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NEW YORK The FBI arrested a former trader at the Connecticut firm Rochdale Securities on Tuesday in a fraud scheme involving Apple stock, U.S. prosecutors said. According to a criminal complaint filed in federal court on Monday, David Miller bought Apple shares for himself ahead of the tech giant’s October 25 earnings announcement, then told his employer Rochdale the trade was for a customer who would bear the risk if it lost money. As a result, Rochdale was left unexpectedly owning over a million shares of Apple and had to sell them for a $ 5 million loss. The case [...]

The Securities and Exchange Commission (SEC) does not intend to charge any JPMorgan Chase & Co executives in two investigations relating to the allegedly fraudulent sale of mortgage-backed securities, the Wall Street Journal reported. Last week, JPMorgan said it reached an agreement in principle with the SEC to resolve the probes. The bank will pay a penalty under the settlement, according to the WSJ, citing people close to the probes. The payment is expected to be less than the $ 550 million paid by Goldman Sachs Group Inc in 2010 to settle claims by the SEC that it misled investors [...]

The Federal Reserve on Wednesday opted to continue its program of buying $ 40 billion in mortgage-backed securities each month until the labor market improves “substantially” as the central bank repeated that the “unemployment rate remains elevated.” The Fed, in an 11-to-1 vote, also maintained its Operation Twist program of swapping $ 45 billion securities of short-term securities into longer-term Treasurys, kept its interest rate target between 0% and 0.25%, said it expected exceptionally low levels of interest rates through mid-2015 and said highly accommodative policy should continue even after the economic recovery strengthens. While noting that household spending has [...]

NEW YORK New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase & Co for fraud over faulty mortgage-backed securities packaged and sold by the former Bear Stearns. The lawsuit alleged a “systematic abandonment of underwriting guidelines” in the selling of home loans that went into securities peddled by Bear Stearns. JPMorgan acquired Bear Stearns in 2008, at the start of the financial crisis. (Reporting by Karen Freifeld; editing by Andrew Hay)

NEW YORK New York Attorney General Eric Schneiderman filed a civil fraud lawsuit against JPMorgan Chase & Co on Monday over mortgage-backed securities packaged and sold by the former Bear Stearns. It was the first action to come out of a working group created by President Barack Obama earlier this year to go after wrongdoing that led to the financial crisis. JPMorgan, which bought Bear Stearns for $ 2 a share in March 2008, said in a statement it would contest the allegations. The suit accuses Bear Stearns of failing to ensure the quality of loans underlying residential mortgage-backed securities [...]

A New York judge has dismissed a class-action lawsuit against government-seized housing giant Freddie Mac that alleged securities fraud, Freddie Mac said Thursday. The U.S. District Court for the Southern District of New York rejected investor claims that Freddie Mac’s public disclosures between November 2007 to September 2008 were materially false or misleading. In April 2011, the court had dismissed an earlier version of the lawsuit but at the time allowed the investors to re-file an amended complaint, which it now found to be “legally defective.”

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