The operators of illegal hotels may have trouble sleeping tonight—and it won’t necessarily be because of the rowdy tourists filing in after midnight. The City Council voted this afternoon to raise fines on building owners who convert permanent residential units into illegal hotels from $800 to $2,500 per violation to $1,000 to $25,000 for repeat offenders.
“Many of these illegal hotels are taking housing away from New Yorkers who need it,” said Upper West Side Council member Gale Brewer, who introduced the bill because she did not believe that the $800 fine was enough of a deterrent for landlords who often make more than $100 a night on each illegal unit, particularly when they pack the rooms with bunk beds.
The Financial Industry Regulatory Authority today slapped extremely effective but imperfect trading operation Goldman Sachs with a $650,000 fine for failing to disclose that two of its employees, including “Fabulous” Fab Tourre, were under investigation by the Securities and Exchange Commission.
The wrist-slap is similar to the one imposed by The U.K.’s Read More
Loathe to miss out on the chance to dispense some SEC-style justice, the U.K.’s Financial Services Authority today dished out a $27 million fine to Wall Street titan Goldman Sachs. Goldman’s crime? Failure to report this year’s SEC highly publicized if somewhat ineffectual investigation into its 2007 dealings in collateralized debt obligations.
Readers may Read More
Ralph Casbarro, who was fired from Citigroup before the authorities indicted him on charges of conspiracy to commit wire fraud, today received a $500 fine for his illicit activities, Bloomberg reports.
In exchange for bribes from day traders, Casbarro let them listen to orders from Citigroup clients. Those traders would then buy or sell Read More