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Another Vantage Case, South Carolina style

by Ary Rosenbaum on

Knight’s Companies, a septic tank, trucking and concrete block business in sued Vantage Benefits and their principals Jeff and Wendy Richie in Federal District Court in South Carolina, The suit claims that Vantage and the...more

Vantage defaults in first case decision

by Ary Rosenbaum on

It didn’t take long for the first decision in a lawsuit against vantage Benefits and its owners when they defaulted. A default judgment was handed down by Judge David C. Godbey of the U.S. District Court for the Northern...more

Another Vantage lawsuit with an advisor twist

by Ary Rosenbaum on

A great scene is in GoodFellas is when Jimmy chastises Henry for getting arrested because he allowed himself to be incriminated through wiretaps. For years, I’ve been warning advisors about the referrals they make and it...more

SEC Charges Additional Municipal Official With Securities Fraud In Connection With Oyster Bay Loan Guarantee Scheme

by Bracewell LLP on

On March 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in U.S. District Court for the Eastern District of New York (“Court”) charging Leonard Genova, town attorney and deputy supervisor for...more

Class Certification Denied in RMBS Investor Suit

by Weiner Brodsky Kider PC on

A judge in the U.S. District Court for the Southern District of New York denied certification to two proposed classes of residential mortgage-backed securities certificateholders in their suit against a large bank, finding...more

2nd Circ. Raises Bar For US Jurisdiction Over Foreign Banks

On Feb. 9, 2018, the Second Circuit decided SPV Osus Ltd. v. UBS AG , affirming the dismissal of UBS AG and related and unrelated foreign financial management companies from litigation brought by alleged victims of the...more

Investment Funds Update Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Implementation of MiFID - The FSMA issued on 18 July 2017 a communication (the “Communication”) on the preparation for the entry into force of the Directive 2014/65/EU on Markets in Financial Instruments (“MiFID II”). Such...more

Federal District Court Dismisses Mutual Fund Excessive Fee Lawsuit

by Goodwin on

On February 14, 2018, the U.S. District Court for the Southern District of New York in Manhattan issued a decision dismissing a complaint brought under Section 36(b) of the Investment Company Act of 1940, as amended, that...more

SEC Files Another Action Centered on Trading in Opaque Markets

by Dorsey & Whitney LLP on

The Commission filed another action centered misrepresentations made in opaque trading markets for mortgage backed securities. Unlike its earlier actions in this area, however, the case settled simultaneous with filing....more

Second Circuit Affirms Dismissal Of Claims, Finding No Personal Jurisdiction Where Defendants Were Not "At Home" In The Forum And...

by Shearman & Sterling LLP on

On February 9, 2018, the United States Court of Appeals for the Second Circuit affirmed the dismissal of aiding and abetting claims against UBS AG, AIA LLC, and their affiliated entities and individuals. SPV Osus Ltd. v. UBS...more

Directors Fail To Escape Liability For Approving Dividend

by Allen Matkins on

I last wrote about FDIC v. Ching, 2014 U.S. Dist. LEXIS 92687 (E.D. Cal. July 8, 2014) in July of 2014. That post concerned Judge Kimberly J. Mueller's ruling that California's statutory restrictions on distributions to...more

Compliance into the Weeds-Episode 69, Steve Wynn, Corporate Governance and the Board of Directors

by Thomas Fox on

In this episode, Matt Kelly and I take a deep dive into the events which led to the resignation of Steve Wynn as the CEO and Chairman of Wynn Casinos for sexual harassment and misconduct. We consider how quickly the scandal...more

More news bout Vantage Benefits

by Ary Rosenbaum on

Since the FBI closed down Vantage Benefits on November 1, we haven’t heard much. Here is an update: MBA Engineering, Inc filed sued against Vantage Benefits, Jeff Richie and his wife, Wendy Richie, for the...more

FINRA Issues FAQs on Rules Relating to Financial Exploitation of Seniors and Other Vulnerable Adults

by Dechert LLP on

The Financial Industry Regulatory Authority (FINRA) has published frequently asked questions (FAQs) for complying with new FINRA Rule 2165 (Financial Exploitation of Specified Adults) and amendments to FINRA Rule 4512...more

Standards of Conduct for Investment Advisers, Broker-Dealers Under SEC Review

In the six months since Securities and Exchange Commission (SEC) Chairman Jay Clayton requested public comments on standards of conduct for investment advisers and broker-dealers, industry participants, investors and other...more

To be safe, read those trust statements

by Ary Rosenbaum on

In light of some troubling news that a third party administrator (TPA) was shut down by the Federal Bureau of Investigation (FBI) for possible theft of plan assets, there is one pro-active step you should take as a plan...more

Financial Markets Disputes and Regulatory Update - January 2018 - Judgments

by Dentons on

Court of Appeal upholds consistent interpretation of ISDA Master Agreement - Dexia Crediop S.P.A. v. Comune di Prato [2017] EWCA Civ 428 - Dexia was appointed as Prato's adviser in relation to debt restructuring and...more

Municipal Advisor Firm and Principal Charged with Fraudulent Practices and Breach of Fiduciary Duty as SEC Continues Enforcement...

by Bracewell LLP on

The SEC charged registered municipal advisor Malachi Financial Products, Inc. and its principal Porter B. Bingham with violations of Sections 15B(a)(5) and 15B(c)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and...more

Day 18 of One Month to Better Written Standards-Policies on Facilitation Payments

by Thomas Fox on

From the information provided by the Justice Department in Opinion Releases and in enforcement actions, there are several different insights which may be drawn on what should go into your policy on facilitation payments....more

SEC Chairman Issues Major Statement on Cryptocurrency and ICOs

by Dechert LLP on

On December 11, 2017, SEC Chairman Clayton issued an important public statement outlining his views on cryptocurrencies and ICOs. In his statement, Chairman Clayton provided a clearer view of the SEC’s stance and offered the...more

The SEC’s Cyber Unit Files Its First Complaint Against an “Initial Coin Offering”

by Burr & Forman on

Implemented in September, the Securities Exchange Commission’s (“SEC”) Cyber Unit has brought its first enforcement action against an “Initial Coin Offering” (“ICO”) called PlexCoin. ICOs, which are listed on digital...more

Further Implementation of the Market Abuse Regulation, European Capital Markets Update

by Jones Day on

On 31 July 2017, a new law was adopted to further implement and ensure the effectiveness of Regulation 596/2014 on market abuse ("Market Abuse Regulation"). This new law amends the law of 2 August 2002 on the supervision of...more

Department of Labor Extends Transition Period for Exemptions Under the Fiduciary Rule

On November 27, 2017, the U.S. Department of Labor (DOL) extended the transition period for its conflict of interest regulation (commonly referred to as the "fiduciary rule") until July 1, 2019....more

SEC Files Emergency Action to Halt Alleged ICO Scam

by Perkins Coie on

On Friday, December 1, 2017, the SEC filed an emergency action in federal district court in Brooklyn alleging that Dominic Lacroix and Sabrina Paradis-Roger, both from Quebec, Canada, raised approximately $15 million in a...more

SEC Enforcement Division Releases 2017 Annual Report as Industry Looks Ahead to 2018

by Dechert LLP on

Stephanie Avakian and Steven Peikin, the new Co-Directors of the U.S. SEC Enforcement Division (“Division”), released a report on November 15, 2017, summarizing the Division’s enforcement activity for the fiscal year ending...more

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