Comerica Bank and investors who were harmed in Woodbridge’s $1.2 billion Ponzi scheme have won final approval of their $54.2 million settlement.
I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!
Comerica Bank and investors who were harmed in Woodbridge’s $1.2 billion Ponzi scheme have won final approval of their $54.2 million settlement.
After agreeing to a settlement with the Financial Industry Regulatory Authority (FINRA), Aegis Capital will pay $1.7 million in restitution to clients as well as a $1.1 million fine after the firm allegedly failed to oversee advisors who orchestrated potentially unsuitable trades.
A California federal judge has initially approved a $54.2 million agreement between Comerica Bank and a class of about 8,000 investors, who accused the bank of abetting a Ponzi scheme by Woodbridge Group. Nearly 61% of the class are members of the Woodbridge Liquidation Trust while the rest are individual investors, according to the motion for approval.
The Financial Industry Regulatory Authority (FINRA) has finalized a record $70 million settlement with Robinhood Financial over widespread supervisory failures and outages.
Purshe Kaplan Sterling Investments Inc., agreed to pay 50 clients who had filed arbitration claims with the Financial Industry Regulatory Authority (FINRA).
Goldman Sachs agreed to pay $2.9 billion to settle a criminal investigation brought by federal prosecutors.
Sabra Capital Partners, and its managing partner Zvi Rhine, settled charges brought by the U.S. Securities and Exchange Commission (“SEC”) that the firm defrauded investors by concealing losses in a hedge fund the firm manages.
Morgan Stanley Wealth Management has reached an agreement with the Financial Industry Regulatory Authority (“FINRA”) to settle charges relating to alleged supervisory failures.
Convenience store chain Wawa has agreed to pay $21.6 million to settle a 2018 class-action lawsuit regarding the company’s employee stock option plan (“ESOP”). The settlement is still pending court approval. Wawa previously paid $25 million to settle a class-action lawsuit in 2016 that involved similar allegations relating to Wawa’s ESOP.
MetLife has agreed to pay $84 million to settle class action claims that it underreported life insurance death benefit liabilities and misled investors. The settlement concludes eight years of litigation, which included multiple formal mediation sessions. The original complaint was filed in 2012, and the class was certified in 2017. The class of plaintiffs includes investors who acquired MetLife common stock during certain offerings in 2010 and 2011.
According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.
The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.
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