SEC Abandons Fraud Case Against Ex-Ferris Baker Watts GC

Law360, New York (January 26, 2012, 9:51 PM EST) -- The U.S. Securities and Exchange Commission on Thursday dismissed a case against the former general counsel of financial services firm Ferris Baker Watts Inc., who was accused of failing to supervise a broker at the helm of a $50 million Ponzi scheme.

The SEC launched the administrative proceeding against Theodore Urban in October 2009, alleging he failed to exercise proper supervision over FBW representative Stephen Glantz, who was convicted of breaking numerous securities laws with his 2003 to 2005 scheme.

In September 2010, an administrative law...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.