Regulatory & Compliance

Regulatory & Compliance (351)

Small B-D to Pay $50K to End SEC’s Reg BI Claims  

Carl M. Hennig Inc. has agreed to pay $50,000 to settle the Securities and Exchange Commission’s claims that it fell short of Regulation Best Interest, according to the regulator. So reports InvestmentNews.


Northwestern Mutual Fined $400K Over Emails to Prospects  

Northwestern Mutual has agreed to pay penalties totaling $400,000 to resolve the New Hampshire Insurance Department’s allegations that its agents in the state sent misleading marketing emails to prospects. So reports Think Advisor.


Morgan Stanley Wins Court Order Against FA Who Jumped to UBS  

A Morgan Stanley broker who left for UBS Wealth Management USA in July has agreed with his former firm to an order against soliciting his former clients, according to court documents. So reports AdvisorHub.


Robo-Advisor's $1M Fine Shows Risks of Hypotheticals in Ads  

Robo-advisor Titan Global Capital Management USA has agreed to pay more than $1 million to settle the Securities and Exchange Commission’s charges that it broke the regulator’s marketing rule by marketing eye-popping performance that hadn’t happened. So reports InvestmentNews.


Ex-Broker Gets Prison Over $1.2M Theft from Vulnerable Clients  

A former financial advisor has received a sentence of four and a half years in prison for stealing $1.2 million from the retirement accounts of someone with dementia, a person with a traumatic brain injury and other clients, most of whom were older. So reports the Associated Press.


Finra Bars Ex-Raymond James Broker for Alleged Falsehoods  

The Financial Industry Regulatory Authority has barred a former Raymond James broker for allegedly falsifying statements to the industry self-regulator. So reports Think Advisor.


Wells Fargo, Others Fined $549M for 'Off-Channel' Messages  

The Securities and Exchange Commission and the Commodity Futures Trading Commission have announced a combined $549 million in fines against an array of banks, including Wells Fargo, for what the SEC calls “widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications.” So reports Ars Technica.


LPL Financial Agrees to $3M Finra Fine Over FAs’ Theft

LPL Financial has agreed to pay a $3 million fine to settle the Financial Industry Regulatory Authority’s investigation of its oversight into two financial advisors who “converted”—or stole—$2.4 million in client assets. So reports Investment News.


Florida Man Targeted Church Members in $35M Ponzi Scam: SEC  

The Securities and Exchange Commission has charged a Florida man with operating a Ponzi scheme that took elderly church members’ life savings and turned them into his own luxury cars and private plane trips. So reports People.


Ex-FA Agrees to SEC Bar After $110M Ponzi Scheme Guilty Plea

A Georgia-based financial advisor has agreed to leave the industry to settle the Securities and Exchange Commission’s charges involving a Ponzi scheme that raised more than $110 million. So reports


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