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Morgan Stanley ordered to pay $2.4M arbitration award over former broker's trades

July 28, 2015

A Finra arbitration panel has ordered Morgan Stanley to pay at least $2.4 million in the latest round of claims by clients of a former Mississippi broker who has repeatedly been accused of mishandling investments, . A group of physicians and...

Royal Alliance to pay $1.4 million over nontraded REIT, VA sales

July 16, 2015

Royal Alliance Associates Inc., one of four subsidiary broker-dealers of AIG Advisor Group, has been ordered to pay $1.4 million to three retirees over allegations that it was negligent in supervising sales of nontraded real estate investment...

Plucky candidates seek Finra board seats

July 12, 2015

Three candidates for open seats on the Finra board who had to work their way onto the ballot say they will stand up to the regulator to defend their segments of the industry. They were not selected by the Financial Industry Regulatory Authority...

Three reform initiatives that Finra should embrace

July 7, 2015

For midsize Finra member firms, the next three years will bring a wave of changes that could leave our segment of the retail financial advice industry looking radically different from the landscape we know today, from ongoing succession planning...

Finra board candidate wants to keep organization from 'antagonizing' members

July 6, 2015

A candidate for the Financial Industry Regulatory Authority Inc.'s board of governors has launched what he calls a “dissident campaign,” asserting he will try to prevent the regulator from “antagonizing” members, especially independent...

Finra arbitration panel hits Robert W. Baird & Co. with $17.8 million penalty

June 17, 2015

A Financial Industry Regulatory Authority Inc. arbitration panel has slapped Robert W. Baird & Co. and 20 of its employees with a fine of $17.8 million plus interest, awarded to Gleacher & Co., a dissolved investment firm, for alleged unfair...

Finra files complaint against broker for trying to inherit $1.8M from client with Alzheimer's

June 12, 2015

The Financial Industry Regulatory Authority Inc. has filed a complaint against a broker who allegedly took advantage of a client with Alzheimer's disease in attempt to inherit nearly $2 million. The regulator said that in 2009 John Waszolek,...

SEC's Daniel Gallagher resigning as commissioner

May 13, 2015

Daniel Gallagher is resigning his post as a Republican member of the Securities and Exchange Commission after four years, a time marked by partisan battles over the regulatory response to the 2008 financial crisis, according to three people...

Finra arbitration panel awards $500,000 to former Morgan Stanley rep

May 11, 2015

A Finra arbitration panel last Thursday decided in favor of a former Morgan Stanley rep following a dispute between the broker and firm over an alleged breach of a promissory note. In a disagreement dating back to December 2012, Morgan Stanley...

How partisan politics have poisoned the SEC

May 10, 2015

For much of its 81-year existence, theSecurities and Exchange Commission has quietly toiled away on rules that could make only a securities lawyer's heart race. If there were disagreements among its five voting members, they were usually ironed...

Finra bars Wells Fargo broker who ran Miami nightclub

April 23, 2015

The Financial Industry Regulatory Authority Inc. has barred a Wells Fargo adviser-turned-Miami socialite who engaged in a several undisclosed outside businesses, including allegedly running a hip hop dance club in South Beach, according to a...

How advisers can avoid Finra scrutiny over personal liens, judgments, or bankruptcies

April 21, 2015

You're a financial adviser with a clean record and a solid book of business. Unfortunately, along the way, you had some personal tax issues and, despite your best efforts to resolve them, the Internal Revenue Service filed a series of tax liens...

Finra arbitration panel awards investor $1.3 million from ex-Stifel broker

April 1, 2015

A Finra arbitration panel has awarded $1.3 million in damages to a Mississippi investor over the handling of her finances by a former broker for Stifel Nicolaus & Co. Inc. In a case filed in August 2012, Tracy Noble Gilbert accused broker Lanis...

Consumer groups accuse SEC of ignoring investors

March 12, 2015

The Securities and Exchange Commission is not fulfilling its duty to protect retail investors, particularly in how it regulates financial advisers, a number of consumer groups asserted in a letter to the agency. The eight-page letter dated March...

CFPB study reveals downside of mandatory arbitration

March 10, 2015

A new study of arbitration in the financial services sector by the Consumer Financial Protection Bureau could spur the Securities and Exchange Commission to take a look at such clauses in brokerage contracts. On Tuesday, the CFPB released a...

SEC limits who qualifies as a public arbitrator

February 27, 2015

The Securities and Exchange Commission has approved a Finra proposal that would restrict more individuals in securities disputes from serving as public arbitrators, including lawyers who represent plaintiffs. Under the rule, anyone who has worked...

Investor, consumer groups call on Finra to release more arbitration data

January 21, 2015

Several investor advocacy and consumer organizations called on Finra Wednesday to release more data and information about its arbitration system for settling investor disputes with brokers. Finra, the industry-funded broker-dealer regulator,...

What's good for individual investors is good for the whole industry

January 11, 2015

What's good for individual investors is, in the long run, good for the financial planning and investment advice industry. That always has been our editorial policy at InvestmentNews. Better and more-reliable information about people advising...

10 of the biggest regulatory fines of 2014 - 10 of 2014's big-money regulatory fines

December 23, 2014

Industry regulators handed out some hefty fines to financial firms in 2014, due to a variety of misdeeds and oversights. We've pulled together a rundown of 10 of the biggest fines handed out this year, presented in order of the amount of the...

Ketchum: What this industry is missing when it comes to CARDS

December 5, 2014

Finra must demonstrate how its controversial data-collection system will benefit investors in order to quell mounting criticism of the proposal, the organization's leader said Friday. “We think the benefits are absolutely obvious, but we recognize...

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