Regulatory & Compliance

Regulatory & Compliance (291)

Ex-Ameriprise Broker Gets Supreme Court Hearing

In early November, the U.S. Supreme Court will hear arguments on behalf of Denise Badgerow, a Louisiana financial advisor. Badgerow wants to have a state court vacate a FINRA arbitration ruling instead of following a federal court’s decision to confirm the regulator’s award. So reports Advisor Hub.

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FINRA Orders Ex-UBS Rep to Pay $541,722 for Dispute Over Promissory Notes

FINRA ordered an ex-advisor to pay $541,722 in compensatory damages to UBS, his former firm, after he failed to repay 11 promissory notes as required when he resigned. So reports Think Advisor.

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Finra Smacks Down Rep for Improperly Charging Commuting Costs  

FINRA suspended Anthony DeJohn and slapped him with a $5,000 fine for improperly charging his commuting expenses of $2,270 to a credit card issued to him by BMO Capital Markets. So reports Advisor Hub.

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Elizabeth Warren to The Fed: Break Up Wells Fargo  

Senator Elizabeth Warren says Wells Fargo should be broken up after years of scandal. She is calling on the Federal Reserve to take action and revoke the company’s status as a financial holding company. So reports CNN.

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Finra Bans Ex-Broker Over Improper COVID-19 Loan

FINRA has banned Scott Madison, an ex-Merrill Lynch broker, after he refused to cooperate with investigations into whether he improperly requested and was given a COVID-19 Economic Injury Disaster Loan. So reports Think Advisor.

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Ex-LPL Broker Who Stole $600k from Client Gets Banned By SEC

Matthew O. Clason, formerly a broker at LPL Financial, has been banned by the SEC for stealing more than $600,000 from a retired, 73-year-old client. So reports Think Advisor.

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SEC Smacks 27 Firms Over Reg Bi

The Securities and Exchange Commission settled with 21 investment advisers and six broker-dealers for a total of $910,092 in the first significant enforcement action related to Reg Bi since it was enacted last year. So reports Compliance Week.

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Gensler: SEC Looking at Retail Trading Apps, SPACs and Dark Pools

Chairman Gary Gensler said the SEC is looking at retail trading apps and SPACs out of concern for the wellbeing of smaller investors. So reports Barron’s.

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FA Who Ripped Off Parents, Others for $2.6M Headed to Jail  

Edward Matthes, 51, is going to federal prison for scheming 27 victims, including his parents, out of a $2.6 million. He was a broker with Mutual of Omaha Investor Services Inc. So reports the Milwaukee Journal Sentinel.

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Gary Gensler Gets Senate Approval to Head SEC

The Senate voted 53-46 to approve Gary Gensler, Joe Biden’s pick to lead the Securities and Exchange Commission. So reads CNBC.

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