U.S. securities regulators have charged several brokers with fraud for selling collateralized mortgage obligations (CMOs) as securities suitable for risk-averse investors.The U.S. Securities and Exchange Commission filed a complaint in federal district court in West Palm Beach, Fla., alleging that 10 brokers who worked for now-defunct Brookstreet Securities Corp. did not clearly define the risks […]
Regulator cautions institutions over impersonation of OSFI employees
The trustee for Bernie Madoff’s brokerage firm is establishing a program for hardship cases to recover some of their money as soon as possible.Irving Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, announced Friday a “hardship program” designed to accelerate claims for individuals in need as a result of […]
Company reviewing regulator's complaint
Regulator moves to preempt spread of alleged Ponzi scheme to Quebec
Scheme targeted Chinese-American community
Garth Drabinsky and Myron Gottlieb, co-founders of now now-defunct theatrical production company Livent Inc., have been convicted on fraud and forgery charges.Justice Mary Lou Benotto of Ontario Superior Court in Toronto ruled Wednesday that Drabinsky and Gottlieb were guilty of fraud and forgery in their running of Livent in the mid-1990s.Prosecutors had maintained that Drabinsky […]
As part of Fraud Awareness Month, the Alberta Securities Commission (ASC) has launched a number of new online resources to help investors avoid investment fraud and make informed and responsible investing decisions.“Who’s Taking Care of Your Money?” is a new online learning tool designed to help investors explore key questions when considering an investment opportunity. […]
Wellspring and Springpay bilked investors out of $570,000
Advisors have an important role to play in informing clients