Advisor News

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REGULATION AND LEGISLATION FEB 12, 2010
Hiked state oversight of RIAs will breed more Ponzis, say attorneys

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.

By Bruce Kelly
It's time to sell municipal bonds
OPINION FEB 12, 2010
It's time to sell municipal bonds

Many investors don't realize that we are swimming in uncharted waters.

By Don Schreiber Jr.
REGULATION AND LEGISLATION FEB 12, 2010
SEC scraps surprise audits for non-custodial advisers

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.

By Sara Hansard
REGULATION AND LEGISLATION FEB 12, 2010
Plan to place B-D advisers under Finra scrapped

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.

By Jessica Toonkel Marquez
RETIREMENT PLANNING FEB 11, 2010
Think you can retire on $250K?

Apparently, a fair number of men and women think they can -- or at least, that's what a new poll finds

By Darla Mercado
Didn't see this one coming: Investment 'psychic' charged with fraud
REGULATION AND LEGISLATION FEB 11, 2010
Didn't see this one coming: Investment 'psychic' charged with fraud

'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.

By Associated Press
REGULATION AND LEGISLATION FEB 11, 2010
Credit Suisse hit with a $24B lawsuit

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.

By Bloomberg
REGULATION AND LEGISLATION FEB 11, 2010
Credit Suisse to buy back $79M in auction-rate securities

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.

By Associated Press
ALTERNATIVES FEB 11, 2010
Billionaire portfolio manager sued for allegedly funding a terrorist group

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.

By Bloomberg
REGULATION AND LEGISLATION FEB 10, 2010
From the fiduciary: Is it a conflict for an adviser to be sponsored to attend a training program?

By Mark Bruno
RETIREMENT PLANNING FEB 10, 2010
Crescent Fund's Steven Romick: How to play murky markets, plus picks for the healthcare sector

By Mark Bruno
REGULATION AND LEGISLATION FEB 10, 2010
Securities America advisers called culpable in fraud

Securities America Inc. was tagged last month with a lawsuit from Massachusetts regulators alleging that the firm misled investors who were sold high-risk private placements.

By Bruce Kelly
RIA NEWS FEB 10, 2010
Adviser named in private-placement suit says he did nothing wrong

A Securities America adviser named last week in a class action said he had no way of knowing that securities he sold would later blow up.

By Bruce Kelly
REGULATION AND LEGISLATION FEB 09, 2010
Judge finally OKs $150M BofA fine

In strikingly unenthusiastic fashion, federal Judge Jed Rakoff signed off on the Securities and Exchange Commission's plan to fine Bank of America $150 million after failing to tell shareholders of about $16 billion in impending losses at Merrill Lynch.

By Aaron Elstein
OPINION FEB 09, 2010
What's Your Sizzle?

Few Small Firms are Able to Sell Themselves to Big Firm Advisors

By Danny Sarch
REGULATION AND LEGISLATION FEB 09, 2010
Accused scammer won't give up Faberge eggs or submarine — and lands in jail

A federal judge in Minnesota today ordered Trevor G. Cook jailed for failing to surrender more than $35 million in assets.

By Staff Report
WIREHOUSES FEB 09, 2010
Which wirehouse did high-net-worth investors rate tops?

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 today.

By Jessica Toonkel Marquez
REGULATION AND LEGISLATION FEB 09, 2010
After lull, financial-crime prosecutions seen set to rise

A December study of Justice Department records showed that federal prosecutions of financial crimes have dropped dramatically nationwide over the past six years, despite the recent media frenzy over big-time Ponzi schemes and insider trading scandals.

By Hilary Potkewitz
REGULATION AND LEGISLATION FEB 08, 2010
Cowboys owner Jerry Jones' company sued in $15M securities fraud case

A lawsuit accuses an energy company owned by Dallas Cowboys owner Jerry Jones of aiding and abetting an alleged $15 million securities fraud.

By Bloomberg
LIFE INSURANCE AND ANNUITIES FEB 08, 2010
Insurers would take modest hit from Obama's proposed tax: KBW

Major life carriers' earnings will take just a minor hit from President Obama's proposed Financial Crisis Responsibility Fee, according to a report from securities firm Keefe Bruyette and Woods.

By Bloomberg