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Brokerages walking away from arbitration awards

September 23, 2016

It's no secret that small broker-dealers are struggling to keep their doors open as technology, compliance and legal costs continue to increase, especially as they prepare to put weighty new regulations such as the Department of Labor's fiduciary...

Finra panel directs UBS to pay $750,000 for Puerto Rico investment damages

September 12, 2016

UBS Group AG's wealth management business must pay a combined $750,000 to three investors who claimed damages tied to their investments in Puerto Rico's debt, according to the Financial Industry Regulatory Authority Inc. The arbitration award...

Finra's arbitration process: Challenging the system to find the right answers

September 6, 2016

“That's the way we've always done it.” In business, this simple but dismissive mindset — if it becomes ingrained throughout an organization — can keep a company mired in the past, resistant to change and unresponsive to its customers'...

CFP Board poised to make advisers' arbitration results public

August 11, 2016

The Certified Financial Planner Board of Standards Inc. has tweaked terms of its new rule requiring advisers to settle disputes in arbitration instead of court, giving itself an opportunity to make the results public. All registered investment...

Stifel claws back $440,000 as brokers struggle to win Finra arbitration

August 11, 2016

Stifel, Nicolaus & Co. is clawing back $440,000 from an adviser who was discharged almost two years ago, the latest brokerage firm this month to recoup compensation tied to promissory notes, according to the Financial Industry Regulatory Authority...

Dawn Bennett plays the victim, challenges SEC ruling

August 2, 2016

Dawn Bennett, having been barred from the financial services industry and fined $4 million for her shady advisory practices, is now claiming the SEC sought her out as a high-profile disciplinary trophy. ”Why was I a target for something that...

Dawn J. Bennett barred from industry; ordered to pay $4 million in fines, disgorgement

July 11, 2016

The Securities and Exchange Commission late Monday barred Dawn J. Bennett from the securities industry for exaggerating her firm's assets under management and investment performance to drum up business from wealthy clients. The commission also...

The SEC's case against Dawn J. Bennett

July 10, 2016

By all outward appearances, Dawn J. Bennett was a success. Barron's magazine named her three times to its lists of top financial advisers, showing her managing more than $1 billion in client assets. She often was quoted in the media and had...

SEC Investor Advocate Fleming targets fees charged by advisers

July 1, 2016

To SEC investor advocate Rick A. Fleming, improved disclosure of fees and expenses charged by financial advisers is a top priority in the new fiscal year, which begins in October. Mr. Fleming will push the Securities and Exchange Commission...

Firms on the hook for hiring bad brokers

June 12, 2016

The Massachusetts Securities Division last week fired the latest salvo in the campaign to rid the brokerage industry of rogue brokers. The state announced a sweep of 241 securities firms with above-average numbers of reps with current misconduct...

Hedge funds face their Uber moment

May 9, 2016

Expensive and exclusive is no longer enough to automatically attract investors to hedge funds. Hedge funds face their own Uber moment. The SEC says financial adviser, Louis Martin Blazer III, stole $2.35 million from his clients by convincing...

Finra approves larger public arbitrator list for cases

May 9, 2016

Finra last week made modest reforms to its arbitration system that would expand the list of public arbitrators who could be selected for each case and enable attorneys to chair dispute panels. The changes were approved by the board of the Financial...

President Obama's SEC nominees are being held up by fellow Democrats

April 8, 2016

Democrats are blocking President Obama's SEC nominees in a cat fight over the disclosure of political spending. Awkward. Fairly unusual opposition to Mr. Obama. Forcing the minimum wage up to $15 an hour sounds great in theory. In practice?...

DOL rule described as 'workable' and a political success

April 8, 2016

The Department of Labor's new fiduciary rule received high marks for political diplomacy and for being “workable,” according to a panel of experts speaking Thursday during an InvestmentNews webcast. “My first impression is that a number...

BNY Mellon agrees to pay Massachusetts $3 million over computer glitch

March 21, 2016

The Bank of New York Mellon agreed to pay $3 million to Massachusetts after an investigation found a computer glitch on the firm's part failed to calculate net asset values for more than 1,000 mutual funds, according to commonwealth officials....

Triad Advisors to pay more than $200,000 for failing to give sales charge discounts on unit investment trusts, Finra says

March 17, 2016

Triad Advisors, a Norcross, Ga.,-based broker, has agreed to pay more than $200,000 in fines and restitution for failing to give some of its customers sales charge discounts on unit investment trusts, according to a settlement letter with the...

Wave of Finra arbitration claims expected from bad bets on energy

March 16, 2016

Clint Manzonie, 42, of Parker, Colo., says he lost $1 million, part of the proceeds from the sale of his construction business. James and Patricia Merritt of St. Augustine, Fla., a couple in their mid-70s, claim they lost about $400,000 of their...

Weeding out rogue brokers

March 13, 2016

A recent academic paper revived the issue of rogue brokers, a problem the industry has been struggling with for some time but has yet to solve. The working paper comes from professors at the University of Minnesota and the University of Chicago,...

Wall St. critic Warren grills Finra's Ketchum on regulator's ability to protect investors

March 3, 2016

Sen. Elizabeth Warren, D-Mass., a leading Wall Street critic, raised doubts on Thursday about whether the financial industry can police itself. At a Senate Banking subcommittee hearing, Ms. Warren pressed Financial Industry Regulatory Authority...

Confirmation quagmire mustn't deter SEC

February 28, 2016

The likelihood of the two SEC nominees being confirmed anytime soon is slim, and getting harder to imagine by the day. But the commission has too much important work to tackle to let that hold them back. Even before the sudden death of Supreme...

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