The Securities and Exchange Commission has filed a federal lawsuit against several entities and individuals accused of orchestrating a $449 million Ponzi scheme. In a news release last week, the SEC announced it had brought charges and frozen assets of the defendants,...
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Month: April 2022
Former Edward Jones broker barred by FINRA after allegedly refusing to return funds to client
A former broker for Edward Jones who allegedly refused to return over $893,000 he received from a client has been barred by the Financial Industry Regulatory Authority, reports AdvisorHub. FINRA administered the sanction against John Winslow, who spent eight years...
Wells Fargo appeals judge’s decision overturning FINRA arbitration ruling
Wells Fargo Advisors is appealing a judge’s ruling which overturned an arbitration award that had gone in the company’s favor, ThinkAdvisor reports. On Jan. 25, Fulton County Superior Court Judge Belinda E. Edwards vacated a decision by Financial Industry Regulatory...
Federal Reserve bans six former bank employees over COVID loan fraud
Six former bank employees have been banned by the Federal Reserve Board for fraudulent actions involving a federal COVID-19 economic relief program, reports Financial Advisor. The Fed announced last week that it had prohibited the six from future employment in the...
Former Goldman Sachs banker convicted on bribery, money laundering charges
A former banker for Goldman Sachs was convicted on charges that he helped to embezzle billions of dollars from Malaysia’s 1MDB development fund, according to ThinkAdvisor. 49-year-old Roger Ng was found guilty last week by a federal jury in Brooklyn on all three of...