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Anonymous ID: feb17b June 8, 2024, 8:15 p.m. No.20992010   🗄️.is đź”—kun

TD sues wealth adviser who left during money-laundering review

 

It seemed like a typical dispute between a company and a former employee: Toronto-Dominion Bank sued wealth adviser Gregg Desmarais last month, claiming he and a colleague “abruptly” resigned and violated their contracts by luring away clients with millions of dollars of assets to competitor Raymond James Financial Inc. But Toronto-Dominion told an entirely different story when it reported his departure to regulators in April: Desmarais voluntarily quit after the bank opened an internal review over suspected violations of anti-money-laundering policies, according to a disclosure the Canadian banking giant filed with the Financial Industry Regulatory Authority.

 

The notice came as Toronto-Dominion is under investigation by the U.S. Department of Justice, bank regulators and the U.S. Treasury Department over allegations that it failed to catch money laundering and other financial crimes at several of its U.S. branches. The lender has said it’s in the midst of a “comprehensive overhaul” of its anti-money-laundering program.

Toronto-Dominion declined to comment on the lawsuit against Desmarais, citing the ongoing legal proceedings. The internal review cited on his Finra profile “is not related to the bank’s broader AML investigation,” spokesperson Lisa Hodgins said. She said the investigation disclosed to Finra was not concluded before Desmarais left the bank and that it is unrelated to the non-solicitation lawsuit, which doesn’t mention anti-money-laundering issues. 

 

Mr. Desmarais denies TD’s baseless allegations,” Michael Roche, a lawyer representing Desmarais in the lawsuit, said by email. “I would also like to note that TD’s lawsuit against my client has nothing to do with TD’s AML issues.”

Representatives for Raymond James had no immediate comment. Desmarais “abruptly resigned” and terminated his registration with the bank on April 25, according to Toronto-Dominion’s complaint, filed with the U.S. District Court in Connecticut. The case has yet to be heard on its merits, but there is a temporary restraining order in place barring Desmarais from soliciting additional clients of his former firm. His Finra profile, under the category of “employment separation after allegations,” says: “An internal review was initiated of the Representative’s actions based on the suspected violation of firm Anti-Money Laundering (AML) policy by the Representative.”  That type of disclosure event relates to situations where a broker voluntarily resigns, is fired or was permitted to resign after being accused of violating investment-related laws, rules or standards; fraud or the wrongful taking of property; or failure to supervise in connection with investment-related requirements, according to Finra.

 

Desmarais’s termination type is listed as “voluntary resignation” on April 24 and the product type involved is described as “banking products” other than certificates of deposit. 

Finra’s publicly available database, known as BrokerCheck, is intended to help investors make decisions about the advisers and firms they work with. But the regulator also notes that disclosures posted on the website “may be pending or involve allegations that are contested and have not been resolved or proven.” It cautions that issues may ultimately be withdrawn, dismissed, resolved in favor of the broker or end in a negotiated settlement, “with no admission or finding of wrongdoing.”     

https://www.bnnbloomberg.ca/td-sues-wealth-adviser-who-left-during-money-laundering-review-1.2082477

 

TD money-laundering fines may reach US$4 billion, Jefferies says

https://www.bnnbloomberg.ca/td-money-laundering-fines-may-reach-us-4-billion-jefferies-says-1.2081642

Anonymous ID: feb17b June 8, 2024, 9:31 p.m. No.20992262   🗄️.is đź”—kun

T-Mobile sold by Claure Group, Inc/BoD director of T-Mobile: $546.82m-June 5,6,7

 

Claure Group

  • Marcelo Claure is a Bolivian and American entrepreneur who served as chief operating officer of Japanese firm SoftBank.

  • After selling his first company, a regional phone chain, Claure founded Brightstar, a wireless distributor targeting Latin America.

  • Claure sold Brightstar to SoftBank in 2014, then joined the firm to run Sprint, a SoftBank investment, as CEO.

  • Much of his fortune ~~is~~ was (FIFY) tied up in shares of T-Mobile, which merged with Sprint in 2020. Claure sits on T-Mobile's board.

  • He's now making investments through his family office Claure Group, which owns stakes in fast fashion giant SHEIN and private equity firm Brightstar Capital Partners.

https://www.forbes.com/profile/marcelo-claure/

 

Marcelo Claure has served as a director of T-Mobile since April 1, 2020, and is a member of the CEO Selection Committee, Compensation Committee, Executive Committee and Transaction Committee of T-Mobile’s Board of Directors. Mr. Claure served as the Chief Executive Officer of SoftBank International and Chief Operating Officer of SoftBank from May 2018 until January 2022. Mr. Claure was Executive Chairman of Sprint prior to the Sprint Combination and had served on the Sprint board of directors since January 2014. Previously, Mr. Claure served as Sprint’s President and Chief Executive Officer, serving as President from August 2014 until January 2018 and as Chief Executive Officer from August 2014 until May 2018.In addition, Mr. Claure served as a director of SoftBank from 2017 to 2020.

He was also Executive Chairman of WeWork from October 2019 until January 2022.

He currently serves as a member of the Board of Directors of Likewise and Carnegie Hall. Prior to joining Sprint, Mr. Claure was Chief Executive Officer of Brightstar Corp., a company he founded in 1997 and grew from a small Miami-based distributor of mobile device accessories into a global business with more than $10 billion in gross revenue for the year ended 2013.

https://www.t-mobile.com/our-story/executive-leadership-team

 

https://finviz.com/

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