U.S. Senator Elizabeth Warren has introduced legislation that could send Wall Street executives found guilty of financial crimes to prison for up to five years. Moreover, if the executives are found guilty of financial crimes “while violating another law of the United States or as part of a pattern of any illegal activity involving more… Read More >>
RBS Securities Pays $35M Penalty via Fraud Case
RBS Securities Inc., a securities firm facing charges that it perpetrated a long-running securities fraud scheme — primarily from its Stamford, Conn. office — will pay a monetary penalty of $35 million, plus more than $9 million in restitution to its customers, including firms affiliated with recipients of federal bailout funds through the Troubled Asset… Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
G2 FinTech Teams with Advent to Target CBR
G2 FinTech, provider of the TaxGopher tax analysis and compliance software, and Advent Software, maker of Geneva portfolio management system, are joining forces to help prime brokers comply with Phase 3 of the cost-basis reporting (CBR) tax requirements of the Internal Revenue Service. New CBR rules have been taking effect over the past two years… Read More >>
