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Next Financial, Raymond James reach settlements
A broker who was recently booted from the securities industry has cost Next Financial Group Inc. and Raymond James Financial Services Inc. dearly — with the two firms paying out almost $850,000 to settle cases involving clients who got burned.
Regulators act to protect seniors
The SEC, FINRA and NASAA will seek input on firms’ best practices to protect senior investors.
FINRA contests arbitration study findings
A survey finding that arbitration customers do not believe the process is fair was “inconsistent,” FINRA said.
Arbitration participants cry foul, survey says
Most participants did not believe that the process was fair to all parties and were not satisfied with the outcome.
House passes $146B stimulus package
The Senate is planning to vote on a $160 billion version of the stimulus bill tomorrow.
Scammed plaintiffs look beyond B-Ds for restitution
Two of the biggest blowups in the retail-investing business are wending their way through legal channels, with plaintiff's attorneys looking far and wide to place blame in order to win money for clients.
Paulson: ‘Robust’ package can be expedited
Treasury Secretary Henry Paulson this morning expressed optimism that a temporary growth plan can be enacted quickly.
Disclosure rules contain loophole
The Financial Industry Regulatory Association encourages investors to check on the professional backgrounds of brokers by using its BrokerCheck system.
‘AMT patch’ passed by Congress
About 21 million taxpayers will be spared the AMT for 2007 after the House approved an "AMT patch."
Bush threatens veto of tax bill
The House approved legislation that would shield millions from the AMT by raising taxes on hedge fund managers.
401(k) disclosure bill introduced in Senate
“This bill will shed light on the 401(k) selection process and give Americans more control over their retirement future,” Sen. Tom Harkin said.
Cox gives companies SOX reprieve
The SEC wants to give smaller companies more time to comply with section 404, Chairman Christopher Cox said this morning.
Arbitration bill to cover securities contracts
Legislation "is intended to cover disputes between investors and securities brokers,” Sen. Feingold said.
UBS, 2 reps hit with rare award on punitive damages
A stunning $4.6 million award against UBS Financial Services Inc. and two of its brokers late last month revealed how irate the arbitrators were with UBS.
AMT ‘patched’; carried tax scuttled
The Senate approved a bill that would prevent 19 million middle-class taxpayers from paying the AMT this year.
Ex-UBS rep wins $4.6 million award
The rep claimed ex-colleagues spread lies about him, saying that he was headed toward a nervous breakdown.
Bill would block gifts to donor-advised funds
Legislation allowing donations from IRAs to individual charities will not include donations to donor-advised funds.
Chinese banks said to freeze lending
Regulators have asked local banks and foreign banks’ Chinese subsidiaries to ensure that loans at year’s end do not exceed the total outstanding by Oct. 31.
AMT debate could delay filers
The IRS could miss its early season filing peak if Congress waits until December to complete its tax bill.
Tax bill ‘dead on arrival,’ says McCrery
A bill that would protect 21 million taxpayers from paying the AMT “will not become law,” said the congressman.
