Month: July 2014

Banking News – Russian groups convert cash capital
&nbspHeightened worries among oligarchs have precipitated the conversion of euro worth into Asian currencies later the latest round of sanctions
FT.com – Banks – http://www.ft.com/cms/s/0/418b5f98-18c9-11e4-80da-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Russian groups convert euro capital
&nbspHeightened worries among oligarchs have precipitated the conversion of euro worth into Asian currencies later the latest round of sanctions
FT.com – Banks – http://www.ft.com/cms/s/0/418b5f98-18c9-11e4-80da-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – CertusBank’s Losses Rise While PR Headaches Take up again
&nbspThe uneasy Greenville, S.C., bank lost $15 million in the second quarter, its first weekly results since a new management team replaced the three founders who were fired in April. Moreover, local NAACP leaders have raised concerns about the firings, which they say sent a toxic message to the local African-American union.
Union Banking – http://www.americanbanker.com/issues/179_147/certusbanks-losses-rise-while-pr-headaches-take up again-1069136-1.html

Banking News – Asset managers may escape complete mark
&nbspRegulators may lift a threat hanging over groups like BlackRock and Dependability but will still review what risk the Diligence poses to stability
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/d2739c66-182c-11e4-a6e4-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – SEC Enforcement Rift Modifies Municipalities Leak Initiative
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The Securities and Chat Fee today announced modifications to its Enforcement Rift’s Municipalities Long-lasting Leak Cooperation (MCDC) Initiative that will provide greater chance for smaller public securities sponsor firms and public issuers to take benefit of the initiative. 

To allow issuers and obligors more time to perfect their exposure equipment, the rift has total the deadline to self-report the makings violations from September 10, 2014 to December 1, 2014.  The deadline for underwriters remains unchanged at September 10, 2014.  With respect to underwriters, the rift has single-minded that to apply a tiered deal with to civil penalties based on the size of the firm would promote smaller underwriters to participate in the initiative.

“It is clear that many underwriters and issuers are working conscientiously to take benefit of the initiative within its time period,” said Andrew Ceresney, boss of the Enforcement Rift. “These adjustments to the program are calculated to promote as much partaking as doable, which we expect will eventually benefit investors by cheering stuck-up falling in line with long-lasting disclosures by the broadest group of diligence participants.”

Under the initiative, announced on March 10, 2014, the rift agreed to urge even agreement terms for public issuers and underwriters who self-report that they have made inaccurate statements in bond offerings about their prior falling in line with long-lasting leak obligations under the Securities Chat Act of 1934.  In fastidious, the rift will urge that the Fee accept agreement terms for eligible underwriters that, among other things, include payment of civil penalties up to individual amounts. 

The rift’s tiered deal with to the cap on civil penalties for eligible underwriters is as follows:

• For underwriters with 2013 reported total annual revenue of more than $100 million: $500,000

• For underwriters with 2013 reported total annual revenue between $20 million and $100 million: $250,000

• For underwriters with 2013 reported total annual revenue of less than $20 million: $100,000

Since announcing the initiative, the rift has learned that some public underwriters and issuers have veteran difficulties in identifying the makings violations for periods when filings were made in the Nationally Recognizable Public Securities In rank Storage area (NRMSIR) system, which pre-dated the Electronic Public Market Access (EMMA) system.  The rift recognizes that parties may use practically void sources of in rank to make excellent faith efforts to spot the makings violations but may not be able to spot certain violations during the period of the initiative due to the limitations of the pre-EMMA NRMSIR system.  If violations are identified by the rift after the end of the initiative, the rift will thought-out evenhanded, excellent faith, and well-known efforts in deciding whether to urge enforcement action and, to the extent enforcement action is not compulsory, in seminal relief. 

Questions a propos the initiative may be aimed at to [email protected].

SEC.gov Updates: Press Releases – http://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370542578459

Banking News – Sun Bancorp Reports $24M Loss on Reorganization, Provision Charges
&nbspSun Bancorp in Mount Laurel, N.J., reported a second-quarter loss due to one-time charges related to its ongoing reorganization efforts.
Union Banking – http://www.americanbanker.com/issues/179_147/sun-bancorp-reports-24m-loss-on-reorganization-provision-charges-1069135-1.html

Banking News – Cukurova reclaims Turkcell conniving stake
&nbspTurkish business’s $1.6bn deal ends seven-year battle with Russia’s Alfa
FT.com – Banks – http://www.ft.com/cms/s/0/600f24e4-18ed-11e4-80da-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Banks Prepare to Elbow In on Wealth Management
&nbspOne in four banks are eyeing wealth management as a way to boost noninterest income and deepen consumer relationships, according to a new survey by American Banker and SourceMedia Investigate.
Union Banking – http://www.americanbanker.com/issues/179_147/banks-prepare-to-elbow-in-on-wealth-management-1069134-1.html

Banking News – SEC Charges Virginia-Based Broker With Stealing Funds From Elderly Customers
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The Securities and Chat Fee today charged a broker based in Roanoke, Va., with defrauding elderly customers, counting some who are legally blind, by stealing their funds for her private use and falsifying their account statements to cover up her fraud.

