The SEC alleges the firm failed to safeguard clients from Hector May, who pleaded guilty to stealing $8 million from clients and was sentenced to 13 years in prison.
Ransomware attacks in the U.S. increased 300% in 2020 and cost victims $350 million. Advisers make easy targets because they publicly release AUM and hold some of the most sensitive client data that directly connects to their finances.
The online trading platform will pay a $57 million fine and $12.6 million in restitution to settle a series of alleged failures, from tech outages to misleading information; it is the largest financial penalty ever ordered by Finra.
Finra also censured the firm in connection with privacy breaches that occurred during transfers of new clients.
A lobbying group for PE firms is rolling out ads targeting 25 members of Congress to try to protect the carried interest tax break.
Virginia, Maine and Alabama recently adopted rules tracking the model ‘best interest’ measure approved in 2020 by the National Association of Insurance Commissioners.
Before becoming New Jersey's attorney general in 2018, Gurbir Grewal served as a federal prosecutor leading a unit that investigated white-collar crime.
The registration application known as Form U4 asks an applicant for a variety of information, from employment history to whether he or she has been convicted of or charged with a felony.
Rules under consideration by the SEC that would require corporations to disclose climate risks will lead to shareholder lawsuits, according to Wall Street.
Technical provisions in the administration's tax proposals could disrupt dynasty trusts and intentionally defective grantor trusts, two ways that super wealthy people have legally avoided taxes for decades.
There are now almost 14,000 RIAs registered with the SEC, and the number of clients they serve grew 17% in 2020, to 60.8 million
The measure in the Senate would create 15- and 50-year limits on amount of time money could remain in DAFs.
Robinhood's growing cryptocurrency business, which now allows customers to trade Bitcoin, Ethereum and even Dogecoin, has drawn questions from the Securities and Exchange Commission, a source says.
The self-regulator saw a sharp turnaround after taking a $45.9 million loss in 2019. The results were driven, in large part, by the revenue generated from increased trading activity.
Small businesses are being told to sign up for coverage. Fintech firms and established 401(k) providers see an opportunity to showcase their services as an alternative to state-run programs before what is essentially a brand-new market.
In 2016, Finra launched a targeted examination of UIT sales, discounts and rollovers across the brokerage industry, and a number of firms have incurred penalties and fines in its aftermath.
After climate rule changes, expect similar disclosure requirements on other ESG issues like biodiversity, workforce diversity and political spending.
Legislators focused on whether there was a need to improve retirement saving and sought to address whether the 401(k) system has failed Americans by disproportionately favoring affluent and white savers. Republicans also used much of their speaking time to deride the Democrat-led American Rescue Plan signed into law in March, which included bailout money for underfunded multiemployer pension plans.
The Institute for the Fiduciary Standard on Tuesday proposed a redesigned customer relationship disclosure, known as Form CRS, that provides a side-by-side comparison of advisers and brokers.
The Department of Labor's withdrawal of a Trump-era rule has added to advisers' confusion about working as independent contractors, a model that benefits them and their clients.
