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Finra to seek a ‘significant fine’ from MetLife over variable annuity sales
Regulator focuses on potential violations regarding misrepresentations, suitability, and supervision
LPL to pay $1.4 million fine and return investor money for certain nontraded REIT sales
Broker-dealer agrees to a $1.4 million fine and will return investor money on approximately 2,000 sales of nontraded REITs. Firm also settles with states regarding leveraged ETFs.
Congress set to make popular tax breaks permanent
Advisers were pleasantly surprised by the tax package that will provide them more certainty when planing long-term for clients.
Will mutual funds’ pay-to-play at brokerages go away?
Fund industry worries about fallout from results of SEC exam sweep on distribution fees.
Finra names new CEO to replace Ketchum
Robert W. Cook, the former director of the division of trading and markets for the SEC from 2010 to 2013, will take over the reins of the brokerage industry regulator.
Former Morgan Stanley adviser sentenced to three years’ probation for data theft
Galen Marsh, who allegedly called the stolen data “the world's best cold-calling list,” had some of the data stolen from him and posted on the Internet.
New bills aim to stop DOL fiduciary rule
New bipartisan legislation would quash a Labor Department proposal to strengthen investment advice standards for retirement accounts.
Fiduciary liability unclear when selecting and monitoring default retirement investments
Plan sponsors appreciate auto enrollment and qualified default investments, but there are imperfect fits at the individual participant level.
Boeing settlement underscores advisers’ 401(k) responsibility
As excessive-fee suits are poised to move down market, advisers should pay attention to teachings of 401(k) suits such as Boeing's.
SAC’s Cohen barred from managing client money until 2018, SEC says
Steven A. Cohen is poised to make a return to the hedge-fund industry by 2018 under an accord with U.S. regulators that settles allegations that the billionaire failed to supervise a convicted insider-trader at SAC Capital Advisors.
Morgan Stanley ordered to pay $8.8 million for unsupervised trading
SEC orders the wirehouse to pay $8.8M for what the regulator claims was unsupervised prearranged trading. Brokerage firm Societe Generale Americas also agreed to pay $1M for the same case.
LPL to pay $750K in latest nontraded REIT case
New Hampshire securities regulator claims unsupervised sale to 81-year-old investor was unsuitable and resulted in significant losses.
Roskam anticipates House approval of bill to stop DOL fiduciary rule
The author of legislation that would halt the Labor Department's fiduciary rule anticipates the measure will make it at least to the House floor.
The case for why the DOL fiduciary rule won’t kill IRA rollovers
Despite what opponents say, IRA rollovers will likely withstand implementation of the fiduciary rule.
LPL faces heavy burden in complying with state settlements over REIT sales
The firm's settlement with the states was reminiscent of how broker-dealers handled various settlements in paying clients who bought auction rate securities.
JPMorgan Chase to pay $4M to settle SEC charges that it misled customers on broker comp
Firm falsely claimed brokers in banking unit were paid based on client performance, regulator charged.
Cantor Fitzgerald ordered to pay $7.3M for allegedly selling unregistered stocks
Finra orders the firm to pay $7.3 million for selling billions of unregistered microcap shares and having inadequate supervisory policies.
Fidelity targeted in another ERISA class-action suit
A unit of Fidelity has been targeted in a class-action suit for fiduciary breach under ERISA as a result of its alleged mismanagement of a stable value fund.
As DOL fiduciary clears latest hurdle, advisers expect changes will be made
Fiduciary standard proponents praised Congress for keeping the lights on for the Department of Labor’s fiduciary standard proposal.
Elderly woman awarded more than $1M in churning case against ex-Morgan Stanley broker
Claims against Justin Amaral include liquidating and acquiring annuities for victim by forging her signature.
