Suzanne's Feed
Aug 24, 2015

Schwab to pay $2 million for net capital violations

Aug 24 (Reuters) – A Charles Schwab Corp unit has
agreed to a $2 million civil fine for three instances in which
it failed to keep sufficient cash on hand, Wall Street’s
industry-funded watchdog said on Monday.

The Financial Industry Regulatory Authority (FINRA) also
censured the brokerage unit, Charles Schwab & Co., Inc., which
it said had deficient net capital on three separate dates in
2014, ranging from $287 million to $775 million.

Aug 4, 2015

Exclusive: UBS was warned of Puerto Rico loan practices, e-mails show

NEW YORK (Reuters) – A UBS AG branch manager in Puerto Rico warned bank officials that brokers for the firm had urged customers to engage in improper loan practices, more than two years before the bank made a $5.2 million settlement over the matter with the island’s financial regulator, according to internal bank correspondence reviewed by Reuters.

The documents seen by Reuters reflect the branch manager’s allegations that UBS financial advisers encouraged investors to use their brokerage accounts as collateral to borrow money and buy larger quantities of poorly-performing closed-end bond funds packaged by UBS.

Jul 27, 2015

Goldman Sachs must pay $1.8 million for reporting failures: FINRA

By Suzanne Barlyn

(Reuters) – A Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) unit must pay $1.8 million for not reporting “substantial” details about its alternative trading system orders to a system that tracks that information, and also for other lapses, Wall Street’s industry-funded watchdog said.

Goldman Sachs’ clearing and execution unit failed to send “a substantial number” of details about orders to a Financial Industry Regulatory Authority auditing system during a seven-year period, the regulator said on Monday.

Jul 27, 2015

Goldman Sachs must pay $1.8 mln for reporting failures-FINRA

By Suzanne Barlyn

(Reuters) – A Goldman Sachs Group Inc unit must pay
$1.8 million for not reporting “substantial” details about its
alternative trading system orders to a system that tracks that
information, and also for other lapses, Wall Street’s
industry-funded watchdog said.

Goldman Sachs’ clearing and execution unit failed to send “a
substantial number” of details about orders to a Financial
Industry Regulatory Authority auditing system during a
seven-year period, the regulator said on Monday.

Jul 23, 2015

UBS backs away from its Puerto Rico funds after downgrades

By Suzanne Barlyn

(Reuters) – UBS AG is backing away from its own
Puerto Rico bond funds, warning clients that they can no longer
use them as collateral for certain loans after the island’s
financial troubles resulted in downgrades by major credit rating
agencies.

In a July 13 letter to clients, reviewed by Reuters, UBS’
Puerto Rico arm said it would contact investors to discuss
alternatives.

Jul 23, 2015

Exclusive: UBS backs away from its Puerto Rico funds after downgrades

By Suzanne Barlyn

(Reuters) – UBS AG is backing away from its own Puerto Rico bond funds, warning clients that they can no longer use them as collateral for certain loans after the island’s financial troubles resulted in downgrades by major credit rating agencies.

In a July 13 letter to clients, reviewed by Reuters, UBS’ Puerto Rico arm said it would contact investors to discuss alternatives.

Jul 22, 2015

Iran deal offers faint hope for Iranian-American banking woes

NEW YORK, July 22 (Reuters) – The Iran nuclear pact could
eventually help thousands of Iranian-Americans who have
struggled with red tape, shuttered accounts, and even criminal
prosecution to conduct bank transactions, although relief seems
unlikely anytime soon.

As Washington tightened sanctions on nearly all trade with
Iran in recent years, international banking transfers that most
Americans take for granted have become increasingly fraught for
the roughly 500,000 U.S.-based Iranian-Americans.

Jul 6, 2015

Wells Fargo, LPL, Raymond James to reimburse $30 mln in fees -FINRA

July 6 (Reuters) – Three major securities brokerages must
collectively reimburse customers more than $30 million for
failing to waive mutual fund sales charges for thousands of
accounts belonging to charities and retirement investors, Wall
Street’s watchdog said on Monday.

Units of Wells Fargo & Co, Raymond James Financial
Inc and LPL Financial Holdings Inc “failed to
adequately supervise” the sale of mutual funds that offered
sales charge waivers, the Financial Industry Regulatory
Authority (FINRA) said in a statement.

Jul 2, 2015

GAO sees room for improvement in bank cyber security exams

By Suzanne Barlyn

(Reuters) – U.S. banking regulators must hire and train more examiners with technology expertise so they can give more useful cyber security recommendations to small and mid-sized banks, a federal watchdog agency has warned.

A new report from the U.S. Government Accountability Office identified the issue as one of several that banking regulators need to address as cyber security threats become more prevalent and sophisticated.

Jul 1, 2015

Insight – Protecting dementia sufferers from scammers gains ground in US

NEW YORK (Reuters) – Two years after New York socialite Brooke Astor died in 2007, her son, Anthony Marshall, was convicted of bilking her of millions of dollars. The heiress suffered from dementia, and did not know that her son, charged with her care, was paying himself exorbitant amounts from her assets.

    The Astor story is surprisingly common: a growing number of Americans suffer from Alzheimer’s or another form of dementia, and a sizeable percentage of those patients will fall victim to scams.