Month: February 2018

Is your paycheck being taxed enough? Check the new IRS calculator

Private Finance – Is your pay packet being taxed enough? Check the new IRS calculator
 The revised IRS preservation calculator can help you figure out if you’re getting too much ? or too small ? extra cash in your pay packet this year as a result of the new federal tax law.
Private finance news – CNNMoney.com – http://rss.cnn.com/~r/rss/money_pf/~3/M4_rT-OpgGc/index.html

SEC Files Charges Seeking to Halt Recidivist and Associates in Scheme to Defraud Small Businesses

Banking News – SEC Files Charges Seeking to Halt Recidivist and Friends in Scheme to Defraud Small Businesses
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The Securities and Chat Fee today charged three-time recidivist Steven J. Muehler with in commission an unregistered broker-dealer, facilitating an unregistered securities donation, and defrauding small businesses, while gifted to help them raise money from investors.  Three companies under Muehler’s control, Muehler’s wife, Claudia M. Muehler, and his normal, Koorosh “Danny” Rahimi, were also charged.  Because the scheme is ongoing, the SEC is also seeking a preliminary ban to stop Muehler’s ongoing violations of the securities laws, pending trial of the action.

The SEC’s protest, which was filed in federal court in Los Angeles, also charges Muehler with violating a stop-and-desist order issued by the Fee in 2016 barring Muehler from associating with any broker-dealer.  The SEC has filed a analogous action in the same court to enforce that Fee order.

According to the protest, Muehler’s companies are not registered as broker-dealers.  But since at least November 2015, Muehler and his companies have nonetheless agreed to provide broker-dealers air force to more than 20 small businesses, counting identifying and soliciting investors and utilizing a by all accounts proprietary online securities chat to help raise funds from investors.  In return, Muehler and his companies expected fees, the right to a percentage of any funds raised from investors, and the right to an equity stake in each small affair consumer. 

The SEC also alleges that in donation broker-dealer air force, Muehler and his companies made copious falsified claims to the makings customers, counting that Muehler and his companies had $50 million on-hand to invest in their customers’ securities, that they had earlier helped customers raise millions of dollars, and that their proprietary online chat was registered with the SEC.  They also concealed that Muehler is subject to a Fee stop-and-desist order and has been certified by California and Minnesota securities regulators. 

The SEC’s protest alleges that Claudia Muehler and Danny Rahimi helped Muehler carry out this scheme.

“As alleged in our protest, Muehler tells small businesses that he runs a flourishing broker-dealer enterprise that can raise millions of dollars from investors.  In truth, Muehler is a repeat securities-law violator who already admitted to defrauding small businesses the last time the Fee brought an enforcement action against him.  The protest demonstrates the Fee’s alertness in enforcing its orders and dealing with recidivist violators,” said Michele Wein Layne, Boss of the SEC’s Los Angeles Regional Office. 

The SEC’s protest charges Muehler and the three companies he reins (AltaVista Capital Markets, LLC, AltaVista Private Client, LLC, and AltaVista Securities, LLC) with violating Section 5(c) of the Securities Act of 1933 and Section 15(a), Section 10(b), and Rule 10b-5 of the Securities Chat Act of 1934, and also charges Muehler with violating Section 15(b)(6) of the Securities Chat Act of 1934.  It charges Claudia Muehler with aiding and abetting Muehler’s and the AltaVista Companies’ violations of the Securities Chat Act of 1934, and charges Rahimi with violating Section 15(a) of the Securities Chat Act of 1934. 

The protest also seeks stable injunctions, disgorgement plus appeal, and penalties.

The SEC’s investigation, which is ongoing, has been conducted by M. Lance Jasper and Benjamin Faulkner, and supervised by Spencer E. Bendell.  The legal action will be led by Donald W. Searles and supervised by Amy J. Longo.

SEC.gov Updates: Press Releases – https://www.sec.gov/news/press-release/2018-27

SEC Charges Ameriprise With Overcharging Retirement Account Customers for Mutual Fund Shares

Banking News – SEC Charges Ameriprise With Overcharging Retirement Account Customers for Mutual Fund Shares
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The Securities and Chat Fee today announced that a Minnesota-based broker-dealer and investment adviser has agreed to settle charges for recommending and selling higher-fee mutual fund shares to retail retirement account customers and for failing to provide sales charge waivers.

According to the SEC’s order, Ameriprise Fiscal Air force Inc. in need certain retirement account customers by failing to find out their eligibility for less pricey mutual fund share classes.  Ameriprise not compulsory and sold these customers more pricey mutual fund share classes when less pricey share classes were void.  Ameriprise also failed to release that it would receive greater compensation from the buys and that the buys would with a denial impact the overall return on the customers’ funds.

“Ameriprise generated greater revenue for itself but lower returns for its retirement account customers by recommending higher-fee share classes,” said Anthony S. Kelly, Co-Chief of the SEC Enforcement Rift’s Asset Management Unit.  “As evidenced by our just announced Share Class Choice Leak Initiative, pursuing these types of actions remains a priority for the Rift as we seek to get money back in the hands of harmed investors.”

Approximately 1,791 consumer fiscal proclamation paid a total of $1,778,592.31 in excessive up-front sales charges, body late sales charges, and higher ongoing fees and expenses as a result of Ameriprise’s practices.  Ameriprise cooperated with the Fee and voluntarily identified the unnatural fiscal proclamation, issued payments counting appeal to the unnatural customers, and converted eligible customers to the mutual fund share class with the lowest expenses for which they are eligible, at no cost.

The SEC’s order instituting a settled administrative and stop-and-desist proceeding finds that Ameriprise debased Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933.  Without admitting or denying the findings, Ameriprise consented to a stop-and-desist order, a censure, and a penalty of $230,000.

The SEC’s investigation was conducted by Salvatore Massa, Steven J. Meiner, and John Farinacci of the Asset Management Unit, and supervised by Jessica M. Weissman.

SEC.gov Updates: Press Releases – https://www.sec.gov/news/press-release/2018-26

Fed chief vows regulation rollback; CFPB to consider compliance costs

Banking News – Fed chief vows parameter rollback; CFPB to thought-out falling in line costs
&nbspPowell says he backs raising the SIFI threshold and easing capital equipment for huge banks; Mulvaney says agency will weigh costs of falling in line for lenders.
Union Banking – http://www.americanbanker.com/morning-scan/fed-chief-vows-parameter-rollback-cfpb-to-thought-out-falling in line-costs

3 reasons why Ocwen Financial is buying PHH Mortgage

Banking News – 3 reasons why Ocwen Fiscal is buying PHH Finance
&nbspFrom accelerating its subservicing transformation to overcoming dictatorial obstacles, here’s a look at three reasons behind Ocwen Fiscal Corp.’s $360 million acquisition of PHH Corp.
Union Banking – http://www.americanbanker.com/news/3-reasons-why-ocwen-fiscal-is-buying-phh-finance

Dems seek investigation of Chicago banker caught up in Russia probe

Banking News – Dems seek investigation of Chicago banker caught up in Russia probe
&nbspTwo House Democrats are asking the Pentagon for in rank about its contacts with Stephen Calk, CEO of a small Chicago bank that made $16 million in mortgages to Head Trump’s battle manager.
Union Banking – http://www.americanbanker.com/news/dems-seek-investigation-of-chicago-banker-caught-up-in-russia-probe

Senate reg relief vote could come next week: Banking Committee chair

Banking News – Senate reg relief vote could come next week: Banking Group chair
&nbspBanking Group Chairman Mike Crapo said he is hopeful that a bipartisan deal to roll back certain Dodd-Frank Act set of laws will soon have a vote on the Senate floor.
Union Banking – http://www.americanbanker.com/news/senate-reg-relief-vote-could-come-next-week-banking-group-chair

New CRA proposal scheduled for release in March: OCC’s Otting

Banking News – New CRA bid scheduled for release in March: OCC’s Otting
&nbspComptroller of the Currency Joseph Otting said reform of Union Reinvestment Act set of laws is a “key element” of how regulators aim to recalibrate rules a decade after the fiscal crisis.
Union Banking – http://www.americanbanker.com/news/new-cra-bid-scheduled-for-release-next-month-occs-otting

Will JPMorgan’s splashy tech investment pay off?

Banking News – Will JPMorgan’s splashy tech investment pay off?
&nbspThe bank will spend an bonus $1.4 billion on equipment in 2018 to gain share and boost efficiency, executives said Tuesday. But they were peppered with questions about whether the huge investment will yield a huge fiscal return down the road.
Union Banking – http://www.americanbanker.com/news/will-jpmorgans-splashy-tech-investment-pay-off

FDIC’s Gruenberg undecided about board seat after he gives up gavel

Banking News – FDIC’s Gruenberg open about board seat after he gives up gavel
&nbspFederal Deposit Indemnity Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency’s board for the remainder of the year even after he is replaced as head of the agency.
Union Banking – http://www.americanbanker.com/news/fdics-gruenberg-open-about-board-seat-after-he-gives-up-gavel

Where Fed’s Powell breaks from Yellen on banking policy

Banking News – Where Fed’s Powell breaks from Yellen on banking policy
&nbspFederal Reserve Chair Jerome Powell largely hewed close to his predecessor's positions in his first congressional authentication as the top central banker, but also signaled vital changes when it came to paying banks appeal on capital and other topics.
Union Banking – http://www.americanbanker.com/list/where-feds-powell-breaks-from-yellen-in-banking-policy