Three private equity fund advisers within The Blackstone Group will be paying nearly $39 million to settle SEC charges that they failed to tell investors about the financial benefits accrued from accelerated monitoring fees and discounts on legal fees, according to the SEC. Approximately $29 million of the settlement is slated to be distributed to… Read More >>
UBS to Pay $19.5M Penalty for Structured Note Omissions
UBS will be paying $19.5 million to the SEC to settle charges that it “made false or misleading statements and omissions” when offering materials to U.S. investors who were sold structured notes tied to a proprietary foreign exchange trading strategy, say SEC officials. The SEC is not alleging that UBS officials intended to defraud investors… Read More >>
BNY Mellon to Pay $15M for Intern-Hiring Violations
The SEC reports that BNY Mellon, the investments company founded by Alexander Hamilton in 1784, has “agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.” Not surprisingly,… Read More >>
FINRA Fines Barclays Capital $800,000
The Financial Industry Regulatory Authority (FINRA) has fined broker-dealer Barclays Capital $800,000 for equity trade reporting violations and related violations of FINRA’s supervisory procedures, according to documentation made public by FINRA. BarCap will pay $650,000 for the equity trade reporting violations and $150,000 for the supervisory violations, according to the letter of acceptance, waiver and… Read More >>
BNP Paribas Group Appoints Head of CIB
BNP Paribas Group has appointed Yann Gérardin to be head of Corporate and Investment Banking (CIB). At the same time, Alain Papiasse, the current deputy chief operating officer (COO) will take on the general management representative role for the North American region of the firm, officials say. High on the agendas for Gérardin and Papiasse… Read More >>
Watchdogs: Wayward Firms to Face More Record Fines
After a year of record-breaking fines that has left financial services firms reeling and their investors anxious about what the future may hold, regulators and prosecutors alike say wayward firms can expect more of the same – and worse – going forward. “The next time one of these institutions engages in misconduct, I think they… Read More >>
