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BofA to face debt sales lawsuit

Bank of America

A U.S. appeals court on Monday revived a lawsuit accusing Bank of America of defrauding Tutor Perini by selling the construction company millions of dollars of auction-rate securities it knew were on the brink of collapse.

Goldman settles lawsuit over Abacus payments

Goldman Sachs Still

Goldman Sachs has settled a 2011 lawsuit claiming the investment bank fraudulently induced a bond insurer to guarantee payments on the doomed Abacus collateralized debt obligation ahead of the financial crisis.

Ernst & Young agrees $9.3m settlement with SEC

SEC Building

The Securities and Exchange Commission has announced that public accounting firm Ernst & Young has agreed to pay $9.3m to settle charges that two of the firm’s audit partners got too close to their clients on a personal level and violated rules that ensure firms maintain their objectivity and impartiality during audits.

Woman gets 7 years for faking hedge fund

Fake Rolex

A Woburn investment advisor has been sentenced to seven years in prison for helping to convince clients to invest more than $1.3m in a bogus hedge fund company and using their money for personal expenses.

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Bank of America

BofA to face debt sales lawsuit

A U.S. appeals court on Monday revived a lawsuit accusing Bank of America of defrauding Tutor Perini by selling the construction company millions of dollars of auction-rate securities it knew were on the brink of collapse.