Month: November 2017

Banking News – Mark Carney wades into spat between LSE and TCI
&nbspBank of England administrator’s intercession hastens Rolet’s exit
FT.com – Banks – https://www.ft.com/content/d7e5f0aa-d5d8-11e7-a303-9060cb1e5f44

Banking News – There’s a gift for student lenders in the culture bill
&nbspIntroducing limits on federally cast iron loans to modify students, instead of letting them borrow no matter what schools charge, would make a multibillion-dollar chance for private lenders.
Union Banking – http://www.americanbanker.com/news/theres-a-gift-for-student-lenders-in-the-culture-bill

Banking News – GOP lawmakers propose bill to cut CFPB employees’ pay
&nbspRep. Sean Duffy, R-Wis., and Sen. Mike Enzi, R-Wyo., drafted legislation that would set pay for CFPB employees in line with the federal regime’s pay scale known as the general schedule.
Union Banking – http://www.americanbanker.com/news/gop-lawmakers-propose-bill-to-cut-cfpb-employees-pay

Banking News – Lawmakers pressed to save flood indemnity program
&nbspNumerous affair sectors are urging lawmakers to act quickly to extend the Inhabitant Flood Indemnity Program before a crucial deadline next week.
Union Banking – http://www.americanbanker.com/news/lawmakers-pressed-to-save-flood-indemnity-program

Banking News – Wider cryptocurrency use could harm system stability: Fed’s Quarles
&nbspThe Federal Reserve Board’s vice chair of supervision said that digital currencies hold the the makings for innovation but that the fiscal system’s wellbeing and resiliency are more vital.
Union Banking – http://www.americanbanker.com/news/wider-cryptocurrency-use-could-harm-system-stability-feds-quarles

Banking News – This mobile banking startup is bypassing FDIC indemnity
&nbspJiko hopes to win over patrons that their funds will be safe in Reserves bills, while also generating higher returns than they would in habitual bank fiscal proclamation.
Union Banking – http://www.americanbanker.com/news/this-mobile-banking-startup-is-bypassing-fdic-indemnity

Banking News – Banks need to know: How much CRA try is enough?
&nbspReform of the Union Reinvestment Act should seek to set up a minimum ordinary for the volume of CRA actions a bank must perfect in its assessment area.
Union Banking – http://www.americanbanker.com/opinion/banks-need-to-know-how-much-cra-try-is-enough

Banking News – Bitcoin’s wild ride; Wells names three directors
&nbspDigital currency jumps through $11,000 before falling below $9,500 in a precarious day of trading; bank faces growing dictatorial analysis.
Union Banking – http://www.americanbanker.com/morning-scan/bitcoins-wild-ride-wells-names-three-directors

Banking News – Bitcoin mania mounts amid banker disbelief
&nbspIt’s been month after month of record-contravention, puzzling growth for the cryptocurrency, accompanied by regular warnings from banks about bubble speculation.
Union Banking – http://www.americanbanker.com/slideshow/charting-bitcoins-rapid-rise-in-2017

Banking News – Flourishing Family Machinist: Amarillo Inhabitant’s Richard Ware
&nbspWare has been named a 2017 Banker of the Year award winner for transforming the family-owned bank into a highly profitable union lender that takes calculated risks and prides itself on treating employees and customers well.
Union Banking – http://www.americanbanker.com/news/flourishing-family-machinist-amarillo-nationals-richard-ware

Banking News – Trump taps economist Goodfriend for Fed seat
&nbspMarvin Goodfriend, a noted economist and former Richmond Fed authoritative, was tapped to fill one of three vacancies on the Fed board.
Union Banking – http://www.americanbanker.com/news/trump-taps-economist-goodfriend-for-fed-seat

Banking News – UBS chief blasts regulators’ drive to curb banker pay
&nbspErmotti says watchdogs are fuelled by envy and have dishonorably singled out banks
FT.com – Banks – https://www.ft.com/content/20c0f796-d5ea-11e7-a303-9060cb1e5f44

Banking News – SEC Charges Florida Penny Stock Operators With Defrauding Elderly Investors in Push to Crack Down on Repeat Offenders
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The Securities and Chat Fee today charged two those with defrauding elderly investors in a penny stock scheme concerning Florida entertainment companies and their “Spongebuddy” product.  The charges are part of the Miami Regional Office’s Recidivist Initiative which has thus far resulted in enforcement actions against 23 those, nine of whom also have been charged by criminal creation.

