Advisor News

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REGULATION AND LEGISLATION JAN 18, 2012
Pastor's $1.6M Ponzi could mean 30-year prison stay

A Seattle-area pastor has pleaded guilty to charges of wire fraud and money laundering related to a $1.6 million Ponzi scheme he ran for eight years.

By IN Staff
RIA NEWS JAN 18, 2012
A call for responsible social-media usage

By MFXFeeder
Mind your social-media compliance programs: SEC
FINTECH JAN 18, 2012
Mind your social-media compliance programs: SEC

Finra has warned investment advisers to examine the effectiveness of their social-media compliance programs based on findings from recent SEC adviser examinations.

By Dan Jamieson
Tweet away: Finra backs off social-media posting regs
FINTECH JAN 18, 2012
Tweet away: Finra backs off social-media posting regs

The Financial Industry Regulatory Authority Inc. has backed away from a proposal that would have required broker-dealers to file social-media postings with the regulator.

By Dan Jamieson
BNY Mellon sued for negligence over Madoff
RIA NEWS JAN 18, 2012
BNY Mellon sued for negligence over Madoff

Bank of New York Mellon Corp. was sued on behalf of three funds for negligence in connection with the Ponzi scheme run by convicted fraudster Bernard L. Madoff.

By Doug Cubberley
Gingrich's gift to highest earners
RIA NEWS JAN 18, 2012
Gingrich's gift to highest earners

Analysis of Newt Gingrich's tax plan would cut taxes for 70% of households and reduce rates for the highest earners compared with what they pay now.

By Doug Cubberley
The truth about $300B worth of 'Manila' paper
RETIREMENT PLANNING JAN 17, 2012
The truth about $300B worth of 'Manila' paper

Bearer bonds from alleged Philippines plane crash are little more than wallpaper

By Doug Cubberley
WIREHOUSES JAN 17, 2012
Merrill Lynch raises the bar for small brokers

The latest compensation changes being made by Merrill Lynch Wealth Management to encourage brokers to go after wealthier clients could hurt broker trainees, small-market financial advisers and low-end producers.

By Andrew Osterland
REGULATION AND LEGISLATION JAN 17, 2012
B-D wants Supreme Court to rule on Finra suit

Can a brokerage firm sue Finra? That's a question one broker-dealer is asking the Supreme Court to consider.

By Dan Jamieson
For Finra's auditors, it was a very busy year
REGULATION AND LEGISLATION JAN 17, 2012
For Finra's auditors, it was a very busy year

Finra conducted nearly twice as many branch exams in 2011 than 2010. Enforcement actions were up, as well. Expect more of the same in the coming year.

By Liz Skinner
Wells Fargo to settle muni bid-rigging case
FIXED INCOME JAN 17, 2012
Wells Fargo to settle muni bid-rigging case

Wells Fargo & Co. will pay up to settle criminal charges and civil claims for Wachovia Bank's conspiring to overcharge state and local governments on investments.

By Doug Cubberley
Finra panel orders belly-up B-D to pay whopper of an award
REGULATION AND LEGISLATION JAN 16, 2012
Finra panel orders belly-up B-D to pay whopper of an award

A Finra panel has ordered broker-dealer CapWest to pay a whopping $9M to clients for selling them faulty private placements. There's just one catch: the B-D went bust last year and, according to an attorney, has 'zero assets -- there's not even an obsolete telephone book.'

By Bloomberg
REGULATION AND LEGISLATION JAN 16, 2012
Finra's Ketchum 'not apologetic' about exam waivers for Corzine

Finra in no way gave special treatment to Jon Corzine, former chief executive of bankrupt MF Global Inc., according to CEO Richard G. Ketchum

By Bruce Kelly
REGULATION AND LEGISLATION JAN 16, 2012
SEC hits radio personality with fraud charges

The SEC last month slapped a financial adviser and radio personality known as “The MoneyMan” with fraud charges after his firm encouraged clients to invest in promissory notes linked to a company with which he was associated

By Darla Mercado
RETIREMENT PLANNING JAN 15, 2012
Advisers: Meet the 'client whisperer'

You've heard of the movie, The Horse Whisperer, and you are probably familiar with TV personality Cesar Millan, The Dog Whisperer. Well, think of me as The Client Whisperer.

By Mark Bruno
REGULATION AND LEGISLATION JAN 15, 2012
Canada Supreme Court nixes securities regulator

By Dan Jamieson
RETIREMENT PLANNING JAN 15, 2012
Schwab plans to launch bundled 401(k)

By Dan Jamieson
Consumer Bureau kerfuffle stays off presidential campaign agenda
RETIREMENT PLANNING JAN 13, 2012
Consumer Bureau kerfuffle stays off presidential campaign agenda

Obama's CPFB appointment won't propel Dodd-Frank into GOP debate

By Mark Schoeff Jr.
MetLife must defend lawsuit over retained asset checkbook
LIFE INSURANCE AND ANNUITIES JAN 13, 2012
MetLife must defend lawsuit over retained asset checkbook

MetLife Inc. must defend a lawsuit by the beneficiary of a policy who claimed the insurer paid $302,000 to the wrong person.

By Doug Cubberley
Experts not queueing up for Suze Orman's new debit card
RIA NEWS JAN 12, 2012
Experts not queueing up for Suze Orman's new debit card

Suze Orman's new prepaid debit card will come with fees of at least $36 a year

By Liz Skinner