A New Jersey-based financial adviser has admitted operating a scheme that defrauded investors of more than $9 million.
William Blair & Co. LLC and two ex-brokers at the firm have been socked with a $1.1 million arbitration decision that centered on two brokers' setting up a phony e-mail address where they sent statements from the brokerage account of an 88-year-old widow.
With the Labor Department stepping up scrutiny of conflicts of interest and fee disclosures, broker-dealers are becoming concerned about how their reps handle rollover assets from 401(k) plans.
Swiss tax authorities said Tuesday they have notified the first 500 clients of Swiss bank UBS AG whose names they want to hand over to the United States for alleged tax cheating.
State and federal prosecutors have charged seven people in an alleged securities scam that cheated dozens of people out of $17 million.
Finra has opened up its checkbook to lobby Congress for authority over investment advisers.
The Obama administration has formed a new task force to target financial fraud — replacing an earlier corporate fraud task force.
A senior House Democrat said Tuesday the government didn't force Bank of America to take over Merrill Lynch, but Republicans charged that a committee inquiry was covering up the role of an Obama administration official.
A key state insurance official has called upon the life settlements industry to keep Main Street policyholders in mind — or else.
Investment advisory groups, state regulators and consumer advocates last week cheered a pledge by the House Financial Services Committee's chairman to defeat a measure that could expand Finra's reach over advisers.
Money managers are fighting legislation that would — for the first time — subject the roughly 4,000 firms associated with broker-dealers to regulation by the Financial Industry Regulatory Authority.
Nicolas Cage is being sued by his former business manager, who claims lavish spending, not his advice, is to blame for the actor's financial problems.
The Securities and Exchange Commission would be required to issue rules prohibiting or limiting mandatory-arbitration clauses in securities contracts under draft legislation introduced last week by Senate Banking Committee Chairman Christopher Dodd, D-Conn.
Company says legal tab in 2009 equaled 12% of revenue; crashed bond funds to blame
Caterpillar Inc.'s announcement last week that it has reached a tentative settlement over the fees it charged its 401(k) plan participants may be bad news for plan sponsors, their advisers and mutual fund companies.
The Securities and Exchange Commission would be required to issue rules prohibiting or limiting mandatory arbitration clauses in securities contracts under draft legislation introduced this week by Senate Banking Committee Chairman Christopher Dodd, D-Conn.
Measures that would significantly boost funding for the Securities and Exchange Commission as well as give shareholders a say on executive pay are included in draft financial overhaul legislation in the Senate, a person familiar with the matter said Monday.
The financial advisory industry and its clients still may be struggling with the aftermath of the market crash — but investor plaintiff's attorneys are doing just fine, thank you.
Several financial advisers said that they agree with the Supreme Court justices who appeared to suggest during oral arguments last week that the Securities and Exchange Commission, and not the courts, should ultimately decide when mutual fund fees are excessive.
