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Securities Firms

October 23, 2002 | From Bloomberg News
State and federal regulators will meet Thursday with lawyers for 10 of the largest securities firms to propose rules intended to ensure investors get unbiased stock research from Wall Street analysts, people familiar with the meeting said. Regulators are expected to advocate that Citigroup Inc., Goldman Sachs Group Inc. and the other eight firms help create independent research organizations to root out conflicts of interest.
December 26, 2013 | By Ricardo Lopez
The Financial Industry Regulatory Authority on Thursday said it fined Barclays Capital Inc. almost $4 million for what it called "systemic failures" in records retention. FINRA, the largest independent regulator for securities firms doing business in the U.S., fined the London-based bank $3.75 million after an investigation found that the firm failed to preserve electronic records, emails and instant messages for the required minimum time of 10 years.  The group said that from 2002 to 2012, Barclays failed to save many of these electronic records - including order and trade ticket data, trade confirmations, account records and other items - in the proper format.
January 23, 1991 | From Associated Press
Three securities firms and 21 brokers were charged today in a massive price-rigging scheme that defrauded thousands of investors of more than $10 million, the district attorney's office said. Manhattan Dist. Atty. Robert Morgenthau said a coterie of "market makers" would control a company's stock price by selling the over-the-counter stock again and again to each other, thereby making it appear that a great demand for the stock existed and artificially driving up the price.
July 18, 2013 | By Paresh Dave
Two hackers from Irvine gained access in April to the air conditioning and water systems of a Google Inc. office in Sydney, Australia. Because Google had failed to install a security patch to a software program that remotely tracks and controls building systems, the hackers could have easily raised the office's temperature to an unbearable level or caused water pipes to burst by increasing pressure. Luckily for Google, the hackers were working for Cylance Inc., an Irvine company that has been grabbing headlines for uncovering security holes that could allow malicious hackers to do serious damage to crucial infrastructure such as hospitals, oil pipelines and banking systems.
June 10, 1993 | From Times Staff and Wire Reports
The Securities and Exchange Commission is expanding its investigation of the $1.2-trillion municipal bond market beyond the 30 securities firms already asked to disclose political contributions.
January 2, 1989 | BILL SING
The big challenge facing securities firms this year is simple: win back investor confidence still shaken more than a year after the October, 1987, crash. Lackluster trading volume and other woes have hurt commission income, resulting in layoffs of thousands of workers. More job losses and other restructurings are expected, particularly if the economy lurches into a recession. Firms also hope for a recovery in the corporate bond markets, where volume has plummeted following buyouts that sharply hurt prices of formerly top-rated bonds issued by RJR Nabisco and other firms involved in takeovers.
June 27, 2006 | From Bloomberg News
Merrill Lynch & Co., Morgan Stanley and Lehman Bros. Holdings Inc., three of the world's biggest securities firms, sued website The Fly on the Wall on Monday, claiming that it "pirated" their stock research. The copyright infringement lawsuit, filed in U.S. District Court in New York, said the site "systematically and impermissibly accesses" the firms' proprietary equity research, "free riding" on their work without conducting any of its own.
June 28, 2008 | From Bloomberg News
Federal Reserve Chairman Ben S. Bernanke and Securities and Exchange Commission Chairman Christopher Cox were warned by two top senators not to proceed with a plan to take on more oversight of Wall Street until they consult with Congress. "We ask that no action" be taken before legislators can decide whether it's in the economy's "best interests," Christopher J. Dodd (D-Conn.) and Richard C. Shelby (R-Ala.), the Senate Banking Committee's ranking members, said in a letter to Bernanke, Cox and Treasury Secretary Henry M. Paulson Jr. Congress is asserting its authority over how financial markets should be regulated.
February 24, 1993 | From Times Staff and Wire Reports
Shearson Reorganizes Taiwan Branch: Shearson Lehman Bros., one of the first securities firms to open a branch office in Taiwan when the local market was opened to foreign brokers in 1990, said it will reorganize its money-losing operation there, according to a company official. The firm will essentially downgrade its operation to a representative office. It reduced its staff to 10 from 26 on the reorganization, which took effect Monday.
February 19, 2013 | By Michael Muskal
Computer-hackers tied to the Chinese military have stolen massive quantities of data from at least 140 organizations in 20 major industries since 2006, a U.S. computer security firm said in an extensive report released Tuesday. The 74-page report , prepared by Mandiant, comes as the United States has toughened its stand against computer hacking by China and is expected to seek to do more to protect both commercial and national security information. Just last week, President Obama signed an executive order to improve protection of the American computer assets.
