B-D and advisory groups look to a) speed up, or b) slow down adoption of single standard of care
Plain-English disclosure document would describe services, conflicts and limitations on duties
A new rule aimed at making the financial advisory business more understandable to clients is giving advisers a headache.
Securities and Exchange Commission officials tried to assure Congress last week that the SEC's examination and enforcement divisions are working together more effectively to catch and prosecute rogue advisers such as Robert Allen Stanford, who allegedly bilked clients out of $8 billion.
Persuades judge in civil trial to move him from prison cell to house arrest; 'wreck of a man'
Francisco Illarramendi, a hedge fund manager in Connecticut, pleaded guilty to fraud and two other men were charged with conspiracy in a U.S. probe of an alleged Ponzi scheme with potential investor and creditor losses of hundreds of millions of dollars, prosecutors said.
NASAA says ruling will have chilling effect on securities enforcement
Events in Japan have fraudsters pulling increasing number of Forex scams
This may come as no surprise to reps, but a report released this week said the Commission needs to dramatically beef up its oversight of Finra.
The SEC finally released its much-trumpeted report on the best way to oversee the advisory industry. And in the end, the commission couldn't agree on a single course of action. <a href=http://www.investmentnews.com/article/20110116/REG/301169998> (Watch INTV for views on the fiduciary standard and creation of an SRO.)</a>
The Senate Special Committee on Aging and the Government Accountability Office have called upon the Labor Department to give employers guidance on securities-lending activities that are taking place within retirement plans
A Rhode Island man was convicted last week of mail fraud and money laundering after creating a fictitious friendship with Fidelity Investments chairman Edward “Ned” Johnson III as a way to bilk investors
Fakahany was seeking $70M in claim against former employer; 'totally incorrect'
Maybe plain-English writin' ain't as easy as RIAs thought; better late than error
Claims David Becker and brothers inherited money from parents; $1.5M in question
It took a long time, but Kevin Carreno has been vindicated
The SEC deserves a pat on the back for eliminating the requirement that a securities industry representative sit on Finra arbitration panels. Still, its obligation to assure that investors get a fair shake in disputes with their brokers remains unfulfilled.
