Month: August 2013

Banking News – Auto, Student Lending Each Rise More than 10%: Equifax
&nbspStudent and auto lending surged in the 12-month period finished in July, according to an Equifax report unhindered Thursday.
Union Banking – http://www.americanbanker.com/issues/178_169/auto-student-lending-each-rise-more-than-10-percent-equifax-1061731-1.html

Banking News – Auto, Student Lending Each Rise More than 10%: Equifax
&nbspStudent and auto lending surged in the 12-month period finished in July, according to an Equifax report unhindered Thursday.
Union Banking – http://www.americanbanker.com/issues/178_169/auto-student-lending-each-rise-more-than-10-percent-equifax-1061731-1.html

Banking News – Auto, Student Lending Each Rise More than 10%: Equifax
&nbspStudent and auto lending surged in the 12-month period finished in July, according to an Equifax report unhindered Thursday.
Union Banking – http://www.americanbanker.com/issues/178_169/auto-student-lending-each-rise-more-than-10-percent-equifax-1061731-1.html

Banking News – Deposit Balances Decline for Second Honest Quarter
&nbspTotal domestic deposit balances at institutions insured by the Federal Deposit Indemnity Corp. fell by $31 billion, or 0.3%, in the second quarter, according to breakdown from Market Rates Insight.
Union Banking – http://www.americanbanker.com/issues/178_169/deposit-balances-decline-for-second-honest-quarter-1061728-1.html

Banking News – Linked to Sell Two Twigs, Ag Loans to Minnesota Rival
&nbspMerchant Bank in Winona, Minn., plans to buy two twigs from Linked Banc-Corp (ASBC) in Green Bay, Wis.

The $1.3 billion-asset Commercial will pay an anonymous amount for Linked’s Rushford and Lanesboro twigs, along with agricultural loans and deposits from a third branch in Red Wing, the company said Wednesday. Linked, a $23.3 billion-asset company, will take up again in commission the Red Wing office. …
Union Banking – http://www.americanbanker.com/issues/178_169/linked-to-sell-two-twigs-ag-loans-to-minnesota-rival-1061726-1.html

Banking News – FDIC Takes Enforcement Actions Against Nine Banks
&nbspThe Federal Deposit Indemnity Corp. took dictatorial actions against nine banks and freed 22 banks from orders in July, according to an enforcement update unhindered Friday.
Union Banking – http://www.americanbanker.com/issues/178_169/fdic-takes-enforcement-actions-against-nine-banks-1061725-1.html

Banking News – Nanny state about to get dearer
&nbspAnother burden for British parents who already face some of the most pricey childcare costs in the world
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/f5d5da08-1179-11e3-a14c-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Fee Rate Advisory #1 for Fiscal Year 2014
&nbsp

The Securities and Chat Fee today announced that in fiscal year 2014, the fees that public companies and other issuers pay to catalog their securities with the Fee will be set at $128.80 per million dollars.

The Fee single-minded this new rate in accordance with procedures vital under the securities laws.  In view of that, the Fee consulted with both the Congressional Budget Office and the Office of Management and Budget a propos the annual adjustment.  

Social class

The securities laws require the Fee to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Chat Act of 1934.  The Fee must set rates for the fees paid under Section 6(b) to levels that the Fee projects will breed collections equal to annual legislative target amounts.  The legislative target amount for fiscal year 2014 is $485 million.  The annual adjustment to the fee rate under Section 6(b) also sets the annual adjustment to the fee rates under Sections 13(e) and 14(g).

Under changes made by the Dodd-Frank Act, the annual rate changes for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Chat Act of 1934 must take effect on the first day of each fiscal year.  Consequently, commanding Oct. 1, 2013, the Section 6(b) fee rate applicable to the registration of securities, the Section 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rates applicable to proxy solicitations and statements in corporate control transactions will fall from $136.40 per million dollars to $128.80 per million dollars.  The Section 6(b) rate is also the rate used to assess the fees payable with the Annual Notice of Securities Sold Pursuant to Rule 24f-2 under the Investment Company Act of 1940.

The Fee will issue further notices as apt to keep the public well-informed of the commanding date of the fee rate changes under Section 6(b), Section 13(e) and Section 14(g).  These notices will be posted at the SEC’s Internet website at www.sec.gov.

