Results for "compliance"

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Prospects for independent adviser exams fade with increased SEC efficiency, Piwowar resistance

March 6, 2017

Increasing coverage of investment advisers by a reorganized Securities and Exchange Commission examination staff and resistance from its current Republican member may keep on the shelf a proposal to allow private firms and non-governmental organizations...

Finra bars broker-dealer owner for false testimony, fabricated documents

March 6, 2017

The Financial Industry Regulatory Authority Inc. on Friday barred the owner of a small independent broker-dealer after he testified falsely during an on-the-record interview and provided fabricated documents relating to his firm's branch office...

8 changes required on adviser form ADV updates

March 3, 2017

RIAs who make changes on their Form ADV after Oct. 1 won't have to provide new information about regulatory assets under management, separately managed accounts and wrap-fee programs until they file their annual ADV amendment next year, according...

Raymond James loses $762,000 penny stock arbitration claim

March 1, 2017

Raymond James & Associates Inc. was tagged last week to pay $762,000 in an arbitration case stemming from penny stocks a legacy Morgan Keegan financial adviser bought for clients from 2007 to 2010. Raymond James & Associates is the employee...

Purshe Kaplan Sterling to pay $3.4M in restitution for overcharging Native American tribe

February 22, 2017

Purshe Kaplan Sterling Investments will pay nearly $3.4 million in restitution to a Native American tribe, after the tribe paid excessive sales charges on purchases of non-traded real estate investment trusts and business development companies,...

Former Wells Fargo broker barred for parking fraud

February 21, 2017

Thomas James Stewart is now barred from the securities industry for what best may be described as "parking fraud." Mr. Stewart, formerly a broker with Wells Fargo Advisors, used the firm's parking garage stamp without authorization to validate...

Acting SEC chair scales back enforcement unit's subpoena powers

February 17, 2017

Acting SEC Chairman Michael Piwowar has taken steps to limit the agency's enforcement division's powers to initiate investigations and issue subpoenas, according to sources quoted by Reuters. Under the new policy, the enforcement division's...

Report shows few advisers examined by California oversight office

February 15, 2017

Broker-dealers and state-registered investment advisers in California have little chance of being examined by the state's Department of Business Oversight, according to figures from its most recent report to the state legislature. The report,...

Finra expels Red River Securities for oil and gas fraud

February 15, 2017

A Finra hearing panel has expelled Red River Securities, a Plano, Texas-based broker-dealer, and barred its CEO Brian Keith Hardwick for fraudulent sales in five oil and gas joint ventures, characterizing the misconduct of both as “egregious.”...

SEC, Morgan Stanley settle charges related to inverse ETFs

February 14, 2017

Morgan Stanley has agreed to pay an $8 million penalty and admit wrongdoing to settle charges related to single inverse ETF investments it recommended to advisory clients, the Securities and Exchange Commission said Tuesday in a release. The...

Finra bars former Wells Fargo rep for churning accounts of 93-year-old

February 14, 2017

Matthew Maczko, formerly a broker with Wells Fargo Advisors in Oak Brook, Ill., has been barred from the securities industry for excessive trading in the accounts of a 93-year-old woman and for lying to Finra about his actions. In its letter...

Got client passwords? That means custody to SEC

February 9, 2017

Custody rule provisions aimed at preventing another Bernie Madoff swindle are tripping up financial advisers who have clients' online account usernames and passwords. The adviser custody rule is one of five top areas in which Securities and...

Most advisers' cybersecurity training insufficient

February 7, 2017

Financial advisers should be spending about three times as much time training their staff each year on how to protect the firm and client data from cybersecurity dangers, experts said. About two-thirds of financial advisers spend two hours or...

SEC reveals five most frequent compliance violations

February 7, 2017

The Securities and Exchange Commission exam arm announced earlier this year that deficiencies involving compliance procedures, regulatory filings, the custody rule, code of ethics, and books and records are the five that most often trip up registered...

SEC charges Connecticut RIA with stealing $3.95M from investors

February 2, 2017

The Securities and Exchange Commission has charged Connecticut-based Sentinel Growth Fund Management and its founder-owner, Mark J. Varacchi, with stealing $3.95 million from investors. In its complaint, the SEC alleges that Mr. Varacchi and...

Dodd-Frank law may be Trump's next big target

January 30, 2017

President Donald Trump stepped up his criticism of financial regulations, pledging to go after the 2010 Dodd-Frank banking overhaul because he said the law has made it difficult for businesses to get loans. “We're going to be doing a big number...

Regulators use big data to turn up enforcement heat

January 30, 2017

Securities regulators are turning to big data to increase their enforcement firepower, a move that could eventually help them more easily uncover breaches of suitability in investment product sales. The Securities and Exchange Commission recently...

Galvin orders LPL to pay $3.7 million in restitution, fines over unsuitable VA sales

January 30, 2017

LPL Financial was ordered Monday by Massachusetts regulators to pay up to $3.7 million in restitution and fines to investors as a result of an investigation into sales of unsuitable variable annuities by a former top-producing adviser based...

Adviser banned for cherry picking trades to reward himself over clients

January 26, 2017

A Massachusetts investment adviser charged with securities fraud has agreed to be banned from the securities industry after the Securities and Exchange Commission uncovered an illegal cherry-picking stock scheme. The SEC filed fraud charges...

SEC hits Citigroup advisory unit with $18.3 million penalty for overbilling clients

January 26, 2017

Citigroup Global Markets Inc. agreed to pay $18.3 million to settle Securities and Exchange Commission charges that it overbilled investment advisory clients, the agency announced on Thursday. From 2000 until 2015, the Citigroup unit overcharged...

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