Displaying 67 results
Osaic, Securities America fined by Finra over cybersecurity
The regulator fined the firms $150,000 each for failures related to protecting thousands of clients’ private information and cybersecurity gaffes.
New Hampshire bars former Next Financial broker
The broker and Next Financial Group Inc. are on the hook for more than $1 million in penalties.
Hedge funds, PE firms discussing ways to deal with SEC messaging crackdown
Citadel, KKR & Co. and Blackstone Inc. are among the firms that have been talking about strategies to blunt SEC penalties related to the use of messaging apps.
Being a fiduciary is the ‘true professionalization’ of financial advice
Ultimately, fiduciary care is going to drive the RIA space, advisor says.
Finra fines spike 63% in 2023: Report
'Last year saw bigger Finra fines per case,' a lawyer says. 'Supersized fines, or those of $1 million or more, were up, and mega-sized fines, or those of $5 million and more, increased too.'
Former Wells Fargo indie broker is barred by Finra
The broker, Jayson Pocius, was 'discharged' last year from Wells Fargo Advisors Financial Network.
Opaque SEC sends a clear message: Stop texting
Critical issue represents the latest meeting point of two pressures weighing heavily on advisors.
Commonwealth girding for loss of up to $24M in fight with SEC
It's highly unusual in the securities industry for a broker-dealer to put up such resistance to a regulator like the SEC.
Mariner Wealth linked to American Century’s rigged hiring scheme
The companies 'explicitly agreed not to hire or recruit each other’s asset and wealth management professionals,' according to a lawsuit.
Ameriprise bracing for $50 million penalty over messaging
'There's no rhyme or reason regarding how these penalties are determined,' one industry executive says.
With great growth comes great conflicts for RIAs
Where Wall Street goes, trouble is sure to follow.
Social media scams, crypto fraud on the rise: NASAA report
State securities regulators investigated 8,538 cases in 2022, up from 7,029 in 2021, according to the report.
SEC wants LPL to pony up $50 million over messaging apps, texts
'The large size of such fines underscores the point that regulators want this behavior to change quickly,' a compliance executive notes.
Financial crime compliance costs reach $61B for financial institutions
LexisNexis report reveals almost all firms in the US and Canada are affected.
Former Triad broker’s medical company loses Florida real estate judgment
"This is more bad news," says a plaintiff's attorney.
Ex-Osaic veteran advisor barred by Finra
'A lawyer may tell an advisor like this, there's no upside in responding to Finra, just leave the industry,' says a senior brokerage executive.
Treasury proposes anti-money laundering rule for financial advisors
Should advisors receive a cash prize for catching potential money launderers?
Alternative fund managers are facing a compliance recruiting crisis
Firms are finding it hard to hire the professionals they need amid rising complexity.
Cambridge, Lincoln among firms hit by SEC’s $81M fine blitz
Text messaging issues at broker-dealers and RIAs could have been avoided with some regulatory guidance, compliance expert says.
Bond trader who blew up Atlanta B-D found guilty in fraud case
'Somewhere in the firm's systems, a big, flashing red light should have gone off,' one attorney says.
