Results for "compliance"

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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...

'Affiliation arbitrage' is a bad reason to go RIA

November 16, 2017

The past several years have witnessed a surge in the number of independent financial advisers who have established their own RIAs – often motivated by the desire to achieve a form of "affiliation arbitrage." By sidestepping broker-dealer and...

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...

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 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...

Finra's Focus on UITs

October 10, 2017

In recent years, the Financial Industry Regulatory Authority, Inc. has been scrutinizing its member broker-dealers' sales, recommendations and procedures relating to investments in unit investment trusts (UITs). Its 2017 Regulatory and Examination...

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,...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

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...

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...

SEC warns RIAs about exaggerating investment performance and other misleading advertising practices

September 14, 2017

From touting misleading investment performance to making potentially false references to professional designations, some registered investment advisers are skirting compliance when it comes to industry advertising rules, according to the Securities...

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....

Dawn Bennett's alleged Ponzi a sign of dark times

September 7, 2017

"Double, double, toil and trouble, fire burn and cauldron bubble," are lines recited famously by the Three Witches in Shakespeare's "Macbeth," but notorious financial adviser Dawn Bennett has allegedly been calling on similar dark forces to...

Finra fines ex-Morgan Stanley rep for secretly settling with client

September 1, 2017

A South Florida broker who Finra said settled a dispute with a client without saying anything to his then-employer has been fined $10,000 and suspended for 15 days. The Financial Industry Regulatory Authority alleges that Lewis Robinson, who...

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...

SEC bars former broker imprisoned for $1.1 million fraud

August 23, 2017

Paul Elvidge, a former broker with Seacoast Investor Services and Cape Securities in Port St. Lucie, Fla., has been barred from the securities industry, the Securities and Exchange Commission said in an administrative proceeding. Mr. Elvidge...

Attorney blasts Finra after regulator loses insider trading case

August 18, 2017

A lawyer for a stock analyst exonerated Wednesday in an insider trading case brought by the Financial Industry Regulatory Authority Inc. slammed the agency for publicizing the case during an industry conference while the case was still being...

Advisers get more breathing room to make Form ADV changes

August 17, 2017

The Securities and Exchange Commission is giving investment advisers breathing room before they have to add more client account data to their registration form. Advisers who make changes on their Form ADV after Oct. 1 won't have to provide the...

Massachusetts securities chief William Galvin launches investigation of broker 'kickbacks'

August 15, 2017

Massachusetts' top securities regulator, Commonwealth Secretary William Galvin, launched an investigation Tuesday into charges that brokers were receiving 'kickbacks' for routing sales orders to certain stock exchanges. The probe was inspired...

FSC Securities to pay $592,000 for failure to supervise leveraged ETFs

August 14, 2017

FSC Securities Corp., one of the Advisor Group broker-dealers, is the latest firm to pay significant restitution and fines stemming from problems supervising trades of leveraged, inverse exchange traded funds. The Financial Industry Regulatory...

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