On October 27, 2015, Vanguard Funds (Vanguard) filed suit against VEREIT, Inc. (VEREIT), VEREIT Operating Partnership, AR Capital, ARC Properties Advisors, RCAP Holdings, RCS Capital Corporation, and five company executives in Arizona federal court. VEREIT (formerly known as American Realty Capital Properties) is one of the largest real estate investment trusts (REITs) in the world.…
Continue reading ›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…
Continue reading ›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…
Continue reading ›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…
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