Kenneth Ira Starr, an investment adviser with a roster of celebrity clients, was charged by the U.S. government on May 27 with orchestrating a $30 million fraud. (An alleged fraud that feds would eventually bump up to an estimated $59 million.)
Federal regulators on Wednesday proposed new disclosure rules for target-date retirement funds that would require sponsors to spell out how they are investing the money and to warn about risks.
FBI agents raided the offices of a New York-based brokerage and arrested several people suspected of running a boiler room operation, with links to the mob, that allegedly defrauded investors out of $12 million.
After more than three weeks of debate, the Senate approved a comprehensive overhaul of financial regulations on Thursday night without acting on fiduciary standards amendments.
For now, it's unlikely that the Senate will consider any amendments that are not already in the pipeline for floor action.
Securities and Exchange Commission officials tried to assure Congress on Wednesday that the agency's examination and enforcement divisions are working together more effectively to catch and prosecute rogue advisers like Robert Allen Stanford, who allegedly bilked clients out of $8 billion.
Fund industry participants lauded the SEC's latest attempt to boost target date fund disclosure — but say that more could be done to help clarify the investments for participants.
The U.S. Securities and Exchange Commission approved rules that will halt trading in Standard & Poor's 500 Index stocks during periods of volatility, a response to the May 6 plunge that wiped out $862 billion in 20 minutes.
The SEC boss doesn't have what it takes to clean up Dodge, writes Susan Antilla
The Department of Labor and the securities regulator are said to be working on a joint consumer alert about target date funds. Other guidance from the DoL is in the offing, too.
The Labor Department today released proposed regulations that prohibit financial advisers giving advice to 401(k) plans, or their employer or the employer's affiliates, from receiving extra compensation because the plan sponsors bought a product recommended by the adviser.
A Senate panel has asked the inspector general of the Securities and Exchange Commission to examine the recent exit of a top SEC official to Getco LLC, a high-frequency-trading outfit.
Former Treasury Secretary Henry M. Paulson today said that last-minute authority given to the Treasury Department by Congress to save failing financial institutions probably averted another Great Depression.
Mark Singer, a former Smith Barney broker who's been accused of criminal fraud in connection with the handling of cemetery trust funds in the Midwest, is suing his former employer for $7 million in unpaid compensation, plus legal costs.
The Securities and Exchange Commission proposed, on a 5-0 vote, requiring exchanges to keep records of trading orders from start to routing to execution
The securities industry will receive proposals this week to improve record-keeping in the stock market and coordinate rules on erroneous trades, two concerns that were highlighted by the May 6 selloff.
The reforms to money market funds that took effect last month aren't enough to address the problems associated with these investments, a Neuberger Berman executive said today.
When Capitol Hill negotiations on landmark financial-regulatory-reform legislation begin in earnest this week, proponents of putting a universal fiduciary standard in the final bill must overcome a head start that backers of a weaker provision have gained.
Hired guns include Richard Gephardt, Harold Ford Jr., and a onetime SEC commissioner; lobbying budget doubled
Five outside challengers for seats on the board of the Financial Industry Regulatory Authority Inc. will have their names placed on the ballot for the upcoming election.
