Displaying 24 results
New Hampshire bars former Next Financial broker
The broker and Next Financial Group Inc. are on the hook for more than $1 million in penalties.
Robinhood to pay $7.5M to settle Massachusetts charges
'We reject the premise that any part of our app, past or present, is 'gamified,'' a Robinhood spokesperson notes.
Massachusetts, Finra fine Fidelity $1.65 million, alleging lax standards for options trading
Galvin cites Fidelity's “half-hearted and lackadaisical attitude” on approving clients to trade risky securities.
The Bay State’s fiduciary ruling
With the Massachusetts decision, the fiduciary question now moves to states.
Massachusetts high court upholds state fiduciary rule covering brokers
Decision strikes blow against online brokerage Robinhood but is hailed as a 'Fenway Park Red Sox grand slam home run' by fiduciary advocate.
Galvin launches investigation into brokers’ use of AI
The Massachusetts Secretary of the Commonwealth sent letters to firms including JPMorgan and Morgan Stanley to learn how they are using AI with investors.
Six states impose $4.2M fine on Raymond James for excessive fees
The firm was also ordered to return $8.25 million to retail customers.
Stifel to pay $3.2 million over former broker’s ‘predatory sales’
The firm allegedly failed to supervise Joseph Crespi, whose trading activity prompted 135 internal alerts over 12 months, according to the office of Massachusetts Secretary of the Commonwealth William Galvin.
Massachusetts opens probe of stock sales by First Republic executives
Secretary of the Commonwealth William Galvin, one of the most aggressive state regulators, has issued a subpoena, his spokesperson said.
Single-stock ETFs take the field but many yellow flags are falling
Regulators, analysts and financial advisers worry the easy access to enhanced performance will hurt unsophisticated investors.
Massachusetts securities chief goes after single-stock ETFs
William Galvin announced a 'sweep' of firms offering the new ETFs, which he compared to gambling at a casino.
Massachusetts orders Vanguard to repay investors $5.5 million for TDF taxes
Vanguard lowered the account minimum for an institutional target-date fund, causing a migration from the retail TDF, leaving those who held onto it in taxable accounts with a big capital gains bill.
Massachusetts judge strikes down state’s fiduciary rule
Michael Kitces says Massachusetts chief securities regulator William Galvin misfired by trying to impose fiduciary duty on brokers. Robinhood celebrates its win.
Massachusetts charges broker-dealer for unsuitable sales of leveraged ETFs
Purshe Kaplan Sterling allowed its agents to conduct thousands of transactions involving the complex products as investment adviser reps for another firm.
Galvin examining ‘surprise’ taxes on target-date funds
The Massachusetts securities regulator's latest sweep targets the broker-dealers of the largest fund companies in the industry: Vanguard, Fidelity, T. Rowe Price, BlackRock and American Funds.
Galvin fines MassMutual $4 million in ‘Roaring Kitty’ case
Keith Gill’s employment at MML Investors Services overlapped with his involvement in the GameStop and meme stock frenzy that occurred in late 2020 and early 2021, according to the regulator.
Galvin takes swipe at Charles Schwab over unregistered adviser
The Massachusetts Securities Division discovered the alleged illegal activities while investigating a complaint of exploitation of senior citizens.
Robinhood loses bid to halt enforcement of Massachusetts fiduciary rule
The online trading app sued to overturn the state's fiduciary rule after Massachusetts accused Robinhood of manipulating customers.
Robinhood sues to overturn Massachusetts fiduciary rule
Meanwhile, Massachusetts amended its December complaint against the online brokerage seeking to revoke its registration in the state.
Massachusetts fines RBC $200,000 over failure to supervise
Regulator charges the firm failed to act on a former broker who was loading customer accounts up with energy sector master limited partnerships.
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