The Securities and Exchange Commission on Tuesday filed an administrative proceeding against Axa Advisors LLC for failing to supervise a former registered representative who pleaded guilty to securities fraud in January 2008.
Just months before his now-infamous Ponzi scheme collapsed, Bernie Madoff snookered a Merrill Lynch adviser who was attempting to perform due diligence on him for a foundation that serves the elderly, according to a lawsuit filed in federal court in Florida last week.
Hong Kong regulators on Monday banned a former banker at one of Asia's top stock brokerages from the territory's financial industry for life after he was jailed for insider trading.
The number of advisers moving from one wirehouse to another reached a nine-month low last month, according to data compiled by the Discovery-RR Database.
The U.S. and Swiss governments have reached an out-of-court settlement in the tax evasion case involving the Internal Revenue Service's request that UBS AG turn over the identities of 52,000 Americans who have accounts with the bank that may have been used to avoid paying U.S. taxes.
The Department of the Treasury sent the final piece of its financial regulatory reform legislation to Capitol Hill , a 115-page bill aimed at reforming regulation of over-the-counter derivatives.
For the first time in a year, more of Fidelity's 11.2 million plan participants have raised, rather than reduced, their contributions.
A retired Michigan couple has filed a securities arbitration claim against Merrill Lynch & Co. Inc. for sales practices that allegedly led to a loss of $650,000.
The Securities and Exchange Commission has taken the unusual step of opposing what a court-appointed receiver is doing in the massive Ponzi case that involves companies owned by Robert Allen Stanford.
The former chief financial officer for Bernard Madoff pleaded guilty Tuesday to conspiracy, admitting to helping Madoff carry out a massive fraud that cost thousands of people billions of dollars by lying to investors and testifying falsely when it seemed the fraud might be discovered.
Insurance carriers and producer groups are balking at a regulatory proposal that would curb commissions for agents and increase the suitability duties of insurance companies.
The Municipal Securities Rulemaking Board today proposed new rules aimed at ensuring that municipal bond underwriters honor issuers' wishes to preserve retail investors' access to new bond issues < http://www.msrb.org/msrb1/whatsnew/2009-47.asp>.
Top earners are being given a major reason to look elsewhere
Massachusetts regulators sent subpoenas to four brokerage firms July 31 seeking information about the way they sold inverse and leveraged exchange traded funds. The subpoenas were issued weeks after the firms restricted the sale of the products or stopped selling them altogether.
The Securities and Exchange Commission last week charged Bank of America Corp. with misleading investors about billions of dollars in bonuses that were paid to Merrill Lynch & Co. Inc. executives just before BofA acquired the New York brokerage house in January.
Attorneys and executives at broker-dealer firms are questioning the extent of National Financial Partners Corp.'s potential liability in a civil suit involving a failed life settlement transaction at an NFP affiliate.
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
Efforts in Congress to toughen restrictions on executive compensation likely would upend pay practices all across the financial services industry.
Kenneth Lewis, Bank of America Corp.'s embattled chief executive, gave a trenchant analysis of the state of banking — and the brokerage business, in particular— last week when he announced that former Smith Barney boss Sallie Krawcheck will run the bank's global wealth and investment management sector.
