Russell Wasendorf Sr, chief executive of Peregrine Financial Group, was arrested by U.S. authorities today and faces criminal charges, reports Financial Times. The Peregrine founder allegedly created and used false statements to deceive federal regulators. His arrest comes days after he attempted suicide; regulators had discovered Peregrine had a shortfall of $215m in its customer […]
The Agencies Regulation Committee (ARC) of the Canadian Council of Insurance Regulators (CCIR) recently submitted a position paper addressing potential MGA-related issues raised by the public and media.
Canada will keep its exchange. So said panelists at the Canadian Equity Market conference, presented by Ontario Securities Commission and IIROC in Toronto today.
Banks may be fighting the Volcker rule, but industry professionals would welcome stricter trading regulation for large banks and institutions. In the aftermath of JP Morgan’s trading loss, Jim Allen, CFA, says the fact that a major bank was caught is good for your clients, with “arguments for a lighter-touch Volcker Rule now sounding hollow.”
Regulators are looking at rules for best execution, say presenters at the Canadian Equity Market conference, presented by Ontario Securities Commission and IIROC in Toronto today.
The British Columbia Securities Commission’s criminal investigations team and the Abbotsford Police Department have arrested Gregory Carrington and charged him with 10 counts under the Securities Act. The charges relate to selling securities without being registered, making misrepresentations, breaching an existing trading ban and selling securities without a prospectus. The charges against Carrington have not […]
Jamie Dimon of JP Morgan faced the House Financial Services Committee today. He said the bank did its best to fully inform investors about its risk strategy several weeks before it suffered its US$2 billion-plus trading loss. During his testimony, he was quoted on Twitter as saying, “I’m sorry I’m taking up so many people’s […]
The best way to prepare for a regulatory audit is to conduct a compliance review of your own.
On March 30, 2011, an IIROC hearing panel found Darlene Catherine Ryan liable for the misappropriation of funds from five of her clients. The panel found she committed the following violations: (a) Between March 2005 and July 2010, she misappropriated, on 31 separate occasions, approximately $1.5 million from five clients, contrary to IIROC Dealer Member […]
The ASC found the CEO made misleading and untrue statements in several releases and lacked proper qualifications for his role.