According to the SEC’s protest filed in U.S. Constituency Court for the Western Constituency of Virginia, Donna Jessee Tucker siphoned $730,289 from elderly customers and used the money to pay for such private expenses as vacations, vehicles, clothes, and country club connection.  Tucker ensured that the customers expected their monthly account statements electronically, knowing that they were unable or unwilling to access their statements in that format.  The SEC further alleges that Tucker engaged in unofficial trading and other fiscal transactions while making misrepresentations to customers about their investment fiscal proclamation and forging brokerage, banking, and other ID. 

The SEC’s investigation resulted from a broker-dealer examination of the firm where Tucker worked that was conducted by the SEC’s Philadelphia Regional Office.

“Tucker befriended her customers and gained their trust, only to be stealing their money behind their backs and giving them phony ID to hide it,” said Sharon Binger, boss of the SEC’s Philadelphia office.

In a analogous action, the U.S. Attorney’s Office for the Western Constituency of Virginia announced criminal charges against Tucker.

Tucker has agreed to settle the SEC’s charges and pour out the $730,289 in ill-gotten gains either in the criminal case or the civil case.  She consented to the entry of an order everlastingly enjoining her from violating Section 17(a) of the Securities Act of 1933 as well as Section 10(b) of the Securities Chat Act of 1934 and Rule 10b-5.  The agreement is subject to court praise.

The SEC’s investigation was conducted by Brendan P. McGlynn, Lisa M. Candera, and Daniel L. Koster of the Philadelphia Regional Office, with help from Christopher R. Kelly.  The examination that led to the investigation was conducted by James A. O’Leary, Calvin N. Inge, and William McIntyre under the supervision of Diane J. Hagy.

The SEC appreciates the help of the U.S. Attorney’s Office for the Western Constituency of Virginia, Federal Bureau of Investigation, Secret Service, and Domestic Revenue Service.

SEC.gov Updates: Press Releases – http://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370542581693

Banking News – Report says bank funding benefit erodes
&nbspGovernment Answerability Office study cheers Wall Street but disappoints critics fearful of institutions that are perceived as ‘too huge to fail’
FT.com – Banks – http://www.ft.com/cms/s/0/1163a57a-18e0-11e4-80da-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Shareholder, by their writedowns so shall you know them
&nbspThe extent to which businesses recognise persistent one-offs in headline profits was showed amid a slew of results
FT.com – Banks – http://www.ft.com/cms/s/0/bb72967a-189f-11e4-933e-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Smaller Banks Form M&A Advisory Units to Add Revenue
&nbspRegional and small banks are as long as M&A advisory air force to their money-making customers as a way to drive fee income, deepen client relationships and differentiate themselves from rivals.
Union Banking – http://www.americanbanker.com/issues/179_147/smaller-banks-form-m-and-a-advisory-units-to-add-revenue-1069132-1.html

Banking News – SEC Announces Award for Whistleblower Who Reported Fraud to SEC After Company Failed to Address Issue Internally
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The Securities and Chat Fee today announced an award of more than $400,000 for a whistleblower who reported a fraud to the SEC after the company failed to address the issue internally.

The SEC’s whistleblower program rewards high-quality, first in rank that results in an SEC enforcement action with sanctions exceeding $1 million.  Whistleblower awards can range from 10 percent to 30 percent of the money collected in a case.  By law, the SEC must protect the confidentiality of whistleblowers and cannot release any in rank that might frankly or indirectly reveal a whistleblower’s self.

This whistleblower provided the agency with point, timely, and credible in rank that allowed for a more rapid investigation than if not would have been doable.  The whistleblower had tried on several occasions and through several mechanisms to have the matter addressed internally at the company.

“The whistleblower did all realistic to right the issue internally.  When it became obvious that the company would not address the issue, the whistleblower came to the SEC in a final effort to right the fraud and prevent investors from being harmed,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower.  “This award recognizes the implication of the in rank that the whistleblower provided us and the balanced efforts made by the whistleblower to protect investors and report the violation internally.”

The SEC’s Office of the Whistleblower was formal by the Dodd-Frank Act and customary in August 2011.  More in rank about the SEC’s Whistleblower Program and how to report a tip is void at: www.sec.gov/whistleblower.

SEC.gov Updates: Press Releases – http://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370542578457

Banking News – Seattle, Des Moines Home Loan Banks Weigh Merger
&nbspIf finalized and then ordinary by regulators, the amalgamation of the Des Moines and Seattle Home Loan banks would be the first voluntary merger in the system’s history.
Union Banking – http://www.americanbanker.com/issues/179_147/seattle-des-moines-home-loan-banks-weigh-merger-1069126-1.html