August 2016

Morgan Stanley, Board, Accused Of Mismanaging 401(k) Plan
The lawsuit charges the firm with picking inappropriate and costly investments.

Penny Stock 'Kingpin' Gets 6 1/2 Years For Boiler Room Plot
Sandy Winick was accused of masterminding two schemes that fleeced investors of $140 million.

JPMorgan Broker Barred After Stealing $20M For Gambling, Options
The SEC has barred Michael Oppenheim after he embezzled more than $20 million for gambling and options trading.

Goldman Sachs Trader Misled Customers, SEC Says
Edwin Chin settled charges related to residential mortgage-backed securities and agreed to pay $400K.

Former NFL Player Cheats Coaches, Elderly, SEC says
A former Philadelphia Eagles player defrauded his former coaches and alumni out of millions, the SEC charges. 

SEC Fines 13 Firms For Circulating Misleading F-Squared Ads
Thirteen advisory firms settled charges they disseminated inaccurate marketing materials to clients from a fund provider.

Apollo To Pay $53 Million Over Claims It Misled Investors
Wall Street’s top cop has made policing private equity fees a priority.

Wells Fargo To Pay $4.1M For Illegal Student Loan Practices
A Wells Fargo & Co. unit is settling charges that it engaged in illegal private student loan servicing practices.

Radio Host Lucia Loses Challenge To SEC Judge On Lifetime Ban
An appeals court ruled that the SEC administrative hearing system operated within the bounds of the U.S. constitution.

Pa. Broker-Dealers Allegedly Charged $13M In Excess Commissions
The SEC is accusing three men and two broker-dealers of charging clients $13 million in excess commissions.

Deutsche Bank Fined $12.5 Million For 'Squawk Box' Failures
Confidential information was broadcast through an internal speaker system without proper supervision, Finra says.

Investors’ Money Used In Ponzi Scheme To Buy Waterfront Mansion
A Rhode Island fund manager pled guilty to operating a $21 million Ponzi scheme.

Securities America To Pay $1.5 Million For Fund Overcharges
Finra has ordered Securities America to pay $1.5 million to settle charges that it overcharged mutual fund investors.

Goldman Sachs Fined $36.3 Million By Fed Over Leaked Documents
The enforcement action targets the bank and a former employee.

FINRA Charges Broker With Cheating Blind Widow
Hank Werner is charged with excessive trading to build up his commissions.