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Sep 2, 2015

UBS Settles Hedge Fund Suit

By |September 2nd, 2015|Asset Backed Securities, Hedge, Bond & Mutual Funds, Press Releases & News, Securities Law Violations, UBS|

UBS AG avoided going to trial today by mere hours by agreeing to settle a lawsuit in which it was alleged to have peddled "crap" and "vomit" securities during the financial crisis of 2007. Connecticut hedge fund Pursuit Partners claimed that UBS sold it asset-backed securities and failed to disclose that they were about to [...]

Feb 13, 2015

GE Sues AIG For Securities Fraud, Rejects $960M Settlement

By |February 13th, 2015|Asset Backed Securities, Press Releases & News, Securities Law Violations|

General Electric Inc.'s pension and investment funds lawsuit with American International Group Inc. is going to federal court in New York, resurrecting claims from a class action suit settled last year that AIG made misrepresentations to investors regarding the exposure of billions worth of mortgage-backed transactions, despite the housing market crashing. Between 2006 and 2009, [...]

Oct 13, 2014

Georgia, Utah Men Sentenced In Ponzi Scheme Case

By |October 13th, 2014|Asset Backed Securities, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations|

The Frankowski Firm is investigating a two-man Ponzi scheme that victimized Utah investors. Martin A. Pool of Atlanta, Georgia and Armand R. Franquelin of Liberty, Utah pleaded guilty in May to fraud and money laundering charges. The two admitted that they had persuaded investors to convert traditional Individual Retirement Accounts into self-directed accounts and invest [...]

Oct 3, 2014

Indiana Man Receives 22 Year Sentence For North Carolina Ponzi Scheme

By |October 3rd, 2014|Asset Backed Securities, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations|

Thomas Kimmel, who federal prosecutors have accused of operating a Washington, North Carolina Ponzi scheme aimed at rural church goers, was sentenced in federal court this week to 264 months in prison. After serving that sentence he will serve three years of supervised release. Further, he has been ordered to pay over $16.5 million in [...]

Aug 19, 2014

Three Sentenced For Church-Targeting Ponzi Scheme

By |August 19th, 2014|Asset Backed Securities, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations|

The Frankowski Firm is currently investigating a Ponzi scheme aimed at church-goers. Two people from North Carolina and one from Florida were sentenced earlier this month for what federal authorities have called a church-targeting Ponzi scheme. All three individuals had previously testified against Thomas Kimmel from Indiana who was the alleged mastermind of the operation. [...]

Jul 2, 2014

SEC Orders Exchanges, FINRA To Develop “Tick Size” Pilot Plan

By |July 2nd, 2014|Asset Backed Securities, FINRA News, Press Releases & News|

Last week, the SEC issued an order requiring particular national security exchanges and FINRA to jointly develop and file with the SEC a national market system plan to install a 12-month pilot program directed at expanding minimum quoting and trading increments (i.e., tick sizes) for particular small capitalization stocks. The pilot program will target stocks [...]

Jun 24, 2014

Ocean Springs, Mississippi And Pensacola, Florida Men Sentenced In Montgomery County, Alabama For Violating Alabama Securities Act

By |June 24th, 2014|Asset Backed Securities, Press Releases & News, Securities Law Violations|

Martin Franklin Blane of Ocean Springs, Mississippi and Robert Neil Robinson of Pensacola, Florida were sentenced by Montgomery County Circuit Court Judge Eugene Reese to five years in prison, suspended, with three years supervised probation for violating the Alabama Securities Act. Additionally, the Court ordered Blane to pay $81,000 restitution and Robinson to pay $185,520 [...]

Jun 24, 2014

U.S. Supreme Court Limits Shareholder Class-Action Suits

By |June 24th, 2014|Asset Backed Securities, Misrepresentation and Fraud, Securities Law Violations|

The U.S. Supreme Court gave Halliburton Co. a partial victory recently, putting further restrictions on class-actions lawsuits by shareholders just shy of eradicating such suits altogether. Halliburton tried to overturn twenty-six year old precedent and end class-action fraud suits over securities brought on public exchanges. A divided court declined to do so, and Chief Justice [...]

