FERC Proposes $470 Million Fine in Barclays Energy Market Manipulation Case
Fueled with trader communications that included “gonna try to crap on NP light and it should drive the SP light lower” and “fuckked with the Palo mrkt,” the Federal Energy Regulatory Commission (FERC) issued an order to show cause and notice of proposed penalty to Barclays Bank plc and four of its West power desk traders. The order ...
FDIC Files Lawsuit Against Colonial Bank’s Auditors
Colonial Bank was the largest bank failure of 2009. Colonial had a lot of competition in a year that claimed 140 banks. But Colonial had help, having purchased roughly $1 billion in fake mortgages from Taylor Bean and Whitaker Mortgage. Lee Farkas, the majority owner of TBW, is now serving a 30 year sentence for 14 counts of conspiracy and fraud. But what ...
Rochdale Loss Blamed on “Rogue” Trader
A trade gone wrong endangers an investment company. In a world of high-speed trades and limited controls, this sadly isn’t news. It seems even large investment firms are just one “rogue” or “fat finger” trade away from destruction. The only odd thing about Rochdale Securities’ recent woes is that its sizable loss had nothing ...
Citigroup Fined $2 Million for Analysts’ Leaks
Not one, but two, confidential information leaks cost Citigroup Global Markets $2 million this week. In one case, a junior analyst shared confidential information about Facebook with the technology website TechCrunch.com just prior to the social media company’s IPO. As part an investigation into problems associated with the flawed IPO, Massachusetts’ ...
FINRA Finally Shuts Down EKN Financial Services
EKN Financial Serivices (formerly known as Ehrenkrantz King Nussbaum Inc) had accumulated a dubious regulatory rap sheet over the years. But the Financial Industry Regulatory Agency decided enough was enough and expelled EKN for defying a 2008 SEC cease-and-desist order. The order barred CEO Anthony Ottimo from acting in a supervisory role, but there ...
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