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According to recently-filed court papers, to settled Securities and Exchange Commission (“SEC”) charges, hedge fund manager Philip Falcone of Harbinger Capital and certain Harbinger entities admitted to factual allegations by the SEC, agreed to pay disgorgement of over $6 million and fines of over $10 million, and agreed to a ban on Mr. Falcone’s association…

Massachusetts securities regulator William Galvin today announced settlements with five leading stock brokerages to make $8.6 million in restitution to investors and pay fines totaling $975,000 in connection with charges that the five firms engaged in improper sales of non-traded REITs to investors. The five firms that settled with Massachusetts are Ameriprise Financial Services Inc.,…

Law Office of Christopher J. Gray, P.C., a New York City law firm handling arbitration claims on behalf of investors throughout the United States, has filed multiple Financial Industry Regulatory Authority (“FINRA”) arbitration proceedings on behalf of investors who allege that registered representatives of LPL Financial Holdings, Inc.’s (Nasdaq:LPLA) brokerage subsidiary recommended unsuitable investments in…

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Investors who suffered losses as a result of their broker’s recommendation of C-Tracks ETN Citi Volatility Index Total Return are seeking the help of investment attorneys in recovering those losses. Reportedly, a unique methodology has caused a severe decline in the Volatility ETFdb Category. The C-Tracks ETN Citi Volatility Index Total Return combines short exposure…

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit in the U.S. District Court for the District of Columbia alleging that online betting market Intrade and associated companies violated the Commodities Exchange Act by facilitating illegal off-exchange trading in options contracts. The complaint is accessible below. Intrade operates an online “prediction market” trading…

The torrent of disturbing information arising from the implosion of futures commission merchange MF Global, Inc. continued today when it was revealed that MF Global was “not in compliance” with rules that prohibit brokerage firms from commingling client funds with their own monies. The head of the Chicago Mercantile exchange said Tuesday confirmed that MF…

MF Global, a commodities brokerage firm that filed for Chapter 11 bankruptcy today, reportedly was brought down by highly risky bets on debt securities issued by European governments. Once regulators reportedly forced it to disclose the bets on debt issued by countries including Italy, Portugal and Spain, the firm rapidly unraveled with no buyers willing…

A recent arbitration decision against Fisher Investments is reportedly not the first time JAMS arbitration has heard Fisher Investments complaints. At least two other actions concerning Fisher Investments performance have been filed against the firm in recent years, alleging the company put too much of an investor’s account in equities, which resulted in massive losses…

Bank of America’s Merrill Lynch brokerage unit agreed to pay $1 million for supervisory failures that allowed a former broker to use a Merrill Lynch account to run a Ponzi scheme, FINRA said on Tuesday. The Financial Industry Regulatory Authority (“FINRA”), which oversees the U.S. brokerage industry, found that the brokerage failed to have an…