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West Virginia stops banking with Citi, Northern Trust, over fossil fuels
The state treasurer added four financial services firms to a list of those ineligible to provide banking services to the state because he says they 'boycott' the fossil fuels industry.
Florida broker-dealer faces $500k fine over texting violations
Finra finds years of compliance shortfalls at Dawson James Securities involving more than 10,000 text messages, including inadequate system for private placements.
Commonwealth case sends crystal-clear message
KO blow from the SEC offers pointed lesson: Don’t fight Uncle Sam
Finra caught up in email phishing scheme
A new cybersecurity alert warns member firms to be wary of fraudulent messages impersonating key members of the regulator’s leadership.
SEC seeks input on spot ether ETFs, whose future is hardly certain
The SEC could put extra scrutiny on products that benefit from ether's proof-of-stake consensus mechanism, although most ETF applicants may not get the staking benefits in their funds.
Texting employees land RIA with $6.5M SEC fine
Multiple incidents of using personal text communications were discovered.
Elderly client suing JPMorgan over investment losses faces court setback
The client and his wife sued over investments that they allege should not have been allowed and that ended up wiping out much of a fortune once pegged at more than $50 million.
ARA, Ceres throw support behind DOL ESG rule for 401(k)s
The two nonprofits are urging the Court of Appeals to uphold a lower court decision supporting a 'middle-of-the-road' approach for fiduciaries.
DOL limits companies with foreign convictions from managing 401(k) assets
The regulator for years has granted exemptions for financial institutions whose affiliates have been convicted of financial crimes overseas.
SEC tightens rules on robo-advisor registration
The rule revamp fills a gap in an early-2000s exemption that let investment advisors use websites as ‘props,’ says SEC Chair Gary Gensler.
Are 401(k)s the ultimate retirement plan?
Advisors weigh in on the impact the DOL’s retirement security rule will have on 401(k) plans and retirement.
Bankman-Fried gets 25 years in prison for FTX fraud
'There is a risk that this man will be in a position to do something very bad in the future,' the judge says. 'And it’s not a trivial risk. Not a trivial risk at all.'
AI is facilitating financial fraud, Treasury warns
Advances in artificial intelligence make it easier for criminals to impersonate customers and craft increasingly sophisticated email phishing attacks, according to a report.
AllianceBernstein 401(k) lawsuit booted
A court dismissed the case, pointing to the facts that the company waived fees for its participants and didn't really benefit from the assets.
Repeat flubs at Stifel over complex products: Finra
Stifel broker-dealers agree to fines and restitution of almost $3 million as a result of shortcomings in supervision and compliance related to sales of non-traditional exchange-traded products.
Reining in regulation by enforcement
The Financial Services Institute is asking the SEC to adopt a procedural framework to detect and prevent certain unfair enforcement practices.
Schlichter explores pension risk transfer lawsuit against Alcoa
The law firm, which has brought two cases this month over pension risk transfers, is looking for participants and beneficiaries of Alcoa's pension plan.
Environmentalists, conservatives sue SEC over climate rule
If anyone needed proof that many groups are unhappy with the rule, both the Sierra Club and US Chamber of Commerce have filed court papers.
Finra orders Morgan Stanley to pay ex-brokers roughly $3M
An arbitration panel rules in favor of former advisors who claimed the firm had delayed compensating them for their work, violating ERISA rules.
The Ohtani situation is a reminder about athletes and money
Advisors caution professional athletes to hire teams and give associates limited access to their accounts.