SEC

An unregistered advisor with little investing experience raised $1.4 million from family and friends and then squandered the money on bad investments, federal prosecutors say.

Jamie Price doesn’t expect the firm's advisors to have any problem with a new standard after taking steps to comply with the more restrictive DOL rule.

“The broker-dealer world has tried to hang their hat on suitability, and if you close your eyes a little and squint, they almost look like fiduciaries — but not really,” one advisor says.

The defrauded clients included the advisor’s own in-laws, who had suffered from Alzheimer’s and a debilitating stroke.

If it's not uniform, and it's not a fiduciary standard, then it is at best a modest step forward, investor advocates say.

It appears the regulator bought into the investor choice argument of sales reps right from the beginning.

New rules recognize the fact that commission-based transaction services can be the most cost effective way for Main Street investors to receive financial advice.

New rules would set standards of conduct for brokers, require new disclosures and offer interpretive guidance for fiduciary advisors.

The Massachusetts senator is struggling to get data that shows how bad sexual harassment might be on Wall Street.

The commission's approach stands a good chance of superseding the Labor Department's fiduciary rule.