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According to the SEC's complaint, Igors Nagaicevs broke into online brokerage accounts of customers at large U.S. broker-dealers and drove stock prices up or down by making unauthorized purchases or sales in the hijacked accounts. This occurred on more than 150 occasions over the course of 14 months.
The bureau regulates the approximately 225 traditional banks that have received state charters, as well as over 14,000 non-bank lenders, including mortgage brokers, securities dealers, debt managers, and pawnshops. The department is fully funded by licensing fees and is not dependent upon tax revenue..
The Act was first promulgated in 1930, when it was entitled the Uniform Sales of Securities Act of 1930. [1] The 1930 Act met with limited success, enacted by only five jurisdictions. [2] In 1943, the NCCUSL dropped the Act from its list of Uniform Acts. [3] The Act was substantially revised in 1956, as the Uniform Securities Act of 1956. [4]
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Securities issued by a savings and loan association or bank; Securities issued or guaranteed by a municipality, or any government entity in the United States; Certain short term notes, generally less than nine months; A full list of exemptions can be found in sections 3(a)(2)-3(a)(8), 15 U.S.C. §§ 77c(a)(2)-(a)(8) of the Securities Act of ...
Adopted in February over Republican officials' objections, the rule required proprietary traders and others who routinely deal in government bonds and other securities to register as broker-dealers.
During 2006 and 2007, securities fraud class actions were driven by market wide events, such as the 2006 backdating scandal and the 2007 subprime crisis. Securities fraud lawsuits remained below historical averages. [35] Some manifestations of this white collar crime have become more frequent as the Internet gives criminals greater access to prey.
This regulation generally provides that broker-dealers must … Continue reading → The post SEC Issues Risk Alert: Here's Why Your Broker Needs to Act in Your Best Interest appeared first on ...