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George Santos, Wall Street and Washington
Since the credit crisis, investment frauds have proliferated in ways most Wall Street executives and financial advisors in 2008 never would have foreseen.
Treasury taps retirement funds to avoid breaching debt limit
Treasury Secretary Janet Yellen had previously estimated that such steps would likely keep the government running at least until early June.
Financial advisors oppose state-level wealth tax legislation
An unusual coordinated effort among state lawmakers seeks to impose wealth taxes across the country, but advisors warn levies on assets will drive high-net-worth clients to lower-tax states.
CFP bans use of credential by advisors accused of neglecting, misleading clients
One advisor allegedly recommended unsuitable investments to a client and then failed to monitor her portfolio or meet with her. Another claimed in an ad his retirement program could raise all the money needed for a nest egg in 3 to 5 years.
Hey, can the SEC really do that?
It’s the central question for the GOP and industry lobbyists as Congress takes a larger role in regulating the regulator.
Beware of breaching your fiduciary obligations related to client data
The industry has focused almost exclusively on cybersecurity controls over the past few years, instead of understanding what their core obligations and fiduciary responsibilities are for client data.
Advisors downplay prospects for debt default, comfort clients
They're confident that after some political theater over the next few months, lawmakers will reach an agreement to boost the debt limit because the consequences of not doing so would be catastrophic.
Fierce opponent of DOL fiduciary rule and defender of Reg BI to chair House subcommittee
Rep. Ann Wagner, R-Mo., will lead the House Financial Service Subcommittee on Capital Markets, which oversees the SEC and works on policies related to investor protection and capital formation.
State regulators urge Congress not to expand private securities markets
NASAA's policy agenda asks lawmakers not to erode state oversight of unregistered securities in the effort to bolster capital formation, warning of potential investor harm.
ESG themes to watch in 2023
Shareholder engagement, the energy transition and regulation will get a lot of attention.
JPMorgan accuses defector to Morgan Stanley of poaching clients
Joseph Michael, who had worked at a JPMorgan bank branch in Michigan, has already persuaded about 32 clients to begin transferring their accounts, according to a complaint filed in court.
House votes to repeal funding increase for IRS
The funding fight could be bargaining chip at the center of upcoming debates over raising the debt ceiling and funding the federal government.
Industry groups get creative to gain political influence
The FPA used Jan. 6 to rethink its approach. Other associations use various methods to be heard.
Finra keeps focus on Reg BI in 2023 exam report
In this year's report, the regulator also created a separate section under the heading of 'financial crimes,' which includes cybersecurity, anti-money laundering and manipulative trading.
Federal proposal to ban noncompete clauses could affect RIA M&A
If advisors who have less than a certain ownership threshold are free to leave an acquired firm, it could give buyers pause.
Smoothie-throwing broker under microscope for cash transactions
Finra has made a 'preliminary decision' to recommend some type of disciplinary action against James Iannazzo, according to BrokerCheck.
Gary Gensler’s SEC agenda faces steep GOP opposition
The GOP barely controls the House, but it's enough to allow the party to pressure the SEC chief to curb his agenda.
FTC proposes ban on noncompete contracts
The proposal would bar employers from entering into or enforcing such clauses and require companies to nullify any existing ones within six months.
Former Fidelity broker may revive career after arbitration win
Finra arbitrators split, 2-1, in awarding Ryan Sanghak Lee $500,000 for wrongful termination. They also changed the reason for his departure on his Form U5 and expunged a claim that was filed following his dismissal.
ESG has DOL’s blessing. Here’s what can happen next in 401(k)s
Target-date funds that are sustainable or responsible are fair game now for retirement plans, but there aren't many of them.
