Throughout his career as a broker-dealer, Anthony Gerard Manaia has been fired twice. He’s been the subject of 18 complaints by disgruntled investors, most of whom accused him of putting their money in risky investments without their knowledge. He’s currently under investigation for his role in a scandal around offerings by a medical financing company that a federal agency has accused of misappropriating investor funds.
In July 2010 Manaia gave up his broker-dealer registration. Five months later, in January 2011, he hung out his shingle as an investment adviser. His website targets “high net worth individuals” and says ...
Good investor data are hard to find
In a recent report to Congress, mandated by the Dodd-Frank financial overhaul law, the SEC maintained that "because selecting a broker-dealer or investment adviser is one of the most important decisions that investors face, information to help them make this choice should be easy to find, easy to use, and easy to understand."
But if you do a simple google search for the name of your broker or investment adviser and “disciplinary action” or “fine” you are unlikely to come up with much. While the information on broker-dealers and investment advisers is all a matter of public record, you need ...
Continue reading2Day in #OpenGov 6/29/2011
Here is Wednesday’s look at transparency-related news items, congressional committee hearings, transparency-related bills introduced in Congress, and transparency-related events. News... View Article
Continue readingFEC set to vote on Super PAC fundraising by candidates
Two new draft Advisory Opinions from the FEC's legal staff leave open the possibility that the commission will allow candidates and party officers to raise money — possibly without limits — for Super PACs.
The opinions, which were posted on the Federal Election Commission's website Tuesday and which are expected to be voted on by the commissioners Thursday, differ from a draft posted last week. That draft said candidates could appear at Super PAC fundraisers but could not solicit unlimited contributions. It did not address the possibility of raising limited amounts.
One of the drafts posted Tuesday, a revision of ...
Continue readingAnnouncing an Updated House of Representatives Staff Directory
Finding out who to talk to in a congressional office isn’t always easy. But today we’re pleased to announce that... View Article
Continue reading2Day in #OpenGov 6/28/2011
Collected today by Policy Intern Jacob Hutt. Here is Tuesday’s look at transparency-related news items, congressional committee hearings, transparency-related bills... View Article
Continue readingLawmakers seeking laxer mortgage rules backed by housing industry dollars
Legislators leading the push against a proposed mortgage lending regulation are among the biggest beneficiaries of campaign dollars from the industries decrying the rules.
Industry groups such as the National Association of Realtors, the National Association of Home Builders, along with consumer advocates, have opposed the rule--required by the Dodd-Frank legislation and intended to prevent financial institutions from writing risky mortgages and then selling them to other investors--since they were unveiled in March.
Recently, an unlikely coalition of advocates and industry groups has formed, calling itself the Coalition for Sensible Housing Policy and issuing a white paper criticizing the ...
Continue readingThoughts on Netroots Nation, RightOnline 2011
Before sorting through my thoughts on this year’s Netroots Nation and RightOnline, I made the poor choice of first sorting... View Article
Continue readingSunlight Live to cover Tuesday’s Senate hearing on finance reform
Lawmakers on the Senate's Banking Committee will discuss Tuesday how to reform the housing market, focusing on smaller banks' access to the secondary mortgage market. This market includes mortgage-backed securities, the complex financial arrangements that helped topple the U.S. Economy a few years ago.
Sunlight Live will provide a video stream of the 10 a.m. hearing and blog during the event to provide more context to this discussion, including insights into the financial connections that could influences the senators on the committee and the witnesses testifying on the topic. Some of the listed witnesses have made campaign ...
Continue reading2Day in #OpenGov 6/27/2011
(Collected today by Sunlight intern Jacob Hutt.) Here is Monday’s look at the week’s transparency-related news items, congressional committee... View Article
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