SEC.gov Updates: Press Releases – http://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539795693

Banking News – Two Wins by Liberal Investors Signal Rife Risk for Banks
&nbspFirst Fiscal Northwest in Washington ousted a longtime CEO, while HopFed Bancorp in Kentucky seated an foreigner on its board and given up for lost an acquisition, under difficulty from liberal shareholders. More banks can expect similar fights.
Union Banking – http://www.americanbanker.com/issues/178_169/two-wins-by-liberal-investors-signal-rife-risk-for-banks-1061718-1.html

Banking News – Iowa Bank Lets Nostalgia Govern a HQ Redo
&nbspThe thought of leaving their century-ancient center of operations didn’t appeal to execs at MidWestOne, but neither did a makeover during the height of the depression. They’re finally free to give their office space some overdue updates.
Union Banking – http://www.americanbanker.com/issues/178_169/iowa-bank-lets-nostalgia-govern-a-hq-redo-1061717-1.html

Banking News – Retail gold buyers are raising the bar
&nbspPurchases appear to be more motivated by disbelief of banking systems and concern about capital reins than they are by dread of inflation
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/f506d502-1159-11e3-8321-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – US sets out deal for Swiss banks
&nbspBanks signing up will be able to seek non-prosecution agreements or receive confirmation from the US that they are not a target for investigators
FT.com – Banks – http://www.ft.com/cms/s/0/105e8168-1175-11e3-8321-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Younger people learn the power of savings
&nbspThe lifestyle one age group took for granted is early to look like an unaffordable luxury to their family
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/c7bf32c8-0e3a-11e3-bfc8-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Equipment redefines fiscal air force
&nbspComputer games are revolutionising the way that clients cooperate with fiscal air force companies
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/e8aebafe-0fc4-11e3-99e0-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Equipment redefines fiscal air force
&nbspComputer games are revolutionising the way that clients cooperate with fiscal air force companies
FT.com – Banks – http://www.ft.com/cms/s/0/e8aebafe-0fc4-11e3-99e0-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – SEC Rewards Three Whistleblowers Who Helped Stop Sham Hedge Fund
&nbsp

The Securities and Chat Fee today announced that three whistleblowers have been awarded more than $25,000 collective for tips and in rank they provided to help the SEC and Justice Sphere stop a sham hedge fund.

This is the first refund of anticipated payments to the whistleblowers as bonus assets are collected from the alleged hedge fund manager.  The whistleblowers are probable to eventually receive approximately $125,000 in total. 

The SEC issued an order earlier this summer valuable each of the three whistleblowers with 5 percent of the money that the SEC eventually collects from its enforcement action against Locust Offshore Management and its CEO Andrey C. Hicks.  In cases where there are related criminal proceedings in which money is collected by another valve, a provision in the whistleblower rules allows whistleblowers to then additionally apply for an award based off the other valve’s collections in what qualifies as a “related action.”  The Fee subsequently ordinary 5 percent payouts to each whistleblower for money collected in the related criminal action.

Hicks pled guilty on Dec. 12, 2012, to five counts of wire fraud and consented to the forfeit of his appeal in material goods earlier seized by the Justice Sphere.  He was sentenced to 40 months in prison.  Approximately $170,000 has been directorially forfeited in the criminal proceeding – money that is deemed collected for purposes of issuing whistleblower awards.  Consequently, the three whistleblowers will now receive $8,505 each.  Bonus payments can be made to these whistleblowers upon forfeit of the bonus assets that have been seized.

The entire sum value of assets seized from Hicks is estimated to be approximately $845,000, and the whistleblowers are probable to eventually receive 15 percent of this amount for a collective total of approximately $125,000.

The SEC’s order does not spot the whistleblowers, whose confidentiality is confined under the SEC’s whistleblower program.  The order states that two of the whistleblowers provided in rank that prompted the SEC to open an investigation and stop the scheme before more investors were harmed.  The third whistleblower identified key witnesses and incorrigible in rank the other two whistleblowers provided.

The SEC’s whistleblower program is formal under the law to reward those who offer high-quality, first in rank that leads to an SEC enforcement action in which more than $1 million in sanctions is ordered.  

More in rank about the whistleblower program and how to report a tip is void at: http://www.sec.gov/whistleblower

SEC.gov Updates: Press Releases – http://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539796657

Banking News – Scotiabank Shuffles Senior Management
&nbspThe chief risk officer of Scotiabank in Toronto is retiring, prompting several senior management changes.
Union Banking – http://www.americanbanker.com/issues/178_169/scotiabank-shuffles-senior-management-1061712-1.html

Banking News – SEC Charges San Diego-Based Investment Adviser in Cherry-Picking and Soft Dollar Schemes
&nbsp

The Securities and Chat Fee today announced charges against a San Diego-based investment advisory firm and its head for allegedly steering winning trades to favored clients and lying about how certain money was being spent. 

