Monthly Archives: November 2003
Pru probe will likely widen
Former brokers at Prudential Securities who face charges that they made millions in improper trades had plenty of outside help, Massachusetts regulators say. A complaint being filed today, a copy of which was obtained by the Herald, claims sales representatives […]
SEC, state move against Prudential brokers
BOSTON (AP) — The growing mutual fund scandal struck Prudential Securities Inc. on Tuesday as state and federal regulators filed civil charges against former brokers and branch managers atPrudential’s Boston office alleging improper trading. The complaints by the Securities and […]
Business Briefs
Citigroup to buy Forum Financial NEW YORK – Citigroup Inc., the world’s biggest financial-service company by market value, agreed to buy Forum Financial Group, a Maine-based provider of fund-administration services, to add accounting and transfer services for mutual funds and […]
SEC More firms likely to be charged
WASHINGTON (AP) — More firms are likely to be charged in the burgeoning scandal surrounding the mutual fund industry, the head of the Securities and Exchange Commission’s enforcement division toldCongress Tuesday. Stephen Cutler, testifying about the wide-ranging investigations into the […]
Group to Remove Janus From Pension Plan
The pension plan for tens of thousands of Colorado retirees is dropping the Janus Fund, citing allegations the Denver-based firm allowed improper trading. The Colorado Public Employees Retirement Association board has voted to remove Janus’ flagship fund from the 401(k) […]
Citigroup, local firm to merge, add jobs ; Forum Financial Group in Portland will become Citigroup’s headquarters for its transaction services division.
Financial services giant Citigroup announced Monday that it is acquiring Portland-based Forum Financial Group, a move that officials say eventually could bring hundreds of jobs to Maine. Forum, a low-profile provider of back-office services for mutual funds and other investments, […]
SEC, Mass. Charge Ex-Prudential Workers
The growing mutual fund scandal struck Prudential Securities Inc. on Tuesday as state and federal regulators filed civil charges against former brokers and branch managers at Prudential’s Bostonoffice alleging improper trading. The widely expected complaints by the Securities and Exchange […]
Maximum Dynamics, Inc. Announces Another Appointment to Its Advisory Board
COLORADO SPRINGS, CO — (MARKET WIRE) — 11/04/2003 — Maximum Dynamics, Inc. (OTC BB: MXDY), a financial services company that supports the financial community with back office fund administrationand client side support, announced today that Dr. Dingindawo Paulus Shongwe accepted […]
Ryanair and AIB hold ISEQ back while global peers rise ; Settlement Day: November 6th
Ryanair became the greatest source of excitement on the Irish market yesterday by firmly beating expectations with its first-half numbers. Almost four million shares changed hands in Dublin, with thestock slipping 14 cents to E7.16 on the back of profit-taking. […]
Earnings for Denver-Based Mutual Fund Firm Could Be Altered
Nov. 4–Janus Capital Group Inc. announced earnings last week but said the numbers might change significantly before the official report prints Nov. 14. That’s the day the Denver-based mutual fund company plans to file its quarterly financial update with the […]
SEC Findings Show Trouble with Mutual Fund Groups
Nov. 4–Bad news just keeps oozing out of the mutual fund industry, and increasingly it appears that the claim of federal and state regulators is true — that much of the fund industry is riggedagainst small investors. The once pristine […]
U.S. Senators Call for Widespread Reforms of Beleaguered Mutual-Fund Industry
Nov. 4–A bipartisan chorus of senators called yesterday for sweeping reforms of the $7 trillion mutual fund industry, accusing fund directors of rampant conflicts of interest and taking federalregulators to task for failing to detect management abuses that cost small […]