Results for "compliance"

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Report shows few advisers examined by California oversight office

February 15, 2017

Broker-dealers and state-registered investment advisers in California have little chance of being examined by the state's Department of Business Oversight, according to figures from its most recent report to the state legislature. The report,...

Finra expels Red River Securities for oil and gas fraud

February 15, 2017

A Finra hearing panel has expelled Red River Securities, a Plano, Texas-based broker-dealer, and barred its CEO Brian Keith Hardwick for fraudulent sales in five oil and gas joint ventures, characterizing the misconduct of both as “egregious.”...

Finra bars former Wells Fargo rep for churning accounts of 93-year-old

February 14, 2017

Matthew Maczko, formerly a broker with Wells Fargo Advisors in Oak Brook, Ill., has been barred from the securities industry for excessive trading in the accounts of a 93-year-old woman and for lying to Finra about his actions. In its letter...

Got client passwords? That means custody to SEC

February 9, 2017

Custody rule provisions aimed at preventing another Bernie Madoff swindle are tripping up financial advisers who have clients' online account usernames and passwords. The adviser custody rule is one of five top areas in which Securities and...

Most advisers' cybersecurity training insufficient

February 7, 2017

Financial advisers should be spending about three times as much time training their staff each year on how to protect the firm and client data from cybersecurity dangers, experts said. About two-thirds of financial advisers spend two hours or...

SEC reveals five most frequent compliance violations

February 7, 2017

The Securities and Exchange Commission exam arm announced earlier this year that deficiencies involving compliance procedures, regulatory filings, the custody rule, code of ethics, and books and records are the five that most often trip up registered...

SEC charges Connecticut RIA with stealing $3.95M from investors

February 2, 2017

The Securities and Exchange Commission has charged Connecticut-based Sentinel Growth Fund Management and its founder-owner, Mark J. Varacchi, with stealing $3.95 million from investors. In its complaint, the SEC alleges that Mr. Varacchi and...

Regulators use big data to turn up enforcement heat

January 30, 2017

Securities regulators are turning to big data to increase their enforcement firepower, a move that could eventually help them more easily uncover breaches of suitability in investment product sales. The Securities and Exchange Commission recently...

Dodd-Frank law may be Trump's next big target

January 30, 2017

President Donald Trump stepped up his criticism of financial regulations, pledging to go after the 2010 Dodd-Frank banking overhaul because he said the law has made it difficult for businesses to get loans. “We're going to be doing a big number...

Galvin orders LPL to pay $3.7 million in restitution, fines over unsuitable VA sales

January 30, 2017

LPL Financial was ordered Monday by Massachusetts regulators to pay up to $3.7 million in restitution and fines to investors as a result of an investigation into sales of unsuitable variable annuities by a former top-producing adviser based...

Adviser banned for cherry picking trades to reward himself over clients

January 26, 2017

A Massachusetts investment adviser charged with securities fraud has agreed to be banned from the securities industry after the Securities and Exchange Commission uncovered an illegal cherry-picking stock scheme. The SEC filed fraud charges...

SEC hits Citigroup advisory unit with $18.3 million penalty for overbilling clients

January 26, 2017

Citigroup Global Markets Inc. agreed to pay $18.3 million to settle Securities and Exchange Commission charges that it overbilled investment advisory clients, the agency announced on Thursday. From 2000 until 2015, the Citigroup unit overcharged...

What financial advisers can do about a U5 disclosure

January 25, 2017

Did your former broker-dealer file a Form U5 that makes you look bad? Have you been told that nothing can be done about it? Before accepting defeat, you owe it to yourself to hear this story. “Bob” resigned or was terminated and the firm...

Finra's new exam unit looking to identify rogue registered reps

January 24, 2017

Finra's new dedicated exam unit that keeps track of high risk or recidivist brokers is working to identify as many as 100 to 200 rogue registered reps who pose the greatest risk to investors, according a senior official with the broker-dealer...

New cybersecurity regulation hits New York financial firms March 1

January 17, 2017

New cybersecurity rules for some financial services providers are set to take effect March 1 for firms doing business in New York, and the new requirements may be showing up around the nation before too long. The fairly prescriptive proposed...

SEC hits Morgan Stanley with $13 million fine

January 13, 2017

The Securities and Exchange Commission said on Friday that Morgan Stanley agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors. The firm also violated...

DOL encourages investors to ask advisers if they are fiduciaries

January 13, 2017

Investors should press their financial advisers about whether the advisers are fiduciaries, how much they charge and whether they get paid more based on the investments they recommend, the Labor Department said Friday. In a 16-page document...

SEC announces 2017 exam priorities, adds robo-advisers to list

January 12, 2017

For the first time, the Securities and Exchange Commission has included “electronic investment advice,” or advice offered through so-called robo-advisers, to its annual list of examination priorities, highlighting regulators' concerns about...

RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed

January 11, 2017

As potential delays and road blocks pile up in front the Department of Labor's fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule's demise. Independent registered investment...

New Finra head Robert Cook wants to publish exam result summaries

January 10, 2017

New Finra CEO Robert Cook has struck a popular chord with one of his first initiatives as head of the broker-dealer regulator with a proposal to release a summary report of examination findings. In a Jan. 4 cover letter to the Financial Industry...

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