The city of Burlington, Vt., filed an arbitration claim against Morgan Stanley with the Financial Industry Regulatory Authority, alleging breaches of fiduciary duty and fraud by that company's investment consulting division that resulted in damages of more than $21 million for the $118 million Burlington Employees' Retirement System.
Finra's board of governors will review allegations that Securities and Exchange Commission Chairman Mary Schapiro — along with other senior Finra executives — received excessive compensation when she was chief executive of the self-regulatory organization for the brokerage industry.
The fate of a lawsuit brought by two brokerage firms against NASD over its 2007 merger with the New York Stock Exchange's regulatory unit could be decided this month.
SEC examiners will turn to outside auditors and other third parties to help verify records at investment advisory and broker-dealer firms, an agency official said last week at the CCOutreach conference.
Many investment advisers are trying to determine whether they will be subject to new audits under custody rules that take effect March 12, according to Chris Thompson, assurance partner in the asset management practice of PricewaterhouseCoopers LLP.
Ponzi scam artists will have greater freedom to flourish if state regulators get expanded oversight of registered investment advisory firms, according to attorneys on a panel today at the annual Financial Services Institute conference in New Orleans.
After all of the controversy and consolidation in the wirehouse sector, Morgan Stanley Smith Barney LLC remains the top-rated firm among high-net-worth investors, according to Cogent Research LLC's 2010 Investor Brandscape report, released Thursday.
Broker-dealers and investment advisers should be subject to the same fiduciary standard of conduct and heightened regulations when providing the same services, Securities and Exchange Commission Chairman Mary Schapiro said in prepared testimony today before the Financial Crisis Inquiry Commission.
Many investors don't realize that we are swimming in uncharted waters.
Investment advisers whose only fees are deducted from client accounts — and do not have custody of assets — will not be subject to additional exams under a regulation expected to be approved today by the Securities and Exchange Commission.
Hours before passing the most significant financial-reform package in nearly 80 years, the House Friday killed an amendment that would have given the Financial Industry Regulatory Authority Inc. the authority to regulate investment advisers at broker-dealers.
Apparently, a fair number of men and women think they can -- or at least, that's what a new poll finds
'America's Prophet' and investment adviser Sean David Morton said he used psychic powers to predict the movement of the stock market. One move Morton probably didn't see coming: the government charged him with fraud.
Lincoln National Corp. announced today that it has opened a new Los Angeles office to help it sell more Lincoln Financial Group life insurance products to small-business owners and high-net-worth individuals on the West Coast.
The New York State Insurance Department released its final producer compensation disclosure regulation Tuesday.
Property owners at four struggling and bankrupt resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse, saying the bank gave predatory loans to the resorts' investors as part of a scheme to take over the properties.
California's insurance commissioner said Tuesday he will push insurance companies doing business in California to divest up to $12 billion in indirect investments in Iran's defense, nuclear, energy and banking industries.
Credit Suisse Securities (USA) LLC has agreed to buy back $79 million of auction rate securities from Colorado investors who struggled to sell them after the market for them froze.
Toothpicked, straw-hatted Will Rogers was a journalists' dream, combining common sense with a sense of humor that could trump any newsman of his day, an era that was characterized more by its hopeless and helpless ennui, than its promise for a better tomorrow.
A billionaire hedge fund manager charged in a $25 million insider trading case now faces a lawsuit saying he helped finance Sri Lankan militants notorious for suicide bombings.
