Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Securities
News
Deutsche Bank Securities and Thomas Weisel Partners Settle with Securities Regulators District of Columbia to Receive Over $300,000
(Washington, DC) Under the terms of settlements announced today between securities regulators and Deutsche Bank Securities Inc. and Thomas Weisel Partners LLC, the District of Columbia stands to receive $337,500 upon final acceptance of the terms of the agreement, according to Lawrence H. Mirel, commissioner of the District of Columbia Department of Insurance, Securities and Banking (DISB). The settlements result from allegations of conflicts of interest at brokerage houses where analysts recommended stocks due to improper influence from their investment banking colleagues.
Commissioner Mirel made the announcement following investigations of the two firms by the California Department of Corporations, the U.S. Securities and Exchange Commission, NASD, Inc., and the New York Stock Exchange. The settlements are related to the April 2003 Global Settlement that ten other investment banks reached with the state, federal and industry regulators.
Deutsche Bank will pay a total of $87.5 million: $25 million in disgorgement, $25 million as a penalty for various conflicts of interest, $25 million to fund independent research, $5 million to fund and promote investor education, and $7.5 million for failing to promptly produce e-mail and thereby delaying by over a year the investigation as to Deutsche Bank. Thomas Weisel Partners will pay a total of $12.5 million: $5 million in disgorgement, $5 million as a penalty for various conflicts of interest, and $2.5 million to fund independent research. The District's share of the funds that are designated as penalties will be deposited into the District's general fund.
The investigations of Deutsche Bank and Thomas Weisel Partners, together with the 2003 Global Settlement, are part of a comprehensive regulatory effort to reform the relationship between investment banking and research and to manage appropriately conflicts of interest. Commissioner Mirel stated, "The settlements represent a significant step in our continuing efforts to ensure that investors are treated fairly and provided with objective research."
Under the terms of the settlement, Deutsche Bank is also required to distribute $2.5 million to the Investor Protection Trust (IPT), which will use the money to fund investor education initiatives on the state and national levels. The IPT is an established charitable organization with experience handling settlement funds and a history of investor education successes. The District's share of the IPT funds will be allocated to investor education programs in the District of Columbia
The settlements were negotiated by California, the District of Columbia, and Maryland and unanimously recommended by the Board of Directors of the North American Securities Administrators Association. The Department's investigative team was lead by Theodore A. Miles, Director of DISB's Securities Bureau, and included the following staff members: Lilah R. Blackstone, J. Barron Knight, Adam Levi, J.Michael McManus, A.E.T. Rusch and Vartan Zenian.
Commissioner Mirel noted, "These enforcement actions, coupled with pending reforms in the mutual fund industry, should help to restore investor confidence."
Swap: In general, the exchange of one asset or liability for a similar asset or liability
Swap: In general, the exchange of one asset or liability for a similar asset or liability for the purpose of lengthening or shortening maturities, or raising or lowering coupon rates, to maximize revenue or minimize financing costs. This may entail selling one securities issue and buying another in foreign currency; it may entail buying a currency on the spot market and simultaneously selling it forward. Swaps also may involve exchanging income flows; for example, exchanging the fixed rate coupon stream of a bond for a variable rate payment stream, or vice versa, while not swapping the principal component of the bond. Swaps are generally traded over-the-counter.
Securities News
Latest news about securities cases in Oklahoma and nationwide:
Federal Authorities Seeking Fugitive
The United States Attorney’s Office today announced that FRANK R.V. LOOMANS, 37, of Atlanta, Georgia, formerly manager of investor relations for Co... Read more >
Definition:
The price, specified in the option contract, at which the underlying futures contract, security, or commodity will move from seller to buyer.
Basis Grade
Definition:
The grade of a commodity used as the standard or par grade of a futures contract.
Aggregation
Definition:
The principle under which all futures positions owned or controlled by one trader (or group of traders acting in concert) are combined to determine reporting status and compliance with speculative position limits. See CFTC Backgrounder: Speculative Limits, Hedging, and Aggregation.
If you live in the following cities and need an securities attorney you should contact
our Securities Attorney as soon as possible:
Ada
Altus
Ardmore
Bartlesville
Bethany
Broken Arrow
Chickasha
Choctaw
Claremore
Collinsville
Duncan
Durant
Edmond
El Reno
Enid
Guthrie
Lawton
Mcalester
Miami
Muskogee
Mustang
Norman
Oklahoma City
Okmulgee
Owasso
Ponca City
Sand Springs
Sapulpa
Shawnee
Stillwater
Tahlequah
Tulsa
Yukon
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Oklahoma Securities Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?