Regulatory & Compliance

Regulatory & Compliance (263)

Ex-Ameriprise Adviser Heading to Jail for 11+ Years

Former financial advisor Li Lin Hsu, 42, is heading to prison for scamming 20 clients out of nearly $8.1 Million. So reports The San Gabriel Valley Tribune.


Ex-Well Fargo CEO Fined $17.5M, Banned from Industry

The Office of the Comptroller of the Currency has banned John Stumpf from the banking industry and fined the former Wells Fargo CEO $17.5 million. So reports CNBC.


SEC's OCIE: Brokers, Advisors an Area of Focus in 2020

The SEC's Office of Compliance Inspections and Examinations (OCIE) announced its 2020 Examination Priorities.


Ex-Football Player Gets 40 Years in Jail Again for Investment, Loan Scheme

Justice has been served for 63 investors who lost $9 million. U.S. District Judge John A. Gibney Jr. sentenced Merrill Robertson Jr., 39. Robertson, a former standout football player at L.C. Bird High School and the University of Virginia to 40 years in prison. So reports The Washington Post


Jefferies to Pay $3.9M to Settle ADR Charges

Jefferies has decided to dish out $3.9 million to settle Securities and Exchange Commission charges of abuses associated with American Depositary Receipts (ADRs). So reports Reuters.


Advisor Scam Involved False Claims of Taylor Swift and Bill Gates

The New Hampshire Bureau of Securities Regulation alleges that former financial advisor Dan Stokes of Fremont, New Hampshire, misallocated up to $576,000 that he raised from clients by falsely claiming he would invest the assets in a charity that involved Taylor Swift and Bill Gates. So reports the Union Leader.


New York Fines Insurers $1.83M Over Annuity Sales

The New York Department of Financial Services has fined six U.S. life insurers $1.83 million for recommending that their clients switch their annuities for other products that generated less income. So reports Reuters.


IRS Now Allows Tax-Free Annuity Withdrawals for Advisor Fees

The Internal Revenue Service has issued a letter to Lincoln Financial Group and Nationwide Insurance that states fee-based advisors can take as much as 1.5% of an annuity's value as a fee without requiring clients to report it as income. So reports RIA Biz.


CFP Board Appoints Members to New Regulatory Board

The Certified Financial Planner Board of Standards, which owns the CFP standard, has appointed members to its new Independent Task Force on Enforcement that is being led by Denise Voigt, a former Texas state regulator and CFP board of directors member.


SEC Alleges Cetera Conducted $10M Scam

The Securities and Exchange Commission has charged Cetera Advisors with defrauding retail advisory clients in a scam that generated more than $10 million in undisclosed fees. So reports FA Magazine.


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