Caribbean based impersonators of CySEC and CFTC scamming clients of fined companies
From LeapRate Cyprus financial regulator CySEC has informed that that it has come to its attention that an unknown company based in the Caribbean seems to be presenting itself as various bodies, including CySEC and the US regulator CFTC, for…
U.S. judge approves but critiques SEC’s ‘phantom’ deal with [Cayman Islands] bank
By Nate Raymond | NEW YORK From Reuters The U.S. Securities and Exchange Commission on Wednesday won approval of a settlement with failed Cayman Islands-based Caledonian Bank Ltd, despite criticism by a federal judge of the regulator’s handling of the…
US: SEC Fines California Health Insurer $340,000 For Breaking Whistleblower Protection Laws
By Kate Cox From Consumerist When a business is doing something shady and illegal, often the best-placed people to know about it are the employees who are supposed to carry it out. That’s why there are laws in place to…
4 times that Hollywood got Wall Street wrong
By Alice Gomstyn and Phyllis Furman, The Alert Investor From Business Insider From “It’s a Wonderful Life” to “The Big Short,” Hollywood has long been fascinated with money and Wall Street. But finance and markets can get highly technical, testing…
$415M Merrill Lynch Settlement Spurs SEC to Boost Enforcement
From Mark Hamblett, From New York Law Journal Gambling with customer money that was supposed to be set aside for its own rainy day cost Bank of America’s Merrill Lynch $415 million in a settlement Thursday and prompted a stepped-up…
Milken’s Former Manager raises $500 Million for new Credit Fund [offshore version in Cayman Islands]
By Miles Weiss From Bloomberg Carl Meyer formed Silver Rock Financial LP to manage new fund Milken said to contribute several hundred million in seed cash The former head of Michael Milken’s family office raised more than $500 million in less than…
SEC awards whistleblower $3.5 million for help in ongoing investigation
By C. Ryan Barber, From The National Law Journal Before being awarded more than $3.5 million on Friday, the latest tipster to benefit from the Securities and Exchange Commission’s whistleblower program was rebuffed. In January, the agency officials denied the…
Hedge fund megadonors profit from offshore opportunities
By Will Tucker From Huffington Post On the list of the largest U.S. companies by market value, those in the $30 billion to $45 billion range are household names: Capital One Financial, DirecTV, Phillips 66, Yahoo. But far fewer people…
DOJ Says Wyly can’t use Cayman Islands Entity as Ch. 11 Creditor
By Law360 From LexisNexis The U.S. Department of Justice on Wednesday asked a Texas bankruptcy judge overseeing the Chapter 11 bankruptcies of business tycoon Sam Wyly and his sister-in-law to bar a Cayman Island entity controlled by the Wylys from…
SEC says firm ripped off class action investors
By Cheryl Miller, From The Recorder SACRAMENTO — The Securities and Exchange Commission charged a Los Angeles firm and its co-founders with defrauding more than 250 investors who were promised huge returns on a business recruiting plaintiffs for lucrative class actions…
