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Closing broker-dealer’s financials ‘were horrible’
Arizona-based Arque Capital Ltd. sold bonds issued by bankrupt GWG Holdings Inc.
Former Celsius CEO charged with fraud in latest DOJ crypto case
The SEC, the CFTC and the FTC also filed lawsuits against Alex Mashinsky and his crypto lending company.
House kicks off ‘ESG month’ with heated hearing
The House Financial Services Committee heard testimony on 18 bills that would curtail SEC efforts or otherwise restrict ESG considerations.
SEC seeks to raise capital requirements for brokers holding substantial customer funds
The proposed rule would require certain brokerages to compute the net cash they owe customers and other B-Ds on a daily, rather than weekly, basis.
SEC overhauls money-market fund rules to thwart rapid outflows
The regulator won't require 'swing pricing' for money funds after fierce pushback from the industry.
Money market funds to avoid new ‘swing pricing’ rules
The SEC is due to finalize its rules Wednesday with Wall Street now expecting a victory on a key component.
Verizon 401(k) lawsuit settles for $30 million
The settlement sends an uncomfortable message to retirement plan advisors and other fiduciaries, an observer says.
Six states impose $4.2M fine on Raymond James for excessive fees
The firm was also ordered to return $8.25 million to retail customers.
Merrill Lynch smacked with $12 million penalty for reporting violations
According to the SEC and Finra, for years Merrill botched the reporting threshold for potential suspicious transactions.
CFPB slams BofA with quarter-billion-dollar settlement
The bureau will keep $90 million, with the rest going to consumers, Office of the Comptroller of the Currency.
Financial industry, regulators likely to clash over rules slated for second half
The Labor Department's advice rule is likely to lead to controversy over whether a recommendation to roll funds from a 401(k) to an IRA constitutes advice.
Investors continue to get roasted in pig-butchering schemes
The Alabama Securities Commission issues a cease-and-desist against two men who scammed 88 victims out of more than $22.5 million.
FDIC hit with $1.9 billion suit from SVB Financial
The parent of failed Silicon Valley Bank is chasing cash held by the regulator.
Regulators likely to take wait-and-see approach on AI
The SEC is working on proposed rules related to artificial intelligence and other technologies, and Senate Majority Leader Chuck Schumer has announced a framework for AI legislation.
SEC charges former Army financial counselor with Gold Star family frauds
The regulator alleges unauthorized trading for recommending inappropriate investments forbenefits including $50,000 of a minor child whose parent died on active duty.
Move over Shark Week, July is ESG Month
House Republicans have planned six hearings in their anti-ESG blitz, along with bill markups dedicated to the topic.
Finra expels brokerage for Reg BI violations
Reps traded excessively in 110 customer accounts, racking up close to $4 million in commissions and trading costs.
House GOP members probe ESG policies at BlackRock, Vanguard
Republican lawmakers fired off letters to financial industry giants warning their efforts to combat climate change could violate antitrust law.
SEC set to release new rules for money-market funds
The agency plans to hold a meeting next Wednesday to finalize its changes, which could result in a clash with the $5.5 trillion industry.
UBS ordered to pay investor $532,846 for overly risky portfolio
Lawyer claims award was a 'poor decision' and should have been bigger.