SEC charges former State Street employee for fraud

first_imgA former State Street employee stands accused by the Securities and Exchange Commission (SEC) of engaging in a $20m (€17.6m) fraud of transition management customers, including Ireland’s sovereign wealth fund.Ross McLellan, former global head of State Street’s portfolio solutions group, is alleged to have overseen activity that saw the firm’s clients charged “hidden mark-ups” on certain transactions.Along with two other unnamed employees within State Street – one a senior EMEA managing director based in the Netherlands at the time, the other the UK-based head of the EMEA transition management desk – McLellan misrepresented the company’s charges, producing false trading statements and post-trade reporting, the SEC alleges.“When McLellan and the State Street Co-Schemers were ultimately confronted by a customer that had detected some of the hidden mark-ups,” argues the US regulator’s court filing, presented to the district court of Massachusetts, “McLellan aided and abetted others at State Street who made materially false and misleading statements to that customer to conceal the scheme to take hidden mark-ups.” The SEC alleges that the activity resulted in $20m in additional revenue for State Street – $9.7m of which came from two unnamed Middle Eastern sovereign wealth funds.The filing also details the $3.7m in additional charges billed to the National Pensions Reserve Fund (NPRF), the Irish sovereign wealth fund before it was restructured into the Ireland Strategic Investment Fund.State Street returned the additional charges to the NPRF in 2012 and was eventually dropped as a provider by the sovereign fund after the UK’s Financial Conduct Authority fined State Street’s local transition management business £23m (€27.9m).Other affected clients at the time are believed to include the pension fund for workers of the UK’s Royal Mail, referred to in the SEC filing as a “British Postal company”, a second Irish client, and a €1.6bn transition in the Netherlands for two unnamed pension funds.The SEC’s filing comes weeks after McLellan was charged with fraud by the US Department of Justice in April.,WebsitesWe are not responsible for the content of external sitesLink to SEC filing against Ross McLellanlast_img read more

Local Musician Jimmy Buffett Launches Cannabis Brand

first_imgSouth Florida resident and musician Jimmy Buffett is collaborating with a company called Surterra Wellness to launch a new cannabis brand named after his band, Coral Reefer.The company and Buffett held a kick-off event this weekend at Surterra’s North Palm Beach facility.Buffett stops by Surterra Wellness for Coral Reefer kickoff –— (@buffettnews) April 21, 2019 Buffett says, “It never dawned on me that Coral Reefer would be anything other than a cool name for a tropical band born out of the Key West lifestyle in the mid-70s. But life is supposed to be about having fun and staying healthy enough to enjoy it. I think Coral Reefer will help a lot of folks do that.”According to a press release, Coral Reefer will initially offer a surfboard-shaped vaporizer named the TideRider, as well as a selection of cannabis concentrates to be used with the vapes.Dried cannabis along with other, edible products could be introduced later this year.last_img read more

Boy in India has 500 Teeth Extracted

first_imgA little boy in India is doing well after having more than 500 teeth removed from his mouth.An unusual medical condition caused a seven-year-old boy to grow more than 500 teeth.The boy was complaining about mouth pain and when doctors took x-rays, they found a sac in his jaw filled with abnormal teeth. Scans showed hundreds of masses on the lower right side of his jaw, which led to a five-hour surgical procedure at Chennai’s Saveetha Dental College and Hospital in India.Medics removed 526 denticles from a tumor in the boy’s mouth on July 31, 2019.The hundreds of teeth ranged in size from point one millimeters to around a half-inch.Doctor’s say this unique case and the procedure was their first. Doctors confirm the boy was suffering from a rare condition called compound composite odontoma.They don’t know what causes the condition, but say it could be anything from genetics to environmental factors like radiation.last_img read more