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Finra bars former LPL broker for 'misrepresentations'

December 15, 2017

The Financial Industry Regulatory Authority Inc. has barred former LPL broker Leslie Koonce for misrepresenting his involvement in the sale of private securities. Finra said Mr. Koonce participated in several private securities transactions...

Finra bars former MML broker for refusing on-record testimony

December 14, 2017

The Financial Industry Regulatory Authority has barred Brian Michael Travers, a former Long Island, N.Y.-based broker with MML Investors Services, for refusing to appear for on-the-record testimony in connection with a Finra investigation. In...

Regulators showing renewed interest in cracking down on investment fees

December 14, 2017

Regulators are putting increasing pressure on financial advisers who try to augment their income by putting clients in high-fee funds or ones that offer revenue sharing. Recently, the Securities and Exchange Commission and the Financial Industry...

Tax update: Brady says sales tax deduction in final bill

December 14, 2017

Congressional leaders worked quickly to finalize compromise legislation for floor votes next week in an all-out effort to provide themselves and President Donald Trump with a major policy victory before the end of 2017. Here are the latest developments,...

Tax bill may up capital gains taxes, disrupt adviser strategies

December 13, 2017

A provision of the Senate tax bill under debate would negatively impact capital gains taxes for some investors, and could have other wide-ranging effects on financial advisers and their clients, ranging from charitable giving to tax-loss harvesting....

House bill would allow electronic disclosure of retirement plan information

December 13, 2017

Bipartisan legislation allowing for electronic disclosure of retirement plan information was introduced Monday by Rep. Jared Polis, D-Colo. It was unveiled with 28 co-sponsors, including 15 Democrats and 13 Republicans. The proposed Receiving...

NASAA: Promissory notes top investor complaints

December 13, 2017

Promissory notes are the most frequently identified source of investor complaints or investigations, cited by 74% of state securities regulators in a survey conducted by the North American Securities Administrators Association, which released...

Critics say regulation hasn't curbed overly rosy projections for indexed universal life insurance

December 13, 2017

A regulation governing indexed universal life insurance policies has had a fairly limited effect, leading some observers to question whether the regulation went far enough and if more stringent rules are necessary. The rule, Actuarial Guideline...

Finra bars former Next rep over incomplete information

December 13, 2017

The Financial Industry Regulatory Authority Inc. has barred former Next Financial broker JoeAnn Walker for not producing the complete documentation it had requested in connection with an inquiry. Ms. Walker was terminated by Next Financial in...

Broker, retirement groups make last-minute pleas to change tax legislation

December 13, 2017

Interest groups representing financial advisers are making last-minute pleas to lawmakers to try to shape sweeping tax reform legislation hurtling through Congress. Republican and Democratic lawmakers were scheduled to convene a public session...

SEC charges Connecticut hybrid with fraud

December 12, 2017

The Securities and Exchange Commission has charged Westport Capital Markets, a Connecticut-based hybrid, and its principal, Christopher E. McClure, with breaching their fiduciary duties and defrauding advisory clients. The SEC said that Westport...

Fi360 upgrades adviser fee-benchmarking tool

December 11, 2017

Fi360, which provides education and technology to help advisers comply with fiduciary rules, is upgrading a tool that retirement plan advisers can use to prove they charge clients a "reasonable" fee. The Fee Benchmarker product draws on a proprietary...

Industry opponents urge appeals court to rule on DOL fiduciary rule

December 11, 2017

Financial industry opponents of the Labor Department's fiduciary rule are urging an appeals court to rule on their case, despite the fact that major parts of the regulation won't be implemented until 2019. In a Dec. 8 letter to the U.S. Court...

Finra fines three former Cetera firms over sales

December 11, 2017

The Financial Industry Regulatory Authority has censured three former units of Cetera—Investors Capital Corp., J.P. Turner & Co. and VSR Financial Services—for selling Class A shares with a front-end load, or Class B or Class C shares to...

Finra bars two former Wells Fargo reps over unsuitable energy securities

December 11, 2017

The Financial Industry Regulatory Authority has barred former Wells Fargo reps Charles Frieda and Charles Lynch for recommending an over-concentration in energy-sector securities, some of which were speculative, resulting in significant customer...

Congress' work on tax reform barely gets a passing grade

December 9, 2017

The Republican​ bill to cut and reform taxes deserves a poor grade, not only because of the apparent result (the details are still being negotiated), but even more for the process that has produced it. Let's look at the process first: Grade...

Finra would have special arbitrators make expungement decisions

December 8, 2017

Arbitrators specifically qualified to determine whether brokers should have customer disputes removed from their online profiles would decide such cases under a Finra proposal. The Financial Industry Regulatory Authority Inc. would establish...

Barred Florida broker goes on to sell millions in defunct Woodbridge loans

December 8, 2017

A Florida broker who was barred from the securities industry for selling high-risk collateralized mortgage obligations in the run up to the credit crisis has since sold millions of dollars worth of commercial mortgage loans issued by the Woodbridge...

Finra bars former UBS rep for private securities transactions

December 8, 2017

The Financial Industry Regulatory Authority Inc. has barred former UBS broker Kenneth S. Tyrrell for participating in eleven undisclosed private securities transactions and engaging in five undisclosed outside business activities. He did not...

Finra censures Investacorp for laxity on fund sales

December 7, 2017

The Financial Industry Regulatory Authority Inc. has censured Investacorp, a subsidiary of Ladenburg Thalmann Financial Services Inc., for its failure to have proper procedures in place to detect that its reps were selling high-priced funds...

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