Investor's Watchdog.com: Stock, finance and investment protection for investors

As you have likely read already, the U.S. Securities and Exchange Commission has fined world-wide financial giant UBS $200 million for acting as an unregistered broker-dealer and investment adviser.  UBS?  Are you kidding me?  How could a firm that big, that well-known, not have followed the most basic of securities regulations?  The answer is in the SEC’s litigation release.  “The U.S. cross-border business provided UBS with revenues of $120 to $140 million per year.” (more…)

In the wake of the continuing financial disaster another reminder that a big-name is no guarantee of integrity is probably unnecessary.  We have been warning the investing public of that fact for the past year.  But, a recent enforcement action by the U.S. Securities and Exchange Commission (”SEC”), gives us more evidence to support the conclusion.  The SEC has settled insider trading charges against seven individuals, including two who were professionals working for UBS and Morgan Stanley.  Read more about the case here. (more…)

The Financial Industry Regulatory Authority (FINRA) has disciplined five broker-dealers for “mutual fund sales and supervisory violations.”  The firms all failed to give mutual fund customers commission discounts to which they were entitled.  The five firms are Prudential Securities, Inc., Pruco Securities, Inc., UBS Financial Services, Merrill Lynch, and Wells Fargo.   (more…)

Miami Herald Investigative Reporter Dan Christensen has written a story that all baby boomers and seniors should read — about a stockbroker with a troubling disciplinary record who slipped past the regulatory gatekeepers to continue doing business.  Dozens of his clients now accuse him of losing more than $20 million of their retirement assets while piling up big commissions for himself and his firm.  The FBI is investigating.  The broker has filed bankruptcy. (more…)