Securities

Cuomo Today Announces His Office is Focusing Attention on other Industry Players Including JP Morgan Chase, Morgan Stanley and Wachovia

NEW YORK, NY (August 11, 2008) - New York Attorney General Andrew M. Cuomo today announced his office is expanding its investigation into the auction rates securities scandal. Cuomo today sent letters to JP Morgan Chase, Morgan Stanley and Wachovia announcing that his office will look into the firms’ behavior pertaining to misrepresenting auction rate securities to investors as safe, cash-equivalent products, when in fact they faced increasing liquidity risk.

Last week Cuomo’s office secured landmark agreements with UBS and Citigroup that will return over $20 billion to investors across New York State and the nation.    » read more »

Auction Rate Security Investors Recover Billions

August 8, 2008 -- NEWARK -- New Jersey Attorney General Anne Milgram announced today that the N.J. Bureau of Securities, as part of a national task force with other state regulators, and the Securities and Exchange Commission reached a settlement with UBS Securities LLC and UBS Financial Services, Inc. that will give thousands of UBS clients, including New Jersey investors, access to billions of dollars in funds that have been frozen in the auction rate securities (ARS) market.    » read more »

May 23, 2008 -- COLUMBUS – The Ohio Attorney General’s Office, which has been prosecuting a securities class action case against American International Group, Inc. (AIG) and 22 other defendants for more than three years, announced its intention to add claims relating to AIG’s recent multi-billion dollar write-downs stemming from its exposure to problems in the residential housing market.    » read more »

May 13, 2008 -- LANSING – The U.S. Securities and Exchange Commission (SEC) recently announced that with the assistance of the Office of Financial and Insurance Regulation (OFIR), the federal agency obtained an emergency court order freezing the assets of Gregory N. McKnight of Swartz Creek, MI, an alleged perpetrator, of an Internet fraud scheme that reaped approximately $72 million from more than 3,000 investors in all 50 states and at least 30 foreign countries.    » read more »

BALTIMORE, MD (May 8, 2008) - Maryland Attorney General Douglas F. Gansler announced today that Kevin Thomas Forrester, 32, former operator of Forrester Financial Group in Phoenix, pled guilty before the Honorable Robert E. Cahill, Jr. in the Circuit Court for Baltimore County to felony theft and fraudulent securities practices.    » read more »

January 9, 2008 -- LAS VEGAS -- Nevada Attorney General Catherine Cortez Masto announced today that District Court Judge Elizabeth Gonzales sentenced Nancy Nash to serve 4 to 10 years in Nevada State prison, with an equal and consecutive term of 4 to 10 years as an elder enhancement penalty, in connection with her plea of guilty to feloniously operating a continuing legal enterprise to sell unregistered securities to elderly victims in Nevada.    » read more »

07 January 2008 -- China has eased a ban on foreign investments in its securities industry and Singapore's economy shrank for the first time in four years in the fourth quarter.

Beijing announced new rules that allow single foreign investors to buy up to 20 percent of Chinese securities firms. Total foreign ownership is limited to 25 percent, and securities companies must have at least one Chinese owner who holds 33 percent or more.

Chinese regulators banned foreign investments in domestic securities houses in 2005, when Beijing began overhauling the brokerage sector.    » read more »