investmentconsumer-ga,
Man oh man...things really hit the fan for the financial services
industry starting in 2003. You'd be hard-pressed to find a financial
firm NOT included in the list below.
Hope this information is exactly what you needed. But before rating
this answer, please let me know if there is anything else you need, or
if anything below is not clear.
Thanks for hanging in with me on this one.
pafalafa-ga
==========
http://www.sec.gov/news/press.shtml
2004 Press Releases
Aug. 31, 2004 Three Former Employees of Invesco Funds Group, Inc.
Agree to Settle Charges Relating to Market Timing Abuses
Aug. 26, 2004 SEC Brings Settled Fraud Action Against Mutual Fund
Adviser Van Wagoner Capital Management, Inc., and Garrett Van Wagoner
Aug. 26, 2004 Deutsche Bank Securities Inc. and Thomas Weisel Partners
LLC Settle Enforcement Actions Involving Conflicts of Interest Between
Research and Investment Banking
Aug. 25, 2004 SEC Files Civil Fraud Charges Against JB Oxford
Holdings, National Clearing Corporation, and Three Officers for
Facilitating Fraudulent Late Trading and Market Timing
Aug. 25, 2004 Seven Broker-Dealer Firms Settle Enforcement Actions
Involving Non-Disclosure of Payments for Research
Needham & Company, Inc. (Needham)
Janney Montgomery Scott LLC (Janney)
Morgan Keegan & Co., Inc. (Morgan Keegan)
Prudential Equity Group, LLC f/k/a Prudential Securities Inc. (Prudential Equity)
Adams Harkness, Inc. f/k/a Adams Harkness & Hill, Inc. (Adams Harkness)
Friedman, Billings, Ramsey & Co., Inc. (Friedman Billings)
SG Cowen & Co., LLC f/k/a SG Cowen Securities Corporation (SG Cowen).
Aug. 18, 2004 Janus Capital Management Agrees to Pay $100 Million to
Settle SEC Fraud Charges for Undisclosed Market Timing Agreements
SEC Brings First Enforcement Action Against Insurance Companies for
Permitting Market Timing of Mutual Funds Through Variable Annuities
The insurance companies are subsidiaries of Conseco, Inc. (CIHC, Inc.,
Conseco Services, LLC, and Conseco Equity Sales, Inc.), and the
company to which Conseco sold its variable annuity business in 2002,
Inviva, Inc., and its subsidiary Jefferson National Life Insurance
Company.
Aug. 3, 2004 SEC and NYSE File Settled Action Charging Fidelity
Brokerage Services for Violating Federal Securities Laws and NYSE
Rules in Connection with Document Alteration and Destruction
Aug. 2, 2004 Franklin Advisers to Pay $50 Million and Undertake
Compliance Reforms to Settle Market Timing Charges
SETTLEMENT REACHED WITH TWO SPECIALIST FIRMS FOR VIOLATING FEDERAL
SECURITIES LAWS AND NYSE REGULATIONS
SIG Specialists, Inc. and Performance Specialist Group LLC
Jun. 29, 2004 Banc One Investment Advisors Corporation Agrees to Pay
$50 Million To Settle SEC Fraud Charges For Market-Timing Abuses
Jun. 24, 2004 SEC Settles Insider Trading Matter Against Former
FleetBoston Employee
Jun. 21, 2004 Pilgrim Baxter & Associates Agrees to Pay $90 Million to
Settle Fraud Charges Concerning Undisclosed Market Timing
May 20, 2004 Strong Capital Management and Founder Richard Strong
Agree to Pay $140 Million to Settle Fraud Charges Concerning
Undisclosed Mutual Fund Trading
May 6, 2004 SEC Files Civil Fraud Charges Against the PIMCO Equity
Funds' Mutual Fund Advisers, Distributor, CEO and Chairman of the
Board of Trustees, and a Portfolio Manager for Undisclosed Market
Timing Arrangements
Apr. 8, 2004 Putnam Agrees to Pay $55 Million to Resolve SEC
Enforcement Action Related to Market Timing by Portfolio Managers
Mar. 31, 2004 Mutual Fund Manager MFS Pays $50 Million Fine To Settle
SEC Enforcement Action; Firm Failed To Adequately Disclose Use of
Mutual Fund Brokerage Commissions To Pay for "Shelf Space" at
Brokerage Firms
Mar. 30, 2004 Settlement Reached With Five Specialist Firms for
Violating Federal Securities Laws and NYSE Regulations; Firms Will Pay
More Than $240 Million in Penalties and Disgorgement
Bear Wagner Specialists LLC; Fleet Specialist, Inc.; LaBranche & Co.,
LLC; Spear, Leeds & Kellogg Specialists LLC; and Van der Moolen
Specialists USA, LLC.
