The firm, which did business as Avatar, moved clients into newly created, higher-priced mutual funds without disclosing it.
<i>Breakfast with Benjamin</i> Jean Walsh-Josephson is accused of taking more than $4 million from elderly clients.
Changing economy and job market stem from greater use of technology, he says.
Louis Martin Blazer III took about $2.35 million from five clients to invest in movie projects in Ponzi-like fashion.
According to an <i>InvestmentNews</i> roundtable, legal challenges by financial-industry interest groups may still be on the horizon for the DOL fiduciary rule.
Time to weigh the role technology will play in keeping advisory practices in compliance, as well as profitable
He allegedly met the customer at church and took $25,000 from her under false pretenses.
Nation's largest independent broker-dealer faces an ugly lawsuit, high turnover and stalled growth. And that's just for starters. </br><b><i>(Related read: <a href="http://www.investmentnews.com/article/20160403/FREE/304039998/the-lpl-stock-buyback-that-launched-a-lawsuit" target="_blank">The stock buyback that launched a lawsuit</a>)</b></i>
The $350M firm was concerned with joining a firm that could successfully navigate the DOL fiduciary rule.
New reg mandates changes to customer account statements that better reflect true value of nontraded REITs.
But state agency says it is adjusting to court's admonishment on adviser's free speech rights.
The retirement-services space has reached the point of creative destruction, where innovation eliminates old businesses and creates new ones.
Plus: Measuring Jim Cramer's performance, personal finance myths, and Social Security misconceptions
Christopher Pierce allegedly stole from customers at Wells Fargo Bank
At the moment, however, many advisers are taking a wait-and-see position.
Sen. Johnny Isakson, R-Ga., said the Senate likely will vote on a resolution of disapproval. He also plans to advance a separate bill to halt the regulation. <b><i>(More: <a href="//www.investmentnews.com/article/20160510/BLOG07/160519983/this-insurance-group-likely-to-be-first-to-file-dol-fiduciary-lawsuit"" target=""_blank"" rel="noopener noreferrer">This insurance group likely to be first to file DOL fiduciary lawsuit</a>)</i></b>
Rep. Phil Roe, R-Tenn., says his own bill to kill the rule will fail, but supporting the Republican candidate could work to gut the regulation.
The ACLI is champing at the bit to get legal action started, but it likely wants to know which other groups will be running before it starts its own race.
Many see the new regulation speeding up a shift toward fee-based relationships as commissions become increasingly scrutinized for conflicts.
President Barack Obama will veto a House resolution designed to kill a Labor Department rule to raise investment-advice standards for retirement accounts, the White House said Wednesday.
