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The SEC announced fraud charges and an emergency asset freeze against a Denver-based company and two Colorado residents for allegedly carrying out a $15.7 million Ponzi scheme that dragged in more than 120 investors nationwide.

Morgan Stanley Smith Barney is cutting its brokerage complexes from 118 to 86 and its non-producing branch managers from about 150 to 85 as it puts its final touches on consolidating two brokerage firms that began several years ago.

Wells Fargo has heated up its recruitment this summer by ushering in a spate of new financial advisor hires with almost $1.4 billion in assets.

Assets of institutional money market funds increased by $13.17B in the last week, the third largest inflow of institutional money since the end of March.

The Dow Jones Industrial Average rose 85.33 points Thursday to finish at 13,250.11 while the Nasdaq and S&P 500 added 31.46 points and 9.98 points, respectively.

Closed-end fund assets increased $1.61B during Q2. Equity fund assets decreased by $1.5B to $96.21B, and bond fund assets increased by $3.11B to $153.39B.

The world’s largest asset manager will use software from Hewlett-Packard to speed development of applications for Aladdin, its investment management platform.

Ask Ed Slott: Your IRA Expert answers readers' questions about how to manage and account for excess contributions made to IRAs for tax purposes.

IRA contributions for 2011 were nearly 15% higher than those for 2007 and contributions to Roth IRAs have outpaced traditional IRAs by almost 63% a year over the same period.

Individual investors like what they see in long-term muni bond mutual funds and so have been pouring more money into them in 2012 than they have in years.