Results for "compliance"

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Small B-Ds are facing capital crunch

June 27, 2010

Inability to meet Finra's net- capital requirements will force more small and independent broker- dealers to shut down this year. Last week, Jesup & Lamont Securities Inc. became the latest in an increasing number of broker-dealers closed by...

Wachovia will pay $160M to settle 'historic' money laundering case

March 17, 2010

Banking giant Wachovia Corp. will pay $160 million to settle a federal investigation into laundering of illegal drug profits through Mexican exchange houses in the largest case of its kind ever brought against a U.S. bank, prosecutors said Wednesday....

First Allied pays $2M to settle charges of inadequate supervision

March 5, 2010

First Allied Securities Inc. has agreed to pay $2 million to settle charges that it failed to supervise a broker who allegedly engaged in a high-risk trading strategy that involved churning the accounts of two municipal clients in Florida. The...

Face-lift coming for $100 bill

March 5, 2010

Aiming to stay a step ahead of counterfeiters, the government is planning a new design for the $100 bill that will be unveiled next month, the Treasury Department said Friday. Wraps will come off the facelift for Ben Franklin at an April 21...

SEC charges former California RIA with bilking college student, family friend

March 2, 2010

The Securities and Exchange Commission has sued Gary R. Headding and his former registered investment adviser firm, Envision Direct of Newport Beach, Calif., for defrauding two clients of at least $274,256. The regulatory agency, which also...

Buffett: Directors, officers should be punished for risky business

March 1, 2010

Billionaire Warren Buffett, in his annual letter to shareholders, sternly urged companies to develop harsh penalties for executives who get into trouble with risky investments. Buffett's Berkshire Hathaway Inc. delivered a 61% jump in net income...

Life insurers sue B-Ds over third-party VA sales

February 21, 2010

Two life insurers are suing a trio of broker-dealers, accusing them of fraudulently selling to third parties variable annuities with lucrative death benefits on terminally ill individuals. The broker-dealers, LifeMark Securities Corp., Fortune...

Compliance products exec sitting pretty with Clinton/Bush debate chairs

February 18, 2010

Ken Kaltman, chief operating officer at National Compliance Services Inc., will soon have a lasting memento of his $15,000 donation to the Clinton Bush Haiti Fund. He'll be the proud owner of the wingback chairs that the former presidents sat...

New SEC rule prompts advisers to rethink acting as trustees

February 7, 2010

Investment advisory firms that act as trustees and have some form of asset custody are weighing whether to continue offering the services in light of new SEC rules that include mandated surprise audits and go into effect March 12. The surprise...

Compliance basic training? Advisers could use it, say attorneys

January 28, 2010

During a recent visit to a financial services firm, attorney and consultant Brian Hamburger came across an adviser who wasn't sending disclosure statements to clients. Surprising? Hardly. Compliance experts such as Mr. Hamburger warn that advisers...

L.A. radio host accused of scamming investors to the tune of $20M

January 11, 2010

The host of a radio business program is accused of taking part in a $20 million investment fraud targeting Iranian-Americans in the Los Angeles area. The Securities and Exchange Commission announced Monday that it's suing NewPoint Financial...

Advisers adopt "clean-desk policy' to limit compliance concerns

January 10, 2010

Adviser Mark Penske requires all his employees to clean their desks — including clearing all paperwork — before leaving the office each day. “You have to make sure ab-solutely no client information or statements are left out,” said Mr....

Ind. woman gets prison time for craigslist investment scam

January 7, 2010

An Indianapolis woman has been sentenced to four years in prison after she was convicted of defrauding investors in an Internet business venture. Sixty-seven-year-old Wanda Robertson pleaded guilty to securities fraud charges this week in a...

Turnaround, as accused Fla. Ponzi schemer set to cop a plea

January 6, 2010

A judge has set a Jan. 27 date for a disbarred South Florida lawyer to plead guilty to charges stemming from what authorities call a $1.2 billion Ponzi scheme. The date was set at a hearing Wednesday after Scott Rothstein's attorney announced...

Finra investigating Wells Fargo for possible Reg S-P violations

January 6, 2010

Finra is investigating Wells Fargo Advisors LLC to determine whether the firm of 16,000 advisers violated rules that protect private client information. What's more, the securities industry's self-regulator is also looking under the hood at...

SEC names di Florio head of compliance

January 5, 2010

A partner in big accounting firm PricewaterhouseCoopers has been named to head a key division of the Securities and Exchange Commission blamed for contributing to the breakdown that allowed Bernard Madoff's multibillion-dollar fraud to go undetected...

More advisers adopting ‘clean desk policy' to limit compliance worries

January 5, 2010

Adviser Mark Penske requires all of his employees to clean off their desks — including clearing all paperwork — before leaving the office each day. “You have to make sure absolutely no client information or statements are left out,”...

Former SunTrust Robinson Humphrey broker wins $4M in defamation case

January 4, 2010

A former SunTrust Robinson Humphrey broker has won $4 million in a defamation claim against the firm. The award includes $2.5 million in punitive damages for the representative, Lance Beck, who claimed the firm defamed him on his U-5 termination...

Role of CCOs for mutual funds may be recast

January 3, 2010

The role of the mutual fund chief compliance officer should be re-examined to take into account the risk-related responsibilities added to the job because of the market meltdown, according to industry experts, who say the job may have grown...

Banned Cincinnati broker lands job as township trustee

December 23, 2009

The story of Kevin O'Brien shows that a broker who gets kicked out of the securities business can find new life in the financial arena — and a very public arena at that. In September, Finra permanently barred Mr. O'Brien from working in the...

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