February 19, 2013 | By Ken Dilanian, Los Angeles Times
WASHINGTON - A clandestine Chinese military unit has conducted sophisticated cyber espionage operations against dozens of American and Canadian companies, according to a private report that provides unusual new details about China's involvement in cyber theft of economic and trade secrets. The report by computer security firm Mandiant Corp. in Alexandria, Va., breaks new ground by attributing attacks against 141 companies to a specific 12-story office building in the financial center of Shanghai.
October 7, 2012 | By Salvador Rodriguez, Los Angeles Times
The gig: Steve Jillings is chief executive of TeleSign, a Marina del Rey company that provides security services to websites. Jillings, 50, took the helm two years ago, and since then TeleSign has grown from 10 employees to more than 100 — with similar growth in revenue. Its clients, mostly in North America and Europe, use TeleSign's software to authenticate users logging in to their websites. Jillings declined to identify his clients but said they run some of the world's largest consumer websites.
July 27, 2012 | By Salvador Rodriguez
Seeking to improve its touch technology, security, its patents portfolio or perhaps all of the above, Apple has purchased AuthenTec Inc., a fingerprint-authentication products maker, for $356 million in cash, according to an SEC filing . The acquisition is the second biggest purchase ever made by Apple and offers AuthenTec's stockholders $8 a share, more than 60% above its Thursday closing price. AuthenTec sells fingerprint sensors to companies for security purposes but its touch-sensing technology can also be integrated into computers, according to the New York Times . AuthenTec also makes security technology for mobile devices, which could come in handy for Apple which this month saw malware sneak into its iOS App Store for the first time.
July 23, 2012 | By Houston Mitchell
The security firm G4S won't provide protection at the Olympic Stadium because of concerns about the company's shortfall in recruiting guards. Steven Savage, director of London 2012 operations for the Newcastle City Council, said Monday the council had decided to replace G4S. Local firms will instead provide up to 500 security personnel. "We think all in all this is an excellent solution to the issue," Savage told the Associated Press. "It's a locally managed stadium with money going into the local economy for local people.
April 26, 2012 | By Jessica Guynn, Los Angeles Times
SAN FRANCISCO — As it closes in on 1 billion users, Facebook Inc. has formed partnerships with five security software outfits to crack down on pfishing schemes. Facebook said Wednesday that Microsoft Corp., McAfee Inc., Trend Micro Inc., Sophos Ltd. and Symantec Corp. will join the fight to keep its users from sharing links to sites that install malware. Facebook also has its own tools in its arsenal and a vast database of malicious URLs. Facebook users, who number more than 900 million, post a ton of links, some from blacklisted sites.
January 17, 1992 | From Associated Press
Nearly 100 of the nation's top banks and securities firms will pay a total of almost $5.2 million in fines for widespread inflating of customer orders for quasi-government agency bonds, federal regulators said Thursday. The companies, which neither admitted nor denied wrongdoing, agreed to halt any violations in the sale of bonds issued by government-sponsored agencies such as the Federal National Mortgage Assn., or Fannie Mae.
November 23, 2011 | By Larry Gordon, Los Angeles Times
Former Los Angeles Police Chief William J. Bratton will head a University of California-sponsored investigation into the controversial pepper-spraying of student protesters last week at UC Davis, university officials announced Tuesday. Bratton is to lead an independent review and report his findings within a month, UC President Mark G. Yudof said. Bratton is chairman of the New York-based Kroll security consulting firm, which is being hired by UC for a fee that is still under negotiation, officials said.
June 29, 2011 | By Walter Hamilton, Los Angeles Times
Citing "morally reprehensible" conduct by Wedbush Inc., an arbitration panel has ordered the Los Angeles securities firm to pay a former bond trader $3.5 million in withheld compensation. Stephen Kelleher, who won the award, alleged in his complaint that company Chairman Edward Wedbush had personally withheld pay from many high-level staff members in recent years. "This guy has been doing this to a lot of people for a long time," Kelleher said in an interview Tuesday. John Stenson, a lawyer for the company, declined to comment on the ruling except to say the firm would appeal it. Several current and former employees of Wedbush have brought legal actions over compensation issues.
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