Results for "compliance"

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9 ways advisers may have custody without knowing it

October 5, 2017

As complexity in the financial advice business goes, there is nothing quite like the infamous custody rule, which includes a gauntlet of trigger points that can deem a registered investment adviser as having custody. According to SEC filings,...

Former Valic broker Craig Edward Lewis barred for no-show

November 30, 2017

The Financial Industry Regulatory Authority Inc. barred former Valic broker Craig Edward Lewis for not appearing at a hearing called to look into his sales activities. After he provided initial testimony, Finra discovered additional evidence...

Ex-Merrill rep suspended, fined $10,000 over expense reports

November 9, 2017

The Financial Industry Regulatory Authority has fined former Merrill Lynch representative Sandy Galuppo $10,000 and suspended him for one year for submitting dozens of business expense reimbursement requests that were not compliant with the...

How to balance marketing and compliance

December 1, 2017

As InvestmentNews noted in its Sept. 14 article, the Securities and Exchange Commission issued a risk alert based on the results of a 2016 exam (The Touting Initiative) that focused on common marketing and compliance missteps. The findings prompt...

J.P. Morgan Securities fined $1.25 million by Finra

November 21, 2017

The Financial Industry Regulatory Authority has fined J.P. Morgan Securities $1.25 million for failing to conduct timely or adequate background checks on approximately 8,600, or 95%, of its non-registered personnel. The lapse in oversight occurred...

Seeking to protect client assets, SEC may have hurt the client

July 12, 2017

For many people, the term "inadvertent custody" might describe the feeling a parent has upon finding someone else's child in the family room a half hour after the birthday party has ended. In the world of investments, the term "inadvertent custody"...

Finra hits State Street with $1.5 million fine for electronic record-keeping violations

July 12, 2017

The Financial Industry Regulatory Authority Inc. has censured State Street Global Markets and fined it $1.5 million for failing to maintain electronic brokerage records in a non-erasable and non-rewritable format, known as WORM, as required...

SEC bars former Ameritas adviser after fraud trial finds him guilty

June 9, 2017

Responding to a jury that found Sheik F. Khan guilty of securities and investment adviser fraud, the Securities and Exchange Commission has barred the former Ameritas adviser from the securities industry. (More: DOL fiduciary rule takes effect,...

SEC charges Alpine Securities with failure to file suspicious activity reports

June 5, 2017

The Securities and Exchange Commission has charged a Salt Lake City-based brokerage firm, Alpine Securities, with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative...

Finra censures and fines Sterne Agee for failing to supervise former CEO

June 1, 2017

The Financial Industry Regulatory Authority Inc. has censured Sterne, Agee & Leach Inc., and fined it $160,000 for failing to supervise the activities of its former CEO, James Holbrook, Jr. Between June 1, 2011 and May 23, 2014, the firm "did...

How technology can help advisers manage a new compliance landscape

September 7, 2017

In a post-fiduciary world, the difference between adequate and robust compliance processes will make or break your firm's ability to stay on top of new rules, including the Department of Labor's fiduciary rule and revised ADV disclosure requirements....

Finra bars former Morgan Stanley manager over expense reports

September 26, 2017

The Financial Industry Regulatory Authority Inc.'s probing into expense account reporting violations at member firms has resulted in former Morgan Stanley administrator Barbara Waters being barred from the securities industry. The direct cause...

Wealth management executive urges Trump to pardon Michael Milken

August 30, 2017

Wealth management executive David Bahnsen sent a plea to President Donald J. Trump this week to pardon Michael Milken, one of the most powerful figures in Wall Street history to go to prison. Bahnsen, a managing director at Morgan Stanley before...

Driving clarity on Finra's rules on outside business activities

June 14, 2017

Independent financial advisers' ability to share their expertise in areas that are often outside the traditional role of a financial adviser — such as tax and accounting, insurance and even legal advice — is a crucial part of the value the...

CFP Board suspends Tye Williams after Finra bar

September 15, 2017

The Certified Financial Planner Board of Standards has imposed an automatic interim suspension of Tye C. Williams' CFP certification following his consent to an industry bar from Finra. Mr. Williams, who was associated with Next Financial Group...

Finra slaps broker with six-month suspension for failing to report $1 million in tax liens

May 16, 2017

Former broker Kevin Richard Graetz has settled a Finra complaint alleging that he failed to report federal and state tax liens against him totaling more than $1 million over almost seven years. The Financial Industry Regulatory Authority Inc.'s...

Finra flags two ex-Ameriprise reps over margin snafus

October 10, 2017

Two brokers formerly registered with Ameriprise Financial Services Inc. were fined and suspended Monday by the Financial Industry Regulatory Authority Inc., in part due to securities industry rule violations involving customer transactions using...

IBDs can protect good advisers from bad recruits

November 3, 2017

I recently had lunch with an independent adviser affiliated with a firm that had acquired a smaller broker-dealer and most of its reps some time ago. Since then, highly anticipated platform enhancements the acquirer had planned to make that...

Finra updates sanction guidelines to address financial exploitation of clients

April 10, 2017

Finra has revised its sanctioning guidelines to include consideration of whether a firm or an adviser exerted undue influence over vulnerable customers. All violations addressed by the Financial Industry Regulatory Authority Inc. now will require...

Ex-J.P. Turner broker accused of excessive trading in elderly client's account barred by Finra

December 9, 2016

The Financial Industry Regulatory Authority Inc. has barred a former J.P. Turner & Co. broker who allegedly churned an elderly customer's account. From 2011 to 2013, the broker, Anthony Mastroianni Jr., “engaged in excessive trading or churning...

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