The advisor lied to unsuspecting clients, including vulnerable retirees, for over 20 years to fund his gambling, cars, collectibles and other personal expenses.
Some customer complaints went unreported, and many mutual fund purchases were not reviewed, according to the self-regulatory organization.
Around half of the assets held by a private fund advised by the Florida-based firm were lost in 2022 amid the collapse of FTX, according to the SEC.
Recommendations include new process to identify prohibited transactions.
After industry pushback against earlier proposals, the Treasury Department has softened its requirements to curb money laundering.
Numerous others, including Bank of America and Nordstrom, are also facing proposed class actions.
The Wall Street firm is being penalized for a repeated failure to properly report millions of swap transactions," according to the CFTC.
Finra has penalized the Wall Street brokerage for failures dating back to at least 2013 and involving thousands of its non-registered employees.
The ex-financial counselor for the US Army has been ordered to pay $1.4M for orchestrating a multimillion-dollar churning scheme.
The regulator’s “inquisition” against campaign contributions could have a chilling effect on political participation, the dissenting official warned.
“Half truth” claims allowed against giant holdings company that took millions in management fee.
The fixed-income star at the Franklin Templeton-owned firm is facing scrutiny over some past trades in Treasury derivatives.
The firm reportedly violated a two-year “time out” that was triggered when an employee made a campaign contribution to a key government official.
The regulator has been interested in Carl Icahn and his company for a long time, one compliance expert noted.
He was fired after an exam revealed he conducted trades in the account, which was worth more than $260K, without proper authority.
Drive Planning and its owner Todd Burkhalter deceived thousands of investors, the agency said in lawsuit.
The regulator’s scrutiny and charges against one firm could spark tighter enforcement over off-channel communications, says compliance consultancy.
The ex-broker cheated a senior investor out of more than $700k and attempted to hide it in Ponzi-like fashion, according to the SEC.
The Atria subsidiary failed to disclose conflicted payments and mutual fund transaction markups to clients for nearly five years, according to the SEC.
The SEC said Bellevue, Washington-based firm flouted the regulator’s marketing rule when it touted certain performance figures.
