Updated Thursday, April 24, 2014 as of 4:23 AM ET
This is clearly contrary to the SEC’s consumer-protection mandate, but completely consistent with the possibility that if the SEC staffers play ball, they will be rewarded with seven-figure salaries in the industry at some point down the road. Indeed, a former senior SEC staffer recently made the jaw-dropping comment that the brokerage industry has too much influence to ever be held to a true fiduciary standard.
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More in Regulatory/Compliance
Alternative mutual funds will be examined by the SEC to assess whether managers are complying with leverage and liquidity rules. more »
Sen. Elizabeth Warren's new book details the Massachusetts lawmaker's dramatic rise from humble Oklahoma roots to bookish Harvard law professor to liberal juggernaut, and includes some behind-the-scenes insights to the formation of the CFPB and its agenda. more »
Two former brokers with U.S. Bancorp Investments and HSBC Securities were banned from the industry for trying to cheat their customers. more »
Legal expert Alan J. Foxman offers advisors advice on how to navigate the compliance issues when a divorce threatens to leave a stain on a broker's record. more »
"There's a lot of nuance that's not reflected in simply listing personal bankruptcy," says Mark Witaschek, whose bankruptcy was cited in a board announcement. more »
The SEC is weighing a requirement that brokers tell investors exactly where their stock trades go to be executed, a proposal that may address complaints that the decisions are sometimes made against the client’s best interests. more »
New York Attorney General Eric Schneiderman sent subpoenas to six high-frequency trading firms seeking information about special arrangements they have with exchanges and dark pools as well as their trading strategies, according to a person familiar with the matter. more »
The broker-dealer was censured and fined for selling unsuitable exchange-traded funds to customers. more »
John Taft, CEO of RBC Wealth Management-U.S., shares his insight on upcoming regulatory changes, an ever-more complex marketplace and leadership. more »
New York’s top banking regulator sent a subpoena to Credit Suisse Group last week as he examines whether its private bank helped clients evade state taxes, a person with knowledge of the matter said. more »
The Office of the Comptroller of the Currency is likely to make changes to its proposal outlining the "heightened expectations" the largest banks must face after the industry raised concerns that certain provisions could backfire. more »
Three advisors for San Diego-based Total Wealth Management -- including one who apparently once worked for the FBI -- now face SEC charges for allegedly paying themselves concealed revenue-sharing fees from investments they recommended to clients. more »
Two former executives of Sonoma Valley Bank have been indicted for their alleged involvement in a $9.5 million fraud scheme. more »
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