Regulatory & Compliance

Regulatory & Compliance (315)

Time to Comply with SEC’s Marketing Rule Is Now, Lawyers Warn

The SEC’s rejiggered advertising and marketing rule officially took hold on November 4, and advisors who have yet to comply should hold off on ads and testimonials until they’re caught up, industry attorneys caution. So reports Think Advisor.


Finra Settles First Reg BI Enforcement Action

The Financial Industry Regulatory Authority has completed its first enforcement case under the Securities and Exchange Commission's Regulation Best Interest, or Reg BI. So reports Financial Advisor.


FINRA Increases Fine Ranges

FINRA has increased the size of fines it can dole out to large and midsize firms, the regular recently announced. So reports Think Advisor.


Arbitrators Hit Oppenheimer & Co with $36M Ruling Over Ponzi Scheme

An arbitration panel has issued a more than $36 million arbitration award against Oppenheimer & Co. So reports Advisor Hub.


CA Advisor Gets 10 Years in Prison for $300M Ponzi Scheme Targeting Veterans

Scott Kohn, 68, of Newport, California, has been sentenced to 10 years in prison for his role as the ringleader of a nationwide, $300 million Ponzi scheme, according to an announcement from the U.S. Department of Justice.


Morgan Stanley Settles with Regulatory Duo for $200M

Morgan Stanley has settled with the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) over recordkeeping and business communication issues. So reports Reuters.


Finra Bans Duo for Cheating on Online Exam

Finra has banned Brandon Autiero and Harris Kausar for allegedly cheating on their remote securities exam. So reports Barron’s.


Banned FA Charged in $100M Crypto Fraud

Joshua David Nicholas, a former financial advisor who was barred by FINRA earlier this year, has been indicted by a South Florida federal grand jury for his part in a crypto scheme.


Fugitive FA Ordered to Pay $12M

The FBI still has not found fugitive financial advisor and radio host Chris Burns, who has been missing for two years, but a federal court has ordered him and his companies to pay more than $12 million. So reports the Atlanta Journal-Constitution.


SEC: TradeZero Deceived Customers about Meme Stock Trading Halts

The Securities and Exchange Commission charged broker-dealer TradeZero America Inc., and its co-founder, Daniel Pipitone, with falsely stating to the firm’s customers that they didn’t restrict the customers’ purchases of meme stocks when in fact they did.


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