Mar. 15, 2004 SEC's Division of Enforcement Announces Agreement to
Settle Civil Fraud Charges Against Fleet's Columbia Mutual Fund
Adviser and Distributor for Undisclosed Market Timing
Mar. 15, 2004 SEC Reaches Agreement in Principle to Settle Charges
Against Bank of America for Market Timing and Late Trading
Mar. 10, 2004 SEC Brings Enforcement Action Against Banc of America
Securities for Repeated Document Production Failures During a Pending
Investigation; Firm Is Censured and Pays a $10 Million Penalty to
Settle Charges
Feb. 24, 2004 SEC Files Civil Fraud Case Against Fleet's Columbia
Mutual Fund Adviser and Distributor for Multiple Undisclosed Market
Timing Arrangements
Feb. 12, 2004 Fifteen Firms to Pay Over $21.5 Million in Penalties to
Settle SEC and NASD Breakpoints Charges
Wachovia Securities, LLC
UBS Financial Services Inc.
American Express Financial Advisors Inc.
Raymond James Financial Services, Inc.
Legg Mason Wood Walker, Inc.
Linsco/Private Ledger Corp.
H.D. Vest Investment Securities, Inc.
Bear, Stearns & Co. Inc.
Lehman Brothers Inc.
Cresap, Inc.
SWS Financial Services
Kirkpatrick, Pettis, Smith, Polian Inc.
Southwest Securities, Inc.
David Lerner Associates, Inc.
Brecek & Young Advisors, Inc.
Feb. 5, 2004 Massachusetts Financial Services Co. Will Pay $225
Million and Make Significant Governance and Compliance Reforms To
Settle SEC Fraud Charges Concerning Mutual Fund Market Timing; MFS's
Two Top Executives Prohibited From Serving as Officers or Directors of
Any Investment Adviser for Three Years; Entire Amount Paid To Be
Returned to Investors Harmed by Market Timing
Feb. 3, 2004 SEC Charges Former CIBC Managing Director With Fraud for
Role in Financing Unlawful Mutual Fund Trading
Jan. 20, 2004 SEC Institutes Fraud Action Against Accounting Firms
Grant Thornton and Doeren Mayhew and Certain of the Firms' Personnel
in Connection with Their Audit of MCA Financial Corporation
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http://www.sec.gov/news/press/pressarchive/2003press.shtml
2003 Press Releases
Dec. 23, 2003 SEC Files Emergency Action against Security Brokerage,
Inc. and Daniel Calugar for Engaging in Mutual Fund Late Trading and
Market Timing Schemes
Dec. 23, 2003
SEC Halts $800 Million Investment Fraud in Orange County
fraudulent scheme in which over 5,200 investor accounts purportedly
hold investments of over $813 million through an Orange County,
Calif., business known as Financial Advisory Consultants (FAC).
Dec. 18, 2003 Alliance Capital Management Will Pay Record $250 Million
and Make Significant Governance and Compliance Reforms To Settle SEC
Charges; Entire Amount Will Be Returned To Investors Who Lost Money
Because of Firm's Illegal Market Timing Arrangements
Dec. 15, 2003 SEC Brings First Failure To Supervise Action Against
Principal of an Unregistered Investment Adviser to a Hedge Fund; Also
Charges Hedge Fund Director of Investments With Fraud
The Commission charged Wilfred Meckel, principal, and Robert T.
Littell, director of investments, of Marque Millennium Group, Inc.
(MMG), an unregistered investment adviser to three hedge funds called
Marque Partners I (MPI), Marque Partners II and Marque Fund II
Limited.
Dec. 11, 2003 SEC Levels Fraud Charges Against Heartland Advisors,
Inc., 12 Company Officials and Others for Misrepresentations,
Mispricing and Insider Trading in Two High Yield Bond Funds
Dec. 4, 2003 SEC Charges Dallas Investment Complex and Three of its
Officers with Defrauding Hundreds of Mutual Funds in Market Timing and
Late Trading Scheme
The Securities and Exchange Commission today announced civil fraud
charges against Mutuals.com, Inc., of Dallas, Tex., its CEO, its
president, and its compliance officer, as well as two affiliated
broker-dealer firms.
