Results for "compliance"

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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...

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...

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...

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...

Lack of SEC enforcement called cuplrit in lax oversight

March 8, 2009

Scandals in the financial markets over the past several years are the result of enforcement failures and a lack of regulators with industry-specific knowledge, not a need for increased regulation. That was a common theme ex-pressed by participants...

Justice Dept. chastises UBS chairman over IRS fraud probe

March 3, 2009

In the most direct evidence yet tying UBS Chairman Peter Kurer to oversight failures at the Swiss bank, InvestmentNews learned today that the U.S. Justice Department recently criticized as inadequate an internal investigation that he supervised....

Two traders arrested over alleged $1.3 billion scam

February 25, 2009

The FBI said Wednesday the operators of a Connecticut-based company have been arrested in New York on securities fraud charges. Paul Greenwood and Stephen Walsh, principals of WG Trading Company LP, were awaiting a federal court appearance in...

IRS must help Madoff victims, says Rep. Ackerman

February 25, 2009

The Internal Revenue Service should immediately issue guidance that would allow customers defrauded by New York-based Bernard L. Madoff Securities LLC to claim theft losses going back at least to 1995, Rep. Gary Ackerman, D-N.Y., said today...

Hedge fund charged with running Ponzi scheme

February 25, 2009

The Securities and Exchange Commission today charged an unregistered hedge fund with operating a large-scale scheme that it said defrauded hundreds of investors millions of dollars by overstating investment returns and misrepresenting the value...

Major leaguer broke because of Stanford scandal

February 25, 2009

Scott Eyre, a left-handed relief pitcher with the reigning World Series champion Philadelphia Phillies, has joined the roster of major-league players ensnared by the Stanford Financial scandal. According to MLB.com, his assets have been frozen...

Madoff’s market making operation being sold

February 20, 2009

Trustees handling Bernard L. Madoff Securities LLC, the New York investment advisory firm accused of perpetrating a massive Ponzi scheme for decades, is in the process of selling the market-making operation connected with the firm, trustee Irving...

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