“It’s a bit ironic individuals can use the money taken from investors to pay for lawyers to keep them out of jail,” says one executive.
Nine out of the 11 firms charged by the federal regulator have agreed to pay civil penalties related to Form 13F and Form 13H violations.
In reality, the firm managed less than $25 million, according to the SEC.
Many workers still don't participate in plans or contribute enough to their accounts, and a former DOL leader says she wishes IRAs were looped into the Employee Retirement Income Security Act.
The retail investing firm is scaling back its crypto offerings after allegedly crossing regulatory lines as an unregistered broker.
The Wall Street bank's main broker-dealer failed to adequately oversee reps who recommended losing short-term trades in closed-end funds, medium-term notes, and syndicate preferred stocks, according to Finra.
"There are many psychological factors that go into such a fraud,” attorney says.
"This is one of the largest emotional distress damages awarded in Finra’s history,” says attorney.
The SEC chair tells the financial services industry to be careful about describing artificial intelligence to clients and investors.
The regulator's marketing rule sweep found a raft of violations in the investment advisors' advertisements.
Firm agrees to pay six-figure penalty for its lack of compliance with anti-money laundering programs.
The general securities representative formerly with LPL had broken with firm policy by engaging with customers via the unapproved Chinese messaging platform.
The SEC and justice department are probing whether the firm, a subsidiary of Franklin Templeton, cherry-picked trades to favor certain clients.
"Monitoring officers incorrectly concluded, after only one minute, that there was no relationship between the customer and First Republic."
The Arizona-based firm charged an estimated 59 clients $1.3M more than they'd agreed to pay, according to an SEC complaint filed in court.
“You can’t put any language in an agreement that would prevent a client from reporting a broker-dealer’s actions," says one attorney.
A state law that prohibits business with financial service companies accused of boycotting the oil and gas business is unconstitutional, a business group suing the state says.
Landmark settlement finds the retail investing platform violated consumer protection laws by falsely representing its trading and custody practices.
Be dubious about investment professionals who are marketing investments through an affinity group, one industry executive says.
The federal securities regulator earns praise from industry groups as its legal battle for private fund disclosure requirements comes to an end.