The SEC’s protest, filed in U.S. Constituency Court for the Southern Constituency of Florida, charges Joseph A. Rubbo and Angela Beckcom Rubbo Monaco, both of Coral Springs, Florida, with defrauding investors through offerings by their companies VIP TV LLC, VIP Box Inc., and The Spongebuddy LLC.  Rubbo and Monaco are repeat offenders whose prior securities schemes resulted in criminal convictions against Rubbo and SEC injunctions against both Rubbo and Monaco.

The U.S. Attorney’s Office for the Constituency of Colorado has filed analogous criminal charges against Rubbo, Monaco, Steven J. Dykes, and others concerning to the scheme.

According to the SEC’s protest, Rubbo and Monaco raised at least $5.4 million from 11 primarily elderly investors to fund the growth of their entertainment affair and develop the Spongebuddy, a sponge-like glove by all accounts to be sold in stores. 

The SEC’s protest alleges that Rubbo and Monaco top secret the companies and hired Dykes to cold call investors and pitch funds in VIP.  For example, Dykes allegedly told an shareholder that the Starz cable channel and Pandora Radio were both attracted in buying VIP and would “roll-up” VIP into these entities.  The shareholder also was allegedly told that the Spongebuddy would be featured on the box show “Shark Tank” and marketed on QVC.  Different to alleged representations that shareholder money would be used to benefit the VIP companies, Rubbo and Monaco misappropriated more than $2.6 million in shareholder funds to pay themselves and their relatives as well as anonymous sales commissions to Dykes.  The protest also alleges they paid for private expenses such as the down payment on a luxury vehicle, credit card bills, unrelated construction work and to finance a affair surgical course of action for a Monaco family member.

“As alleged in our protest, Rubbo and Monaco defrauded investors by stealing millions of dollars from elderly investors which they spent on themselves and their family members instead of investing in their businesses,” said Steven Peikin, Co-Boss of the SEC’s Enforcement Rift.  “Both Rubbo and Monaco were caught through the efforts of the Miami Regional Office’s Recidivist Initiative, which is part of our ongoing focus to rid the markets of repeat securities law violators.”

During the time of the alleged scheme, neither Rubbo, Monaco, nor Dykes were registered with the Fee.  The SEC encourages all investors to check the social class of people selling funds by using the search tool on Shareholder.gov to quickly spot whether the sellers are registered professionals.

The SEC’s protest charges Rubbo and Monaco with violating the antifraud provisions of the federal securities laws.  The SEC also charged Dykes with violating the broker-dealer registration provisions, and Rubbo and Monaco with aiding and abetting violations by Dykes.  The SEC is seeking the return of the defendants’ allegedly ill-gotten gains with appeal, fiscal penalties, a stable ban, and other relief.

The SEC’s investigation, which is long-lasting, is being conducted by Linda S. Schmidt and Lina M. Fernandez in the Miami Regional Office.  The case is being supervised by Jason R. Berkowitz and the SEC’s legal action is being led by Christine Nestor.  The SEC appreciates the help of Florida’s Office of Fiscal Parameter.

SEC.gov Updates: Press Releases – https://www.sec.gov/news/press-release/2017-218

Banking News – London Stock Chat set outs defence of its chairman
&nbspActivist shareholder TCI presses on with efforts to oust Donald Brydon
Fiscal Times – Fiscal Air force – https://www.ft.com/content/756ca0ac-d5ee-11e7-8c9a-d9c0a5c8d5c9

Banking News – Rift of Corporation Finance Chief Accountant Mark Kronforst to Leave SEC
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The Securities and Chat Fee today announced that Mark Kronforst, Chief Accountant of the SEC’s Rift of Corporation Finance, plans to leave the SEC in early January after 13 years of public service with the shareholder safeguard agency.

