Results for "compliance"

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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...

Texas adviser used ex-NFL players to promote scheme, SEC charges

December 23, 2009

An Austin, Texas-based investment adviser has been charged with defrauding investors in a scheme that used former National Football League players to promote offerings in an insurance company. The Securities and Exchange Commission on Tuesday...

Coming soon: Broader definition of fiduciary under ERISA

December 23, 2009

The Labor Department is planning to expand its definition of fiduciary under ERISA — a move that would have implications for all financial advisers that work on retirement plans. According to an agenda item posted on the Employee Benefit Security...

Oppenheimer reaches agreement with Illinois over 529 fund losses

December 22, 2009

The state of Illinois has reached a settlement in its lawsuit over losses in the Bright Start college savings program under which parents will get back $77.23 million — slightly more than half of what they lost in investments handled by Oppenheimer...

Rajaratnam, Chiesi plead not guilty to insider trading charges

December 21, 2009

Wealthy hedge fund operator Raj Rajaratnam and a codefendant pleaded not guilty Monday to charges they were major players in a scheme that used inside information to make stock trades that generated millions of dollars in profits. Prosecutors,...

Brokerages face 2011 start date for reporting cost-basis info

December 21, 2009

Regulations proposed last week by the Internal Revenue Service would leave brokerage firms little time to begin reporting cost basis information to customers. The proposal, which was published in the Federal Register, would require brokerage...

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