Ex-Brokers Hit Morgan With $20M Whistleblower Suit
Two former advisors allege they were punished and eventually fired for reporting misconduct including trainees and interns entering trades as well as misleading clients during cold calls.
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RIAs can be an easy entry point for organizations looking to move dirty money and avoid other financial entities that have formal AML procedures in place, says FinCEN. more »
The Wall Street regulator hit Charles Schwab with the penalty for net capital deficiencies and supervisory failures. more »
The advisor, who worked at U.S. Bank, claimed that he was fired in retaliation for complaining about a co-worker who he felt made unsuitable investments for the advisor's 94-year-old client. more »
Advisors, brokers and other industry insiders weighed in on the Labor Department's fiduciary proposal, laying out what they say are the benefits and pitfalls of the forthcoming rule. more »
Fiduciary advocates question the math behind the opponents' estimate, calling it an "Alice in Wonderland report" without backing. more »
Marzano Capital Group joins LPL-affiliated recruiting firm Independent Advisor Alliance. more »
The Federal Trade Commission has closed its investigation of Morgan Stanley's massive data breach. It has identified the problem that allowed the breach to happen: access controls to a narrow set of reports were improperly configured. more »
The two Citigroup companies agreed to $180 million on Monday to settle charges they defrauded investors by claiming the investments in two now-defunct hedge funds were safe, low-risk and suitable for traditional bond investors. more »
The government aims to reduce the "magnitude of the injury" to clients from conflicted advice, Timothy Hauser, the official who chaired the hearings on Capitol Hill, tells Financial Planning. more »
The 294-page pay ratio rule "provides companies with substantial flexibility," while remaining true to the 2010 Dodd-Frank Act that mandated its creation, Securities and Exchange Commission Chairman Mary Jo White said Aug 5. more »
Securities and Exchange Commission members are calling for the adoption of rules requiring broker-dealers to disclose markups and markdowns on municipal securities, warning that if self-regulators do not act, the SEC will propose the rules itself. more »
A "cautionary" note on the third day of hearings after DoL officials quiz industry attorney in the slippery task of trying to ascertain details of common commission sales. more »
"When you put this in the context of rule changes that have occurred since the financial crisis, this would rank at the top," notes James Allen, CEO of Hilliard Lyons. more »
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