Despite the protests of life insurance agents and broker-dealers, the Securities and Exchange Commission should decide in favor of a uniform fiduciary standard for all investment professionals, according to the new head of the North American Securities Administrators Association Inc.
From giants such as Citigroup Inc. to small broker-dealers such as Pacific West Securities Inc., brokerage firms have kept their representatives in the dark about problematic details in investments.
Broker-dealers are browbeating clients to settle arbitration cases by inundating them with requests for discovery information, according to a top state securities regulator
Another independent broker-dealer has bitten the dust, this time apparently because of some private placement deals that went bust.
Last month, the Financial Industry Regulatory Authority Inc. shut down APS Financial Corp. for overcharging clients $1.3 million for bond trades in 2005 and 2006.
A dually registered investment adviser and broker defended his investment strategy after being charged today by the Securities and Exchange Commission with switching clients in and out of related funds without telling them the changes would boost his commission.
Finra has shuttered a small Texas broker-dealer for allegedly charging clients excessive markups on $1.3 million in securities transactions.
