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News and Alerts

10/28/2015

SEC Bars Brokers Who Played Favorites to Double Their Commissions

The Securities and Exchange Commission today barred two brokers at a now-defunct Connecticut brokerage for giving customer order information to certain favored customers, helping those customers get better prices while generating extra commissions for their firm. The SEC also ordered the brokers to pay financial penalties. Read more

10/27/2015

Developer, Former Top Execs Charged for Improper Accounting of Real Estate Assets During Financial Crisis

The Securities and Exchange Commission today charged The St. Joe Company, a Watersound, Florida-based real estate developer and landowner, its former top executives, and two former accounting department directors, with improperly accounting for the declining value of its residential real estate developments during the financial crisis. As a result of this misconduct, St. Joe reported materially overstated earnings and assets in 2009 and 2010. Read more

10/26/2015

SEC Charges Credit Rating Agency With Misrepresenting Surveillance Methodology

The Securities and Exchange Commission today charged credit rating agency DBRS Inc. with misrepresenting its surveillance methodology for ratings of certain complex financial instruments during a three-year period. The firm agreed to pay nearly $6 million to settle the charges. Read more

10/19/2015

Two UBS Advisory Firms Settle Charges Arising From Failure to Disclose Change in Investment Strategy - Settlement Will Return More Than $13 Million to Harmed Investors

The Securities and Exchange Commission today announced that two UBS advisory firms have agreed to settle charges arising from their roles in failing to disclose a change in investment strategy by UBS Willow Fund LLC, a closed-end fund they advised. Read more

10/19/2015

Former Head of Coastal Investment Advisors Settles Charges, Admits He Stole Money From Investors

The Securities and Exchange Commission today announced that Michael Donnelly, the former president of Wilmington, Del.-based Coastal Investment Advisors Inc. and its affiliated broker-dealer, has agreed to settle charges that he stole nearly $2 million from his advisory clients and brokerage customers.Read more