Charged in the SEC's action are -- Mutuals.com, an SEC-registered
broker-dealer and investment adviser with 18 institutional and hedge
fund clients and the adviser for the Mutuals.com Trust mutual fund
(f/k/a 1-800 MUTUALS Advisor Series); Connely Dowd Management, Inc.
(CDM) and MTT Fundcorp, Inc. (MTT), two affiliated broker-dealers;
Richard Sapio, age 37, of Dallas, Mutuals.com's CEO; Eric McDonald,
age 35, of Desoto, Tex., Mutuals.com's president; and Michele
Leftwich, age 35, of Dallas, Mutuals.com's compliance officer.
Dec. 2, 2003 SEC Charges Invesco Funds Group, Inc. and CEO Raymond
Cunningham With Fraud and Breach of Fiduciary Duty for Allowing Market
Timing at Invesco Funds
Nov. 25, 2003 Federal and State Agencies Announce Actions Against
Security Trust Company; Phoenix Bank will Undergo Orderly Dissolution
and Close by March 31, 2004
Nov. 20, 2003 Founders of PBHG Funds and Pilgrim Baxter & Associates
Charged with Fraud in Connection with Market Timing of PBHG Funds
Nov. 17, 2003 SEC Charges Morgan Stanley With Inadequate Disclosure in
Mutual Fund Sales; Morgan Stanley Pays $50 Million To Settle SEC
Action
Nov. 13, 2003 Putnam Agrees to Make Restitution and Implement
Immediate, Significant Structural Reforms in Partial Resolution of SEC
Enforcement Action
Nov. 12, 2003 Former Goldman Economist Youngdahl Agrees to Fraud
Injunction and $240,000 Penalty in SEC Treasury Bond Insider Trading
Case
Nov. 4, 2003 SEC Brings Fraud Charges Against Former Prudential
Brokers in Connection with Market Timing of Mutual Funds
Nov. 3, 2003 SEC and NASD Announce Actions as a Result of Findings of
"Breakpoint" Overcharges on Mutual Fund Transactions
[This action involved 450 firms!, 175 of whom were identified as
having particularly poor records. A summary of the issue can be seen
here:
http://www.sec.gov/news/studies/breakpointrep.htm ]
Oct. 29, 2003 SEC Announces Fraud Charges Against Former Portfolio
Manager of the Lipper Convertible Hedge Funds
Oct. 28, 2003 SEC Brings Enforcement Actions Against Putnam Investment
Management LLC and Two Putnam Managing Directors for Self-Dealing in
Putnam Funds
Oct. 16, 2003 New York AG and SEC Bring Criminal and Civil Actions
Against Mutual Fund Executive
New York State Attorney General Eliot Spitzer and the Securities and
Exchange Commission today announced the arrest, conviction, and
lifetime industry bar of James P. Connelly, Jr., former Vice Chairman
and Chief Mutual Fund Officer of Fred Alger & Company, Inc., a
prominent mutual fund firm.
Oct. 1, 2003 SEC Sues J.P. Morgan Securities Inc. for Unlawful IPO
Allocation Practices J.P. Morgan Agrees to Settlement Calling for
Injunction and Payment of $25 Million Penalty
Sep. 25, 2003 Former Ernst & Young Audit Partner Arrested for
Obstruction Charges and Criminal Violations of Sarbanes-Oxley Act
Sep. 16, 2003 Attorney General Spitzer and Securities and Exchange
Commission File Charges Against Bank of America Broker
Sep. 11, 2003 SEC Charges American International Group and Others in
Brightpoint Securities Fraud; AIG Agrees To Pay $10 Million Civil
Penalty
Sep. 4, 2003 SEC Brings Enforcement Actions against Three Individuals,
Goldman Sachs, and Massachusetts Financial Services Company Related to
Trading Based on Non-Public Information about the Treasury's Decision
to Cease Issuance of the 30-Year Bond
Aug. 28, 2003 U.S. Attorney and SEC Charge Fraud in $20 Million
Washington State Municipal Bond Sale; Defendants Orchestrated
Fraudulent Sale of Bonds for Holmes Harbor Sewer District
Named in both the criminal indictment obtained by the U.S. Attorney's
Office and in the Commission's civil complaint were Terry Martin of
Mukilteo, Wash., the controlling shareholder of the project's
developer; J. David Smith of Edmonds, Wash., the developer's attorney;
and John H. White of Stanwood, Wash., and Edward L. Tezak of Sheridan,
Mont., who were involved in arranging private financing for the
project.
