Regulatory & Compliance (359)
Wells Fargo, Others Fined $549M for 'Off-Channel' Messages
- Saturday, 19 August 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...LPL Financial Agrees to $3M Finra Fine Over FAs’ Theft
- Sunday, 06 August 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Florida Man Targeted Church Members in $35M Ponzi Scam: SEC
- Sunday, 06 August 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Ex-FA Agrees to SEC Bar After $110M Ponzi Scheme Guilty Plea
- Sunday, 06 August 2023
- Regulatory & Compliance
- Written by PFA News
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 WealthManagement.com.
Read more...Ex-Morgan Stanley FA Leaves Industry Over Alleged Miscoding
- Sunday, 06 August 2023
- Regulatory & Compliance
- Written by PFA News
A former Morgan Stanley broker has agreed to a Financial Industry Regulatory Authority bar from the industry after being fired in 2020 over accusations of miscoding trades. So reports AdvisorHub.
Read more...FINRA Bars Ex-FA Over Undisclosed Side Gig
- Friday, 21 July 2023
- Regulatory & Compliance
- Written by PFA News
A former Illinois broker has agreed to a ban from the industry to settle FINRA charges that he failed to disclose a private securities transaction to his then-employer, Ausdal Financial Partners. So reports WealthManagement.com.
Read more...Raymond James to Pay More Than $12M Over 'Unreasonable' Fees
- Friday, 21 July 2023
- Regulatory & Compliance
- Written by PFA News
Raymond James has agreed to pay more than $12 million to resolve a group of state regulators’ allegations that it charged “unreasonable commissions” in the last five years. So reports The Boston Globe.
Read more...Broker Indicted in Insider-Trading Scheme Involving Laptop
- Sunday, 09 July 2023
- Regulatory & Compliance
- Written by PFA News
Federal prosecutors have charged a New York City broker as part of a wider crackdown on insider trading. So reports Bloomberg.
Read more...FA Paid Off Old Investors with New Fund, SEC Claims
- Sunday, 09 July 2023
- Regulatory & Compliance
- Written by PFA News
The SEC has charged an investment advisor with deceiving investors by allegedly diverting their funds from a private fund he was starting to pay off investors in three funds he was closing. So reports Alpha Beta Stock Research.
Read more...Smoothie-Tossing Ex-Merrill FA Faces Finra Complaint
- Sunday, 09 July 2023
- Regulatory & Compliance
- Written by PFA News
The Financial Industry Regulatory Authority has filed a complaint against a former Merrill Lynch advisor who was fired last year after throwing a smoothie amid a viral rant at a Connecticut juice shop. So reports Investment News.
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