Posts belonging to Category Forex Fraud
Posted by Page PerryonOctober 14, 2011
Bank of New York Mellon has been sued in separate civil lawsuits filed by the U.S. Department of Justice and the Attorney General of New York seeking damages in excess of $2 billion related to BNY’s alleged practice of fraudulently misleading and overcharging public pension funds, universities, and other clients for foreign exchange (FX) currency […]
Categories: Bank of New York Mellon, Brokerage Firms, Commodities and Futures, Financial Industry Whistleblowers, Forex Fraud, Investigations, Investment Advisers, Investor Alerts, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street
Posted by Page PerryonJuly 18, 2011
SEC Commissioner Luis Aguilar called for the SEC’s Office of Investor Education and Advocacy to issue an investor alert warning retail investors about the risks of trading off-exchange foreign currency contracts. This comes in the wake of the SEC’s recent approval of a temporary rule allowing the sale of retail forex contracts to unsophisticated investors […]
Categories: Brokerage Firms, Commodities and Futures, Forex Fraud, Investment Advisers, Investor Alerts, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonJuly 11, 2011
A lot of retail investors are getting involved with Forex trading, according to Stephen L. Bernard’s Wall Street Journal article entitled “Is Currency Trading Worth the Risk?” It is only worth the risk if you can afford to lose every penny you put into it, and quickly. Regulators are seeking to warn retail investors of […]
Categories: Brokerage Firms, Commodities and Futures, Elder Abuses, Forex Fraud, Investigations, Investment Advisers, Investor Alerts, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonJune 17, 2011
Massachusetts may join California, Virginia and Florida in suing Bank of New York Mellon Corp. for allegedly overcharging the state’s pensioners for foreign exchange trades, according to Carrick Mollenkamp’s Wall Street Journal article entitled “New Front Opens in Massachusetts for Forex Dispute.” Federal agencies are reportedly investigating.
Categories: Bank of New York Mellon, Brokerage Firms, Commodities and Futures, Forex Fraud, Investigations, Investment Advisers, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJune 2, 2011
Bank of New York Mellon Corp. admits it did not act in its clients’ best interest in pricing foreign currency trades but says its clients are to blame because they knew or should have known what was going on, according to a Wall Street Journal article by Carrick Mollencamp and Tom McGinty entitled “Inside a […]
Categories: Bank of New York Mellon, Brokerage Firms, Commodities and Futures, ERISA Fiduciaries and Claims, Financial Industry Whistleblowers, Forex Fraud, Investigations, Investment Advisers, Investor Alerts, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMarch 8, 2011
The Massachusetts securities division filed two Administrative Complaints against unregistered broker-dealers that allegedly perpetrated foreign-exchange investment scams, according to Liz Moyer’s recent Wall Street Journal article, “Massachusetts Charges Two Firms in Forex Schemes.” The cases are: (1) In the Matter of Eagle Trades, Ltd., Eagle Trades Ltd., LLC, and Terrance William Osberger, Docket E-2010-0005, and […]
Categories: Forex Fraud, Investigations, Regulatory Developments
Posted by Page PerryonFebruary 11, 2011
The Wall Street Journal is reporting that the Arkansas Teacher Retirement System has filed a putative class action lawsuit against State Street Corp. alleging that the bank overcharged the it and other similarly situated customers in foreign exchange (Forex) currency transactions. See article by Jeanette Neumann, “State Street Is Sued by Arkansas Fund.” The suit […]
Categories: Brokerage Firms, Commodities and Futures, Forex Fraud, Investor Alerts, Market Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonFebruary 10, 2011
Banks overcharged major investment firms for currency trades, according to a Wall Street Journal article by Gregory Zuckerman, Carrick Mollenkamp and Lingling Wei, titled “Suspicion of Forex Gouging Spreads. The article cites bank insiders and the apparent broadening scope of alleged abuses in the $4 trillion foreign-exchange market.
Categories: Brokerage Firms, Commodities and Futures, Forex Fraud, Investment Advisers, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools
Posted by Page PerryonFebruary 4, 2011
Prosecutors have taken over whistleblower lawsuits against Bank of New York Mellon and State Street Corp. that accuse the banks of fraud in overcharging public pension funds by tens of millions of dollars for foreign-exchange transactions, according to a Reuters article edited by Lincoln Feast, entitled “Prosecutors widen currency probes: report.”
Categories: Bank of New York Mellon, Brokerage Firms, Commodities and Futures, Financial Industry Whistleblowers, Forex Fraud, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street
Posted by Page PerryonFebruary 3, 2011
The U.S. Commodity Futures Trading Commission (CFTC) filed suit last week against 14 foreign currency exchange (Forex) dealers, according to a Jan. 26, 2011 CNNMoney article by Charles Riley, “Regulator sues foreign currency dealers.” The suit charges that the firms unlawfully solicited members of the public to engage in foreign currency transactions, operated without being […]
Categories: Commodities and Futures, Forex Fraud, Market Developments, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools