Christopher Veale, a broker who started his career at boiler room Stratton Oakmont Inc., was accused by Massachusetts regulators of excessive trading in the account of an 81-year-old from 2010 to 2012.
Massachusetts Secretary of the Commonwealth William Galvin this week accused Morgan Stanley of breaking the law as lead underwriter in Facebook Inc.’s initial public offering, triggering a $5 million fine.
Massachusetts Secretary of the Commonwealth William Galvin subpoenaed Citigroup Inc. along with Facebook Inc.’s lead underwriters Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. in connection with the decline of Facebook’s share price following its initial public offering in May, his office said.
Morgan Stanley’s handling of Facebook Inc.’s initial public offering, a deal that cost investors billions of dollars, broke a decade-old pledge to block investment bankers from influencing analysts, according to Massachusetts regulators, who fined the bank $5 million.
Goldman Sachs Group Inc. agreed to pay a $10 million fine and stop holding private meetings of stock analysts and traders known as “huddles” to settle an investigation by Massachusetts’s chief securities regulator.
Fairfield Greenwich Group, the hedge fund that steered $7 billion to Bernard Madoff, faces new claims of fraud by investors who previously alleged negligence against co-founders Walter Noel, Jeffrey Tucker and Andres Piedrahita.
The insider-trading prosecution of former Goldman Sachs Group Inc. director Rajat Gupta is built on circumstantial evidence that may be less persuasive than the wiretaps that sealed the fate of his friend Raj Rajaratnam.