Regulatory & Compliance

Regulatory & Compliance (275)

Morgan Stanley to Pay $60M for Data Protection Miscue

Morgan Stanley has agreed to pay $60 million to settle claims that the bank failed to properly safeguard customer information when it decommissioned two wealth management data centers. So reports Compliance Week.

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Mass. Advisor Guilty of Stealing $4M from Clients

Gerald Eaton, a Massachusetts-based investment advisor and financial planner working for Heritage Financial Group pleaded guilty to stealing in excess of $3.7 million. So reports Patch.

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FINRA Sanctions Ex-Edward Jones Broker for Directly Settling with Customer

The Financial Industry Regulatory Authority (FINRA) has suspended and fined Michael A. Erwin, a former Edward Jones & Co. broker based in Topeka, Kansas, for negotiating his own settlement with an unhappy customer. So reports Advisor Hub

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SEC Says Pandemic Increases Risk of Advisor Wrongdoing

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued an alert that market turbulence caused by the COVID-19 pandemic may heighten “the risks of misconduct in various areas that the staff believe merit additional attention.” So reports Think Advisor.

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VALIC FAs Settles with SEC for $40M for Deceiving Teachers

The SEC announced that VALIC Financial Advisors (VFA) will pay $40 million for deceiving teachers in Florida. So reports Financial Advisor

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Phishing Emails 'From FINRA' Targeting Brokers

FINRA has warned of a widespread, ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA officers, including Bill Wollman and Josh Drobnyk.

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FINRA Sends 50 Potential COVID-19 Related Scams to SEC

FINRA’s National Fraud and Financial Crimes Detection Programs has sent 50 cases to the SEC involving potential fraud by public companies related to COVID-19. So reports Think Advisor.

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Ex-Merrill Rep Swindled Pastors, Churchgoers: SEC

The Securities and Exchange Commission charged Phillip W. Conley, an ex-Merrill Lynch registered representative, with a scheme that included “Ponzi-like payments.” So reports Think Advisor.

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FINRA to Adopt SEC’s Approach to Reg BI, Form CRS Exams

FINRA said yesterday that broker-dealers can expect the agency to take the same approach to Reg BI and Form CRS compliance exams as the SEC. So reports Think Advisor.

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Ric Edelman to Congress: Waive Retirement Account Distribution Requirement

Financial advisor Ric Edelman, founder of Edelman Financial Engines, is calling on Congress to immediately pass legislation that would waive a requirement mandating that Americans 72 years old and older take a Required Minimum Distribution for their retirement account.

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