The SEC’s Enforcement Rift alleges that J.S. Oliver Capital Management and Ian O. Mausner engaged in a cherry-picking scheme that awarded more profitable trades to hedge funds in which Mausner and his family had invested.  Meanwhile they doled out less profitable trades to other clients, counting a widow and a charitable foundation.  The destitute clients suffered approximately $10.7 million in harm.

The SEC’s Enforcement Rift further alleges that Mausner and J.S. Oliver misused soft dollars, which are credits or rebates from a brokerage firm on commissions paid by clients for trades executed in the investment adviser’s client fiscal proclamation.  If appropriately told, an investment adviser may retain the soft dollar credits to pay for expenses, counting a limited category of brokerage and investigate air force that benefit clients.  But, Mausner and J.S. Oliver misappropriated more than $1.1 million in soft dollars for anonymous purposes that in no way benefited clients, such as a payment to Mausner’s ex-wife related to their divorce. 

“Mausner’s falsified schemes were a one-two punch that betrayed his clients and cost them millions of dollars,” said Marshall S. Sprung, Co-Chief of the SEC Enforcement Rift’s Asset Management Unit.  “Investment advisers must allocate trades and use soft dollars regular with their fiduciary duty to place client wellbeing first.”

The SEC also charged Douglas F. Drennan, a choice manager at J.S. Oliver, for his role in the soft dollar scheme.

According to the SEC’s order instituting administrative proceedings, Mausner engaged in the cherry-picking scheme from June 2008 to November 2009 by commonly waiting to allocate trades until after the close of trading or the next day.  This allowed Mausner to see which securities had valued or declined in value, and he gave the more opportunely priced securities to the fiscal proclamation of four J.S. Oliver hedge funds that top secret funds from Mausner and his family.  Mausner profited by more than $200,000 in fees earned from one of the hedge funds based on the boost in its routine from the winning trades he allocated.  Mausner also marketed that same hedge fund to investors by touting the fund’s clear returns when in reality those returns merely resulted from the cherry-picking scheme.

According to the SEC’s order, the soft dollar scheme occurred from January 2009 to November 2011.  Mausner and J.S. Oliver failed to release the later uses of soft dollars:

• More than $300,000 that Mausner owed his ex-wife under their divorce contract.
• More than $300,000 in “rent” for J.S. Oliver to conduct affair at Mausner’s home.  Most of this amount was funneled to Mausner’s private bank account.
• Approximately $480,000 to Drennan’s company for outside investigate and breakdown when in reality Drennan was an worker at J.S. Oliver.
• Nearly $40,000 in maintenance and other fees on Mausner’s private timeshare in New York City.

According to the SEC’s order, Drennan participated in the soft dollar scheme by submitting fake in rank to support the misuse of soft dollar credits and gratis some of the soft dollar payments to his own company.

The SEC’s order alleges that J.S. Oliver and Mausner on purpose debased the antifraud provisions of the federal securities laws and asserts leak, falling in line, and recordkeeping violations against them.  The SEC’s order alleges that Drennan on purpose aided, abetted, and caused J.S. Oliver’s fraud violations in the soft dollar scheme.

The SEC’s investigation, which is long-lasting, has been conducted by Ronnie Lasky and C. Dabney O’Riordan of the Enforcement Rift’s Asset Management Unit in the Los Angeles Regional Office.  The SEC’s legal action will be led by David Van Havermaat, John Bulgozdy, and Ms. Lasky.  The examination of J.S. Oliver was conducted by Ashish Ward, Eric Lee, and Pure Chan of the Los Angeles office’s investment adviser/investment company examination program.

SEC.gov Updates: Press Releases – http://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539795856

Banking News – Finance costs turning into major legal threat
&nbspA lawsuit launched two years ago to demand compensation for soured finance securities is proving more costly than feared by even the most gloomy bank executives and lawyers
FT.com – Banks – http://www.ft.com/cms/s/0/0e67ff5a-117b-11e3-8321-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Banks get ready to feel the penalty pain
&nbspThree years ago a $550m agreement between Goldman Sachs and SEC was a monumental enforcement action – now it is a mount in a far grander range
FT.com – Banks – http://www.ft.com/cms/s/0/959ae7ac-1168-11e3-8321-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct