The Wall Street Journal reports that the trustee acting for the creditors of convicted Ponzi schemer Tom Peters has sued JPMorgan Chase, seeking over $25m which the bank received when it liquidated Peters' holdings after the fraudster was arrested.
In the meantime, the newspaper says that Sumitomo Mitsui Financial Group is gearing up to expand its brokerage business outside Japan, establishing offices and hiring staff in all the major financial centres. And Bloomberg reports that the firm is targeting about $7.3bn in wealth management assets through a Japanese tie-up with Barclays.
The Financial Times says that Ding Wei, the head of investment banking at China International Capital Corporation, 'China's oldest and most respected investment bank', has quit in order to mull over a number of options, which include starting his own private equity firm.
The newspaper also reports that UK securities regulator The Financial Services Authority (FSA) levied a record $138m in fines in 2010, up from $54m in 2009.
Finally, Bloomberg reports that PIMCO has agreed to pay $92m to settle a private class-action lawsuit that accused the firm of manipulating the price of US Treasury future contracts in May and June 2005.
The Billionaire's Apprentice
The Buy Side: A Wall Street Trader's Tale of Spectacular Excess