Jun 18, 2014

Retirees Suffer As Rollover Boom Enriches Brokers

By |June 18th, 2014|Asset Backed Securities, FINRA News, Press Releases & News|

Thirty-seven former clients have filed complaints against Kathleen Tarr, a broker who worked for Royal Alliance Associates, after encouraging hundreds of departing AT&T employees to roll over their retirement money into the type of risky high-commission investments that FINRA warns about. These complaints, together with similar complaints against other brokers, underscore a massive rollover boom [...]

Jun 16, 2014

SEC Examining Possible Changes To The Definition Of “Accredited Investor”

By |June 16th, 2014|Asset Backed Securities, Press Releases & News|

The SEC is currently examining potential changes to its definition of “accredited investor.” Section 413(b)(2)(A) of the Dodd-Frank Act of 2010 states that the SEC must examine the definition of "accredited investors" under the Securities Act of 1933 every four years to determine whether it should be changed "for the protection of investors, in the [...]

May 19, 2014

The Drawbacks Of Variable Annuities

By |May 19th, 2014|Asset Backed Securities|

Variable annuities may sound like a slam dunk for investors as many brokers pitch them as providing a guaranteed income for life. However, many investors soon find out that their variable annuity contracts contain unclear terms and conditions, high annual fees, massive surrender charges, and illusory tax benefits. Investors are becoming more wary of these [...]

Mar 14, 2014

Jefferies Agrees To Pay $25 million For Mortgage Backed SecuritiesViolations

By |March 14th, 2014|Asset Backed Securities, Misrepresentation and Fraud, Securities Law Violations|

The Securities and Exchange Commission has charged global investment bank and brokerage firm Jefferies LLC with failing to supervise its employees who sold mortgage-backed securities desk and were in turn lying to customers about pricing . An SEC investigation found that Jefferies representatives including Jesse Litvak, who the SEC charged with securities fraud last year, [...]

Mar 12, 2014

RBS reaches $275 million mortgage-backed securities settlement

By |March 12th, 2014|Asset Backed Securities, Banking Fraud, Securities Law Violations|

On Feb. 19, RBS officials announced that the company had reached a $275 million settlement with the U.S. government to resolve allegations of misleading investors in mortgage-backed securities. The settlement is the third-largest settlement in the U.S. class action against banks packaged and sold mortgage securities . This case was originally filed in 2008 by [...]

Mar 3, 2014

Countrywide Alleges Fraud and Misrepresentations Claims Against It Are Time Barred

By |March 3rd, 2014|Asset Backed Securities, Misrepresentation and Fraud, Securities Law Violations|

Countrywide Financial group is urging a California court to dismiss racketeering claims brought against it by Prudential Life Insurance Company. Prudential's suit alleges that Countrywide used omissions and misrepresentations to sell low-quality mortgage backed securities to unknowing consumers. Countrywide is alleging that the claim is time barred based on an inquiry notice standard that would [...]

Oct 24, 2013

Collateral Manager Of CDO Charged With Fraud

By |October 24th, 2013|Asset Backed Securities, Press Releases & News|

Investment advisory firm, Harding Advisory, LLC, and its owner were charged recently by the SEC for misleading investors and breaching their fiduciary duties. According to a recent press release, the SEC alleged Harding “compromised their independent judgment as collateral manager to a CDO named Octans I CDO Ltd.” The firm and owner allegedly did so [...]

Oct 8, 2013

FDIC Against Proposed Countrywide Settlement

By |October 8th, 2013|Asset Backed Securities|

The FDIC recently advised a U.S. District Court Judge to reject the proposed $500 million class-action settlement between Bank of America Corp.’s Countrywide unit and investors due to the relatively small percentage of the settlement that will go the investors, reported. The FDIC stated in their filing that only $41 million dollars would go [...]

Nov 19, 2012


By |November 19th, 2012|Asset Backed Securities|

Once again JP Morgan has found itself in hot water with the SEC, this time alongside with Credit Suisse. The announcement came in a recent SEC News Digest that JP Morgan and Credit Suisse agreed to settlements to pay around $400 million dollars to investors harmed by their misleading information regarding residential mortgage backed securities.The [...]

Oct 22, 2012

Basel May Provide Tougher Rules for Asset Backed Securities

By |October 22nd, 2012|Asset Backed Securities|

The Basel Committee on Banking Supervision is posed to review how securitization is regulated globally in response to concerns that current regulations are not reducing excessive risk tasking, according to a recent article. The Basel Committee is associated with the Bank for International Settlements and is a forum for regular cooperation on banking supervisory [...]

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