Tag: Mutual Funds

Credit Suisse Entities to Pay $10 Million for Providing Prohibited Mutual Fund Services

The Securities and Exchange Commission today announced that Credit Suisse Securities (USA) LLC and two affiliated Credit Suisse entities (collectively, the Credit Suisse Entities) agreed to pay more than $10 million to settle the SEC’s charges that they provided prohibited underwriting and advising services to mutual funds. In October 2022, the Superior Court of New Jersey entered a consent order…

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OppenheimerFunds, Custodian Sued for Account Takeover

A former OppenheimerFunds IRA account holder sued the since-absorbed company, as well as custodian Pensco, for failing to stop a fraudster from stealing nearly $200,000 from his account, court documents show. OppenheimerFunds allegedly gave the thief clearance to transfer assets after he posed as account holder Michael Eckenwiler, even though he used an incorrect middle name, a fake driver’s license…

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Seventh Circuit enters “unchartered territory” of insider trading law — Cadwalader

In the midst of recent, high-profile insider trading investigations and prosecutions, the Seventh Circuit issued a decision marking “unchartered territory” in the SEC’s continuing crackdown on insider trading: mutual fund redemptions, but it sidestepped the critical question. via Seventh Circuit enters “unchartered territory” of insider trading law but leaves open novel question of whether the misappropriation theory of insider trading…

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Mass. Securities Regulator Files Fraud Claim Against Reserve Management

The hits keep coming for Reserve Management Co., the mutual fund that “broke the buck” back in September 2008.  On Tuesday, Massachusetts’ top securities regulator accused Reserve executives in an administrative complaint of misrepresenting the fund’s safety in an ultimately futile bid to prevent investors from pulling out cash. The company has already been the subject of numerous lawsuits and,…

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