Also named in the Commission's civil complaint were Michael McCall of
Elk Grove, Calif., and Charles Tull of Bellingham, Wash., attorneys
who represented Holmes Harbor Sewer District in the bond sale; Ibis
Securities of Walnut Creek, Calif., the underwriter of the bonds; Ibis
principals Kenneth Martin of Concord, Calif., and George Tamura of San
Leandro, Calif.; and Signal Mortgage, Inc., a Washington state
mortgage broker of which defendant John H. White was a vice president
and part owner.
Aug. 20, 2003 SEC Brings Settled Enforcement Action Against UBS
PaineWebber for Failure to Supervise Broker, Imposes $500,000 Penalty
Aug. 19, 2003 SEC Brings Settled Enforcement Action Against Deutsche
Bank Investment Advisory Unit in Connection with Its Voting of Client
Proxies for Merger Transaction; Imposes $750,000 Penalty
Aug. 18, 2003 SEC Sues NCFE Executive for Role in $1 Billion Fraud
Aug. 14, 2003 SG Cowen and Lehman Brothers Settle Enforcement Actions
with SEC and NYSE for Supervisory Failures in Frank Gruttadauria Case
Jul. 28, 2003 SEC Settles Enforcement Proceedings against J.P. Morgan
Chase and Citigroup
Jul. 10, 2003 SEC Alleges Violations of Mutual Fund Sales Practice
Requirements, Sanctions Prudential Securities, Incorporated
May 22, 2003 SEC Finds PricewaterhouseCoopers LLP Engaged in Improper
Professional Conduct; PwC is Censured and Agrees to Pay $1 Million,
Establish New Document Retention Policies and Retain an Independent
Consultant
Apr. 28, 2003 The Securities and Exchange Commission, NASD and the New
York Stock Exchange Permanently Bar Henry Blodget From the Securities
Industry and Require $4 Million Payment
Henry Blodget, a former managing director at Merrill Lynch, Pierce, Fenner & Smith
Apr. 28, 2003 The Securities and Exchange Commission, New York
Attorney General's Office, NASD and the New York Stock Exchange
Permanently Bar Jack Grubman and Require $15 Million Payment
Grubman, of New York City, a former managing director of Salomon Smith Barney Inc
Apr. 28, 2003 Ten of Nation's Top Investment Firms Settle Enforcement
Actions Involving Conflicts of Interest Between Research and
Investment Banking
The ten firms against which enforcement actions are being announced today are:
Bear, Stearns & Co. Inc. (Bear Stearns)
Credit Suisse First Boston LLC (CSFB)
Goldman, Sachs & Co. (Goldman)
Lehman Brothers Inc. (Lehman)
J.P. Morgan Securities Inc. (J.P. Morgan)
Merrill Lynch, Pierce, Fenner & Smith, Incorporated (Merrill Lynch)
Morgan Stanley & Co. Incorporated (Morgan Stanley)
Citigroup Global Markets Inc. f/k/a Salomon Smith Barney Inc. (SSB)
UBS Warburg LLC (UBS)
U.S. Bancorp Piper Jaffray Inc. (Piper Jaffray)
Mar. 17, 2003 SEC Charges Merrill Lynch, Four Merrill Lynch Executives
with Aiding and Abetting Enron Accounting Fraud
Jan. 29, 2003 SEC Charges KPMG and Four KPMG Partners With Fraud in
Connection With Audits of Xerox; SEC Seeks Injunction, Disgorgement
and Penalties
Jan. 14, 2003 SEC Charges Former Day-Trading Principals with
Securities Fraud; Others Charged with Fraud or Violating Recordkeeping
and Reporting Rules
Sheldon Maschler, Jeffrey A. Citron, Michael McCarty, Erik Maschler,
and Heartland Securities Corp. with participating in an extensive
fraudulent scheme involving the Nasdaq Stock Market's Small Order
Execution System
Jan. 9, 2003 SEC Sues Robertson Stephens Inc. for Profit Sharing in
Connection With 'Hot' IPOs; Firm, Former Research Analyst Separately
Charged in Connection With Misleading Research Reports; Firm To Pay
Total of $33 Million To Settle All Charges
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http://www.sec.gov/news/press/pressarchive/2002press.shtml
2002 Press Releases
Dec. 20, 2002 SEC, NY Attorney General, NASD, NASAA, NYSE and State
Regulators Announce Historic Agreement To Reform Investment Practices;
$1.4 Billion Global Settlement Includes Penalties and Funds for
Investors
Bear Stearns & Co. LLC
Credit Suisse First Boston Corp.
