Wall Street Investment Fraud Lawyer Blog

On February 22, 2013 the SEC released the results from its recent study which suggests that investor confidence in the markets rose in 2012. The study, conducted by the SEC’s Division of Risk, Strategy, and Financial Innovation, showed that money raised through registered investment offerings rose 22% from 2011 to 2012. In addition, over the past two…

On February 21, 2013, the SEC released its 2013 examination priorities for a range of issues at financial institutions. Carlo V. di Florio, Director of the SEC’s Office of Compliance Inspections and Examinations, stated “we are publishing these priorities to promote compliance and communicate with investors and our registrants about areas that we perceive to have heightened…

On February 19, 2013, Lockheed Martin Corp. agreed to pay $19.5 million to settle a securities fraud class-action lawsuit. In July 2011, the City of Pontiac General Employees’ Retirement System, the public employees’ pension fund for Pontiac, Michigan, accused Lockheed for misleading investors about its information technology division. Lockheed was blamed for misstatements that led to…

On February 19, 2013, FINRA announced it fined five affiliates of ING $1.2 million for failing to retain or review millions of emails for periods ranging from two months to more than six years. The five firms include: Directed Services, LLC; ING America Equities, Inc.; ING Financial Advisers, LLC; ING Financial Partners, Inc.; and ING Investment Advisors,…

On February 14, 2013, FINRA sent an email to member firms that detailed its plan to reissue a package of controversial membership rules. The email stated that FINRA board had approved issuing a revised rule proposal. The original proposal drew a harsh response from the industry because they believed the proposed rules were over-reaching. FINRA’s original…

On February 11, 2013, we posted a blog entitled Interesting Points From the S&P Lawsuit, which detailed the interesting aspects to watch in the wake of the recent S&P lawsuit. It specifically detailed how the U.S. Government has insisted on an admission of guilt from S&P and has not backed down, which is in contrast to…

On February 15, 2013, the SEC obtained default judgments against Sean David Morton, a nationally-recognized psychic who billed himself as “America’s Prophet,” his wife, Melissa Morton, and corporate shell entities co-owned by the Mortons. The SEC charged Morton with engaging in a multi-million dollar fraudulent scheme. According to the complaint, Morton fraudulently raised more than $5…

On February 13, 2013, Georgia Attorney General Sam Olens announced that Georgia has moved to join a lawsuit challenging the constitutionality of the Dodd-Frank Act. The lawsuit Georgia seeks to join was originally filed by a small Texas community bank in June 2012. The suit requested the court to invalidate Dodd-Frank because it gives the federal government “unprecedented,…

On February 11, 2013, the Insured Retirement Institute released the results of a study that compared the amount of retirement savings between married baby boomers and single baby boomers. The study found that married baby boomers are far better financially prepared for retirement. According to the study “more than 8 in 10 married baby boomers (81.9%) report having retirement…

In an Investor Alert released on February 14, 2013, FINRA warned investors that if interest rates rise as expected, bond holders will be “slammed” with long duration. It stated that “in the event of rising interest rates, outstanding bonds, particularly those with a low interest rate and high duration, may experience significant price drops.” Duration, in this context…