom may have paid up to ¥2,000 (£190) for training in hacking and other online criminal activities.A further 170,000 people were registered on the site, but had not paid a fee and had received only low level hacking tips and tricks, according to the report.The authorities seized a number of web servers, five computers and a car.China’s recently made anti-hacking laws make it illegal to attack software and other computer programs.But the country’s reputation has recently been tarnished by allegations that hackers from the region have been involved in cyber attacks on Google and UK businesses.By David Neal
Posted in Finance Fraud Tags: Allegations, Assets, Authorities, Black Hawk, Chinese Hacker, Computer Programs, Cyber Attacks, Five Computers, Google, Google Uk, Hacker School, Hacker Site, Hacker Training, Hackers, Hacking Tips, Hawk, Reputation, Tips And Tricks, Uk Businesses, Web Servers Comments OffFraud Defendant Lands in Jail for Failure to Comply with Court Order
January 27th, 2010 Before You Invest Earlier this week Trevor G. Cook, a onetime money manager charged with operating a foreign currency trading scheme, was jailed for being in contempt of court. A federal judge in Minnesota had been trying to enforce an order granted to the Securities and Exchange Commission (SEC) forcing Cook to hand over more than $35 million in assets when Cook’s unwillingness to comply landed him in jail.
Posted in Finance Fraud Tags: Assets, Chicago Regional Office, Contempt Of Court, Defendant, Faberge Eggs, Federal Judge, Foreign Currency Trading, Fraud, Gillete, Investor, Luxury Cars, Money Manager, Offshore Accounts, Radio Host, Securities And Exchange, Securities And Exchange Commission, Securities Products, Selling Unregistered Securities, Shell Companies, Submarine Comments Off
