Results for "compliance"

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Ponzi or pawn? Accused scammer Petters says he's innocent

November 18, 2009

A Minnesota businessman accused of orchestrating a massive Ponzi scheme testified Tuesday that he did not knowingly participate in the fraud and may have "trusted some people far too much." Tom Petters took the stand in the third week of his...

Denver duo bilked seniors in green scheme: SEC

November 16, 2009

The Securities and Exchange Commission today charged two companies – including a Colorado-based financial planning firm – with conning senior citizens out of their retirement money with outlandish claims about investing in a shady bio-tech...

Compliance departments on red alert for insider trading

November 15, 2009

In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance. As regulators increase their scrutiny of insider...

Compliance searches up 20% this year, says headhunter

November 9, 2009

While most investment management companies are reluctant to start firmwide hiring, many are looking to bulk up their compliance departments, according to executive search firm Russell Reynolds Associates Inc. Compliance-related searches are...

Feds seize Ferrari from Fla. lawyer accused of $100M fraud scheme

November 9, 2009

Federal agents are seizing assets from a Florida lawyer suspected of orchestrating a multimillion-dollar fraud scheme. FBI and Internal Revenue Service agents were at the ritzy Fort Lauderdale home Monday of 47-year-old attorney Scott Rothstein....

Shared-trust fund offers easy way to roll up smaller accounts

November 6, 2009

Most financial advisers can relate to the challenges of handling smaller accounts that are inherited from the relatives of existing clients, or are in the form of small “orphaned” retirement accounts. For an adviser with a client account...

UBS fined $13.3M over unauthorized trades in clients' accounts

November 5, 2009

Swiss bank UBS AG has been fined 8 million pounds ($13.3 million) for management failures which allowed employees to make unauthorized trades with customers' accounts, Britain's financial regulator said Thursday. The fine is the third-largest...

Finra slaps Scottrade with $600K fine for ‘inadequate' surveillance systems

October 26, 2009

The Financial Industry Regulatory Authority Inc. today fined Scottrade Inc. $600,000 for failing to have adequate anti-money laundering procedures in place to detect and report suspicious transactions. In a statement, Finra noted that as an...

SEC exams of advisers get tougher and meaner

October 25, 2009

The SEC may be examining fewer investment advisers than ever, but when it does pay a visit, even routine exams are more demanding, according to lawyers, consultants, advisers and the agency itself. The Securities and Exchange Commission has...

State inspectors find fewer problems among investment advisers

September 29, 2009

State securities regulators today reported a drop in deficiencies in their latest inspections of investment advisers. The North American Securities Administrators Association Inc. said that 458 examinations of advisory firms found 1,887 deficiencies...

Risks of Reg D deals worry state regulators

September 27, 2009

The collapse of two high-risk private placement deals over the summer has shed light on the process by which broker-dealers bring these deals to market. Many are questioning the due diligence performed on private placements — known as “Reg...

Ex-NBA star wins $1.45M arbitration claim against Morgan Keegan

September 14, 2009

Morgan Keegan & Co Inc. has lost another arbitration case stemming from a blow up of its bond funds to a former professional athlete, this time liable to a former NBA all-star for $1.45 million in damages. On Friday, three arbitrators in a Financial...

SEC's Lori Richards to step down

July 8, 2009

Lori Richards, the SEC’s first and only director of compliance inspections and examinations, plans to leave her job after more than two decades, the Securities and Exchange Commission announced today. She has been director of the Office of...

Lax compliance can be costly, warn experts

June 28, 2009

In their efforts to cut costs, advisers may be setting themselves up for some big expenses. “Firms are exposing themselves to sizable financial losses as a result of compliance failures,” said Sharie Brown, a partner in the Washington office...

Insurers, banks criticize Obama's proposed consumer watchdog agency

June 24, 2009

Life insurers and banks bashed the administration’s proposal for a Consumer Financial Protection Agency today at a House Financial Services Committee hearing. “We do not believe … that the interests of life insurance consumers would be well-served...

Ex-NAPFA exec allegedly took $1.24M in kickbacks

June 14, 2009

Advisers who are members of NAPFA had a range of thoughts and reactions to the news that the SEC last month charged a past president of the organization with taking kickbacks related to unregistered investment pools his firm managed. On May...

Arbitration settlement lands in insurer's lap

June 14, 2009

A sprawling case of alleged securities fraud involving an independent broker-dealer and two brokers may wind up costing an insurance company $10.3 million. VSR Financial Services Inc., a broker-dealer in Overland Park, Kan., last month settled...

Changing regulations mean EIA compliance challenges

June 14, 2009

As new annuity rules continue to develop, chief compliance officers at broker-dealers say that they still face some challenges in implementing compliance procedures with their financial advisers. Regulatory changes are flying fast at compliance...

Chamber of Commerce asks court to reverse securities decision

April 24, 2009

A recent decision by a three-judge panel of the federal appeals court in Boston “dramatically expands securities fraud liability” and should be reversed, the U.S. Chamber of Commerce said in an amicus brief filed April 22. The Chamber, based...

Feds crack down on advisers in Massachusetts

March 15, 2009

Warning to larcenous advisers: Don't try anything in Massachusetts. That is the message that federal investigators in that state have sent in recent weeks, nabbing several advisers who allegedly defrauded and embezzled funds from clients and...

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