SEC

A dead client, an advisor accused of murder and fraud, and an industry that didn’t see it coming.

The looming threat for Biden’s SEC pick is that the good times could end on his watch, triggering a crash that hits retail investors who’ve contributed to the boom.

Jacob Glick is accused of breach of fiduciary duty and misappropriating client funds, among other alleged misconduct.

President Biden has picked Allison Herren Lee, a member of the Securities and Exchange Commission, as the acting chair of the SEC, as nominee Gary Gensler waits in the wings as a more permanent chair once he is confirmed by the Senate.

The pending nominations send a clear signal that the rule-cutting and lax enforcement the industry has grown accustomed to under President Trump are over.

Biden's expected nomination for chairman is known for pushing back at banks and corporations in search of greater investor protections.

“The sheriff is coming to the preeminent financial regulator in the world,” said Justin Slaughter, a consultant at Mercury Strategies. “It means regulation and enforcement are about to get much tougher.”

The work-from-home phenomenon has triggered a fresh frustration for U.S. corporations: Americans are blowing the whistle on their employers like never before.

If confirmed by the Senate, the former CFTC chairman would be the new administration’s front-line regulator for Wall Street.

The move is about “expanding access to high quality growth investing to non-accredited investors,” says Upholdings CEO Robert Cantwell.