May 12, 2015 |
The U.S. Postal Service 's inspector general recommends that the agency fire CBRE Inc. , the largest U.S. commercial real estate broker, and rebid the company's four-year-old contract for renting new post offices and selling old ones. Inspectors, writing last month, wrote that CBRE's practice of representing private-sector landlords and buyers, while also representing the Postal Service on the other side of the same deals, is "inherently risky" and creates "conflicts of interest.
November 21, 2014 |
A top financial officer at a Paoli brokerage firm stole $750,000 from the company, spending the money on high-end clothing from Bergdorf Goodman, a vacation in Mexico, and stays at luxury hotels, including New York's Waldorf Astoria. Tracey McShane, 40, of Chester County, was indicted Tuesday on federal charges of wire fraud and filing false tax returns in the theft from Pacer Financial Inc. McShane, who could not be reached for comment, was Pacer's director of financial operations, responsible for bookkeeping, general accounting, and overseeing the payroll.
October 25, 2014 |
On its first day open to the shopping public, Century 21's new Philadelphia department store was hopping Thursday with a curious lunchtime crowd of men and women, young millennials with dyed hair, mothers pushing baby strollers, and masculine sports fans in Eagles jackets and caps. And the high price tags for some luxury items on offer in the old Strawbridge & Clothier store at Eighth and Market Streets didn't seem to scare anyone away. At the store's entrance inside the Gallery, Carol Goodlett wandered in to inspect the designer sunglasses, jewelry, gloves, perfume, and handbags, like a Dolce & Gabbana gold sequined clutch for $1,998 and a Prada for $1,469.
June 26, 2013 |
Federal regulators are preparing to sue former New Jersey Gov. Jon S. Corzine over the collapse of a brokerage firm he headed after leaving office and its misuse of customer funds, the New York Times reported Tuesday. The newspaper said the Commodity Futures Trading Commission is expected to approve the lawsuit this week. Corzine headed MF Global until its bankruptcy in 2011 following disclosures that $1 billion customers had entrusted to the brokerage had disappeared. The Times said the planned lawsuit marks a departure from the past in that the agency has informed Corzine's lawyers that it aims to file the civil case without offering him an opportunity to settle.
November 16, 2012 |
WASHINGTON - Republicans on a House panel that investigated the collapse of the brokerage MF Global are pinning the blame on ex-CEO Jon S. Corzine, a former New Jersey Democratic senator and governor. The Republicans say the investigation has found that Corzine's decisions caused MF Global's bankruptcy in October 2011 and its loss of more than $1 billion in customer money. They say Corzine turned the brokerage firm into an investment bank making risky trades. They also say Corzine ran the firm in an authoritarian manner and did not allow anyone to challenge his decisions.
August 19, 2012 |
Q uestion. With seemingly stable companies such as AIG, JPMorgan, Fannie Mae, Freddie Mac, Lehman Brothers, MF Global and Peregrine having financial problems, how safe are investor monies held/deposited with national brokers such as Scottrade, [TD] Ameritrade, Vanguard, Schwab and others? Answer. It's a shame that people feel compelled to ask this question, because it shows how far trust has slipped since we learned in 2008 and afterward that we cannot rely on financial companies, politicians or regulators to protect investors or taxpayers.
July 14, 2012 |
IN THE REGION US Airways buys AMR debt US Airways Group Inc. seized an opportunity to influence bankruptcy proceedings for potential merger target American Airlines by buying $1 million worth of parent AMR Corp.'s debt. US Airways, Philadelphia's dominant carrier, paid $630,000 to buy AMR notes and become a creditor in the bankruptcy, US Airways airline said. News of the purchase followed American's statement that the airline is ready to consider strategic alternatives, including a possible merger, to its plan to exit bankruptcy as a stand-alone company.
May 22, 2012 |
The Humpty Dumpty Institute, a New York nonprofit that forges public-private partnerships to solve humanitarian problems through a variety of programs, has elected Cosmo DeNicola to its board. He is chief sales and marketing officer with Futura Mobility, Philadelphia. Toni Pergolin was named to the board of Fulton Bank of New Jersey, Mount Laurel. Pergolin is president and CEO of Bancroft. Steven R. Cohenwas confirmed by the Pennsylvania Senate to serve on the State Board of Psychology.
April 22, 2005 |
A Philadelphia brokerage office defrauded hundreds of mutual funds by disguising abusive trading by two hedge funds, the Securities and Exchange Commission said yesterday. The SEC filed a civil lawsuit against two former employees of Fiserv Securities Inc. in federal court in Philadelphia, and took administrative action against Fiserv Inc., the firm's former owner, and two employees. The employees deceived mutual funds in order to engage in market timing - rapid trades designed to capture small differences between the fund's price and prices of the stocks it holds - the SEC alleged.
December 8, 2002 |
For forensic accountant David Howard Glusman, the numbers in spreadsheets and ledgers can tell a fascinating story. Just like a pathologist can glean evidence from examining a corpse, he said, "in forensic accounting, we're looking at a body, but it's a body of numbers. " "Forensic accounting is when you use accounting skills in court to assist the finder of fact, either a judge or jury," he said. Glusman, 53, a Merion resident, recently was accredited by the Association of Certified Fraud Specialists.