State securities regulators brought 399 enforcement actions against investment advisor firms in 2011, nearly double the total from 2010, according to the North American Securities Administrators Association (NASAA), the association of state securities regulators, in its 2011 enforcement survey.
Now that state regulators are getting involved, advisors have a much greater likelihood of enforcement actions, Todd Cipperman, who heads a Wayne, Pennsylvania-based law firm for the investment management industry, told Financial Planning.
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