Results for "compliance"

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Ask the Ethicist: What should an adviser do if their former firm violates a non-compete agreement?

April 28, 2017

Q: I'd like your opinion on something that happened to a friend of mine who recently left his position as a veteran adviser with a wirehouse to go independent. Before he left he mailed a "tombstone" letter to his clients so they were aware that...

Finra issues complaint against broker for unsuitable variable annuity sales

April 26, 2017

The Financial Industry Regulatory Authority Inc. has issued a disciplinary complaint against former broker Walter Marino for recommending exchanges of non-qualified variable annuities to two customers without having a reasonable basis for recommending...

Morgan Stanley reaches $1 million settlement with Massachusetts over high-pressure sales contest

April 12, 2017

Morgan Stanley agreed to pay $1 million to Massachusetts to settle a case involving a high-pressure sales contest among its financial advisers to encourage clients to borrow money against their brokerage accounts. From January 2014 until April...

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...

SEC explores ways to strengthen compliance of independent advisers

April 6, 2017

Financial advisers who are on the staff of an advisory firm are more likely to adhere to securities regulations than independent advisers, a Securities and Exchange Commission official said on Thursday. Peter Driscoll, acting director of the...

SEC bars ex-LPL broker already serving 12-year prison sentence

March 31, 2017

The Securities and Exchange Commission on Thursday filed an order to bar a former LPL Financial broker, Thomas Caniford, who pled guilty in state court in Canton, Ohio, in 2016 to 135 counts, including securities fraud, publishing false statements...

SEC watchers say Trump may not follow traditional party split on regulatory panel

March 21, 2017

President Donald J. Trump's unpredictability may extend to his appointment of Securities and Exchange Commissioner members, financial industry government relations officials said on Tuesday. Traditionally, the SEC's five commissioners are split...

Retirement industry to undergo major changes with or without DOL fiduciary rule

March 16, 2017

The business of saving for America's retirement is changing. The retirement industry is facing a $7.7 trillion gap, and the Department of Labor's new fiduciary rule, which states that advisers must give clients the best advice at a reasonable...

The case for more prominently disclosing compensation and conflicts of interest

March 16, 2017

I didn't receive any questions this month to use as a source for this column. Maybe you were all too busy trying to figure out whether the Department of Labor's fiduciary rule is alive or dead? Or you could be trying to figure out how the American...

Fired Waddell & Reed broker barred by Finra

March 15, 2017

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Waddell & Reed Inc. broker who was fired in January 2016 for violating the firm's professional conduct, supervisory and compensation policies. The broker, Paul D. Stanley,...

Finra accepting comments on rule change to allow investment-strategy projections

March 8, 2017

Finra is accepting comments on a proposal that would allow brokers to project the performance of investment strategies in communications with clients. Under the proposal by the Financial Industry Regulatory Authority Inc., a broker could distribute...

Finra bars broker-dealer owner for false testimony, fabricated documents

March 6, 2017

The Financial Industry Regulatory Authority Inc. on Friday barred the owner of a small independent broker-dealer after he testified falsely during an on-the-record interview and provided fabricated documents relating to his firm's branch office...

Prospects for independent adviser exams fade with increased SEC efficiency, Piwowar resistance

March 6, 2017

Increasing coverage of investment advisers by a reorganized Securities and Exchange Commission examination staff and resistance from its current Republican member may keep on the shelf a proposal to allow private firms and non-governmental organizations...

8 changes required on adviser form ADV updates

March 3, 2017

Advice firms filing their form ADVs after Oct. 1 will need to change certain items to meet new requirements adopted by the Securities and Exchange Commission last summer. The additional data will help the SEC focus on examining firms more often...

Raymond James loses $762,000 penny stock arbitration claim

March 1, 2017

Raymond James & Associates Inc. was tagged last week to pay $762,000 in an arbitration case stemming from penny stocks a legacy Morgan Keegan financial adviser bought for clients from 2007 to 2010. Raymond James & Associates is the employee...

Purshe Kaplan Sterling to pay $3.4M in restitution for overcharging Native American tribe

February 22, 2017

Purshe Kaplan Sterling Investments will pay nearly $3.4 million in restitution to a Native American tribe, after the tribe paid excessive sales charges on purchases of non-traded real estate investment trusts and business development companies,...

Former Wells Fargo broker barred for parking fraud

February 21, 2017

Thomas James Stewart is now barred from the securities industry for what best may be described as "parking fraud." Mr. Stewart, formerly a broker with Wells Fargo Advisors, used the firm's parking garage stamp without authorization to validate...

Acting SEC chair scales back enforcement unit's subpoena powers

February 17, 2017

Acting SEC Chairman Michael Piwowar has taken steps to limit the agency's enforcement division's powers to initiate investigations and issue subpoenas, according to sources quoted by Reuters. Under the new policy, the enforcement division's...

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.”...

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,...

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