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The SIPA | 2009 | August

The SIPA

The Blog Of The Securities Industry Professional Association
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Archive for August, 2009

FINRA SUED FOR LOSING HALF BILLION,CONFLICT OF INTEREST, MADOFF AND MORE

Previously, we here at The SIPA have questioned the investment losses of FINRA and wondered out loud if they may have invested in Madoff….well we could be about to find out.  A lawsuit has been filed against FINRA by a member firm that alleges conflict of interest as well as demands the books of FINRA […]
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BUSINESS AS USUAL FOR WALL STREET & REGULATORS

On Monday August 3rd the SEC announced it was bringing charges against Bank America for fraudulently representing to shareholders that bonuses would NOT be paid to Executives of Merrill Lynch and then disbursing over 5 BILLION in bonuses simultaneously with the approval. Incredibly, BOA announced later that day that they had agreed to terms with the SEC and would pay a 33 million dollar fine to settle all charges.
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