Compliance

Nearly 100 clients Mata allegedly defrauded for $14.5 million have received paltry restitution after exhausting every possible method.

The Houston, Texas-based firm was also censured and required to retain an independent consultant.

The wirehouse is the latest firm to have its financial advisors called out publicly by the regulator for disregarding warnings about holding the ETNs for a long time.

FINRA arbitrators decided not to hold the major custodian liable for transactions prior to 2008, an attorney for the clients says.

The firms agreed to censures, the settlement payments and to cease-and-desist orders tied to their alleged misconduct.

Sanctuary also failed to review outside business activities of certain representatives and did not terminate a securities offering that failed to meet the minimum contingency requirement, FINRA says.

Former clients of Isaiah L. Goodman shared the financial losses and other harmful impact of the $2.3-million scheme.

The regulator’s annual industry snapshot and financial report offer a nuanced picture of wealth management’s most significant dividing line.

Robinhood revealed several new inquiries from state and federal watchdogs as it pushes ahead to sell shares in one of the year’s most anticipated IPOs.

The SEC alleged the company did not disclose its conflicts of interests related to mutual fund share classes, cash sweep arrangements, and no-transaction fee revenues, according to a recent SEC filing.

During his tenure as New Jersey’s top lawyer, the state proposed tougher rules for investment advisors and joined other states in suing financial firms.

The Advisor Group IBD missed 55 alerts suggesting suspicious disbursements by clients of Hector May, according to the SEC.

Thousands of clients paid sales charges that they wouldn’t have incurred had they held the pricey alternative products until maturity, according to FINRA.

The nonprofit's response to the scathing criticism of the Independent Task Force on Enforcement was to protect its own executives at the expense of benefiting investors, writes Allan Roth.

An emergency cease and desist order stopped the imposters in time.

“It will dramatically expand the number of advisors who will be fiduciaries under ERISA,” says one expert.

The company is making many employees sift through years of text messages on personal devices and set aside any related to work to ensure U.S. rules on keeping copies of business communications are met even after many months of remote work, according to people with knowledge of the situation.

The case against Centaurus Financial comes after the industry and consumer advocates decried the previous administration’s approach for different reasons.

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

The agency is headed back to the drawing board with its proposed revision of how brokers get complaints removed from their record.