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Monthly Archives: September 2013

Citigroup Ordered to Pay Millions after Failing to Supervise

By Tom Costello of Costello Law Group  Citigroup Inc. was ordered to pay clients $3.1 million by an arbitration panel for failing to supervise one of their brokers. The charges against Citigroup were brought after one of their brokers, Scott King, directed a couple into investing in a real estate project. The investors, […]

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Newly Elected FINRA Board Member is being Investigated

By Tom Costello of Costello Law Group  Robert Keenan, a newly elected Financial Industry Regulatory Authority (FINRA) board member, is currently being investigated for his firm’s role in an alleged bribery scandal. The investigation has already brought an indictment against former Arkansas treasurer, Martha Shoffren. Federal prosecutors allege that $36,000 was given to […]

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Bitcoin in Trouble with the SEC

By Tom Costello of Costello Law Group The Securities and Exchange Commission (SEC) filed a lawsuit against Bitcoin Savings and Trusts Inc. The SEC alleges that, Trendon Shavers, the founder of Bitcoin, deceived investors into taking part in a fraudulent Ponzi scheme. The SEC alleges that Shavers used money he collected from newer […]

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Citigroup Ordered to pay $10.8 Million

By Tom Costello of Costello Law Group  Recently, a Financial Industry Regulatory Authority (FINRA) arbitration panel ordered Citigroup to pay $10.8 million to an investor, based upon the investor’s claim that it failed to hedge a large position in Royal Bank of Scotland Group Plc. (RBS) stock. As part of the award, the […]

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JP Morgan Increases Litigation Reserves

By Tom Costello of Costello Law Group According to The Wall Street Journal, “J.P. Morgan faces six separate investigations from the U.S. Justice Department…” JP Morgan recently made an announcement about one of these investigations and increased its litigation reserves. One of the investigations centered around allegations that JP Morgan concealed facts regarding the […]

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