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Advisers' most outlandish regulatory blunders of 2016

December 14, 2016

This year was certainly not lacking for regulatory and other blunders made by brokers and advisers. Following are some of the stand-outs that had readers talking.

SEC to have skeleton crew in first half of 2017

December 13, 2016

A Securities and Exchange Commission in flux for several months to start 2017 will probably avoid controversial rulemakings and enforcement cases, according to experts. The Senate adjourned its lame-duck session over the weekend without confirming...

Finra bars former JP Morgan, RBC brokers

December 12, 2016

Finra on Friday barred two former brokers for violating firm policies, one from RBC Capital Markets and one from J.P. Morgan Securities. John Simpson, who has been registered with Finra since 1980 and worked at RBC from March 2009 to February...

Two traders accused of $26M stock manipulation

December 12, 2016

Two New Jersey traders were arrested on federal charges that they cheated investors out of $26 million by using dozens of accounts at brokerage firms to artificially move stock prices in lightly traded securities. Joseph Taub, 37, and Elazar...

Ex-J.P. Turner broker accused of excessive trading in elderly client's account barred by Finra

December 9, 2016

The Financial Industry Regulatory Authority Inc. has barred a former J.P. Turner & Co. broker who allegedly churned an elderly customer's account. From 2011 to 2013, the broker, Anthony Mastroianni Jr., “engaged in excessive trading or churning...

Broker-dealers are failing to supervise rogue brokers, says Massachusetts regulator William Galvin

December 8, 2016

Broker-dealers that hire rogue brokers — those with checkered disciplinary records — are failing to properly supervise them, and could be hurting investors because of their lax self-policing standards, according to findings from a recent...

LPL sued by Galvin over top producer's alleged variable annuity abuses

December 1, 2016

Citing “paper-thin compliance,” Secretary of the Commonwealth of Massachusetts William Galvin on Thursday charged LPL Financial with a failure to supervise a top-producing broker who allegedly committed fraud in selling unsuitable variable...

Advisers plan to spend more for compliance and tech in 2017

November 29, 2016

Many financial advisory firms are set to spend more on compliance, technology and marketing next year. Financial advice firms are planning to increase spending next year on compliance and technology, with about 53% of advisers indicating that...

Technology at the core of reinvention

November 29, 2016

Earlier this year after many months of planning and research, our team began the process of reinventing our advice firm by drawing up a wish list of enhancements. Technology is the core component of our reinvention. We feel a robust technology...

Ask the Ethicist: How to make a U-turn after retirement

November 21, 2016

This month's question concerns a woman who worked for many years in wealth management before retiring to an hourly consulting practice. Now she's thinking of returning to the workforce at a registered investment adviser firm. Q: I worked for...

JPMorgan settles China hiring charges for $264 million

November 18, 2016

JPMorgan Chase has agreed to pay $264 million to settle charges that the bank hired relatives of Chinese officials as a way to secure banking business. The settlement is divided among the SEC, Department of Justice and Federal Reserve. Another...

Finra hits Oppenheimer & Co. with $3.4M penalty for reporting, fee-waiver failures

November 17, 2016

Finra imposed $3.4 million in sanctions on Oppenheimer & Co. Inc. for the firm's missteps in reporting internal discipline, providing information in arbitration cases and offering sales discounts to customers, the broker-dealer regulator announced...

Finra fines Lincoln Financial broker-dealer $650,000 for failing to protect client data

November 15, 2016

One of Lincoln Financial Network's independent broker-dealers was fined $650,000 by the Financial Industry Regulatory Authority Inc. for failing to reasonably safeguard confidential customer data and exposing thousands of clients' records to...

Head of Trump's SEC transition may not have to look far for new chairperson

November 14, 2016

Paul Atkins may not have to search far to find someone to recommend to President-elect Donald Trump as the next chairman of the Securities and Exchange Commission. He could look in the mirror or down the hall. Mr. Atkins, a former SEC commissioner,...

Robo-advisers sound off to SEC about rule changes for automated advice

November 14, 2016

Online-advice providers told regulators that they uphold the nation's securities laws, including the fiduciary standard of care for investors, but think some rule updates are needed as digitization of the industry grows. The SEC hosted a forum...

Proceed or stand down: Should advisers continue preparing for the DOL fiduciary rule post Trump?

November 11, 2016

Advisory firms on their way to complying with a Labor Department investment advice regulation are debating how many resources they should continue to allocate to a rule whose fate is now uncertain under President-elect Donald Trump. While many...

Donald Trump's transition team says scrapping Dodd-Frank is job one

November 11, 2016

On Day 2 as president-elect, the Donald Trump transition team is already talking about tearing apart Dodd-Frank. This will not sit well with Elizabeth Warren. With Donald Trump at the helm some ETFs will stand out in the crowd. GLD, IGF, RSX,...

JPMorgan Chase will stop charging commissions on IRAs due to DOL fiduciary rule

November 10, 2016

JPMorgan Chase & Co. will stop charging clients commissions on individual retirement accounts to comply with new Labor Department rules scheduled to take effect next year. The bank yesterday began mailing letters to clients about the change...

Finra complaint: Dawn Bennett failed to testify on possible fraud linked to her clothing company

November 10, 2016

The Financial Industry Regulatory Authority Inc. has filed a complaint against Dawn Bennett for failing to testify in its investigation of possible fraud tied to her clothing company. Ms. Bennett didn't show up for testimony on four separate...

SEC uses F-Squared saga to drive home due diligence message

November 10, 2016

By now, the financial advice industry should be familiar with the story behind the rise and fall of F-Squared Investments, especially the fall part that left 13 advisory firms saddled with SEC fines. The short version of the story is that F-Squared...

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