Mr. Kronforst has served as Chief Accountant since October 2013.  He leads the Rift’s Office of Chief Accountant in as long as technological accounting and exposure support to the Rift’s leak review program, and oversees the Rift’s handing out of the Fee’s exposure rules for public companies’ leak of fiscal in rank to investors. He also serves in a leading role in the Rift’s ongoing efforts to make leak more commanding for investors and promote capital formation.  

“Mark has been a trusted advisor to manifold Directors during his distinguished career at the SEC. Through his leadership and endless enthusiasm for the SEC’s mission and the Rift’s work, he has made noteworthy donations to shareholder safeguard and capital formation,” said William Hinman, Boss of the Rift of Corporation Finance.

Mr. Kronforst said, “It has been a privilege to work in the Rift for nearly 14 years alongside so many talented staff members and I am very proud of what we have accomplished collectively. I am in no doubt that the office will take up again as long as high-quality expertise and support to the Rift and will excel in their efforts to enhance capital formation and protect investors.”

Prior to his role as Chief Accountant, Mr. Kronforst served in other capacities within the Rift, counting Normal Boss in Leak Operations and Deputy Chief Accountant. Before joining the SEC in 2004, Mr. Kronforst was the Boss of Fiscal Exposure for Solectron Corporation and an audit senior manager at KPMG LLP. Mr. Kronforst expected his Single of Accounting degree from the Academe of Minnesota-Duluth and is a certified public accountant.

Upon Mr. Kronforst’s departure, Kyle Moffatt, Normal Boss in Leak Operations, will become the Rift’s acting Chief Accountant. Prior to his role as Normal Boss, Mr. Moffatt served in several other Rift positions, counting Normal Boss of the Leak Values Office and as Normal Chief Accountant in the Rift’s Office of Chief Accountant. Mr. Moffatt joined the SEC’s Rift of Corporation Finance in 2000 as a Certified Accounting Fellow. Before joining the Rift, Mr. Moffatt was an audit manager with Ernst & Young LLP. He is a modify of the Academe of Maryland at College Park and is a certified public accountant.

SEC.gov Updates: Press Releases – https://www.sec.gov/news/press-release/2017-217

Banking News – More Than $16 Million Awarded to Two Whistleblowers
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The Securities and Chat Fee today announced awards of more than $8 million each to two whistleblowers whose vital in rank and long-lasting help helped the agency bring the flourishing underlying enforcement action.

With this case, SEC enforcement actions concerning whistleblower awards have now resulted in more than $1 billion in fiscal remedies ordered against wrongdoers.

The first whistleblower alerted SEC enforcement staff of the fastidious terrible behavior that would become the focus of the staff’s investigation and the grounding of the agency’s later enforcement action.  The second whistleblower provided bonus noteworthy in rank and ongoing cooperation to the staff during the investigation that saved a significant amount of time and agency assets.   

“Whistleblowers have played a crucial role in the advance of many investigations and the success of enforcement actions since the commencement of the whistleblower program,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “The value of whistleblowers can be seen in the more than $1 billion in fiscal remedies ordered against wrongdoers based on actionable in rank from whistleblowers, counting more than $671 in disgorgement of ill-gotten gains, much of which has been or is scheduled to be returned to harmed investors.” 

The SEC’s whistleblower program has now awarded more than $175 million to 49 whistleblowers since issuing its first award in 2012.  All payments are made out of an shareholder safeguard fund customary by House of representatives that is financed completely through fiscal sanctions paid to the SEC by securities law violators. No money has been taken or withdrawn from harmed investors to pay whistleblower awards. 

Whistleblowers may be eligible for an award when they voluntarily provide the SEC with first, timely, and credible in rank that leads to a flourishing enforcement action.  Whistleblower awards can range from 10 percent to 30 percent of the money collected when the fiscal sanctions exceed $1 million. 

By law, the SEC protects the confidentiality of whistleblowers and does not release in rank that might frankly or indirectly reveal a whistleblower’s self.

For more in rank about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

SEC.gov Updates: Press Releases – https://www.sec.gov/news/press-release/2017-216