Regulatory changes for hedge funds set to continue in 2012

Under the Dodd-Frank Act, the private adviser exemptions in the Investment Advisers Act of 1940 will be replaced with 'venture capital fund adviser', 'foreign adviser' and 'private fund adviser' exemptions, says law firm Kaye


Dutch fund sues major US bank over securities

The mortgage loans backing the securities were worth much less than had been represented and were taken out by borrowers "who were much less creditworthy than had been represented," the lawsuit said.


Top Manhattan art gallery accused of selling fake article

Pierre Lagrange, a co-founder of GLG Partners Inc., said in a complaint filed yesterday in Manhattan federal court that he paid $17 million for a painting called "Untitled 1950" from Knoedler in November 2007 that the gallery said was by Pollock


Utah man wants to pay taxes with silver

Some businesses have accepted silver from Bowen, he said, and he has made charitable donations with the coins, but he wants the state to follow its own law.


Top bank sues US claiming excess taxes

Wells Fargo, based in San Francisco, says the overpayments involve the interest rates on taxes paid and stem from acquisitions by the bank from 1996 through 2008.


Former UBS employee gets jail time for gambling fraud

FINRA initiated a regulatory investigation, which resulted in Reilly being suspended in July 2011 for failing to respond to requests by the regulator for information. In October 2011, FINRA converted the suspension to a bar.


Swiss not aware of US accusation details - Pictet

Swiss banks need to know what the U.S. is accusing them of to be able to negotiate a solution, Nicolas Pictet, president of the Swiss private banking association and a managing partner at Pictet & Cie. told Aargauer Zeitung in an interview.


Chicago lender plays role in MF Global mess

The hunt for the missing $600 million in customer money at MF Global Holdings Ltd may begin with Harris Bank, a Chicago-based lender that often holds client money for many large futures brokerage firms.