The Department of Labor is considering extending an exemption that would allow Deutsche Bank to continue to manage U.S. retirement assets for at least another three years, according to a report by Bloomberg Law.
Because a unit of the bank was convicted of wire fraud in the U.K. in connection with a Libor-rigging scheme that also involved other major banks, Deutsche is prohibited from serving as a qualified professional asset manager, or QPAM, a designation essential to manage 401(k) and pension plans. It currently enjoys an exemption from that ban.
The exemption requires Deutsche Bank to adopt more stringent compliance procedures and submit to periodic audits of its activities by an independent auditor.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