Deutsche Bank
Goldman Sachs
J.P. Morgan Chase & Co.
Lehman Brothers, Inc
Merrill Lynch & Co., Inc.
Morgan Stanley
Salomon Smith Barney, Inc.
UBS Warburg LLC
Aug. 6, 2002 SEC Charges 81 Defendants in Telemarketing Stock Fraud Schemes
charges today arising from 10 schemes in which the defendants
conducted unregistered securities offerings and fraudulently diverted
the proceeds to pay exorbitant, undisclosed commissions to
telemarketers and other unregistered brokers who solicited the
investors.
Jul. 24, 2002 SEC Charges Adelphia and Rigas Family With Massive Financial Fraud
Jul. 18, 2002 The Securities and Exchange Commission Takes Enforcement
Action with Respect to the PNC Financial Services Group, Inc. Arising
Out of PNC's Improper Accounting and Disclosures Regarding the
Transfer of $762 Million of Loans and Other Assets to Special Purpose
Entities
Jul. 17, 2002 PricewaterhouseCoopers Settles SEC Auditor Independence Case
Jun. 27, 2002 SEC Censures Dutch Ernst & Young Firm and Orders It to
Pay $400,000 Civil Penalty
Mar. 27, 2002 SEC Files Emergency Action to Halt $98 Million Prime
Bank Scheme, Recover Investors' Funds
Mar. 27, 2002 SEC Seeks Contempt Order against Repeat Offender for
Alleged Violations of Previous Injunction
Global Diamond Fund Inc.
Feb. 21, 2002 SEC Files Charges Against Former Lehman Bros. Branch
Manager Gruttadauria, Seeks Receiver and Asset Freeze
Feb. 14, 2002 SEC Charges Notorious "Dr. Noe" and Five Others in
Million Dollar Prime Bank Fraud
Jan. 24, 2002 SEC Charges iCapital Markets LLC, Successor to Datek
Securities,with Securities Fraud
Jan. 22, 2002 SEC Charges CSFB with Abusive IPO Allocation Practices,
CSFB Will Pay $100 Million to Settle SEC and NASD Actions, Millions in
IPO Profits Extracted from Customers in Exchange for Allocations in
"Hot" Deals
Jan. 14, 2002 SEC Censures KPMG for Auditor Independence Violation
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http://www.sec.gov/news/press/pressarchive/2001press.shtml
2001 Press Releases
Dec. 17, 2001 SEC Revokes Registration of Republic New York Securities
Corp., a Broker-Dealer Pleading Guilty to Securities Fraud in Related
Criminal Action
Nov. 19, 2001 State Bank of India and Citibank, N.A. Settle SEC
Charges Involving An Unregistered Securities Offering
Jul. 30, 2001 Bank of America Corp. Agrees to Commission Order Finding
That It Violated Reporting andDisclosure Requirements
Jul. 24, 2001 Bank of Bermuda Agrees to $67.5 Million Proposed
Settlement in Lawsuits Arising from SEC ActionShutting Down Cash 4
Titles Ponzi Scheme
Jul. 18, 2001 SEC Files Financial Fraud Action Against Current and
Former Senior Officers and Directors ofAmerican Banknote Corporation,
and Former Senior Officers and Directors of American Bank
NoteHolographics, Inc.; Fraud Suits Instituted and Settled Against
American Bank Note Corporation,American Bank Note Holographics, Inc.,
and Others
Jun. 19, 2001 Arthur Andersen LLP Agrees to Settlement Resulting in
First Antifraud Injunction in More Than20 Years and Largest-Ever Civil
Penalty ? of $7 Million ? in SEC Enforcement ActionAgainst a Big Five
Accounting Firm
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Again, let me know if you need any additional information. |
