Regulation

The advisor was charged with overbilling clients by hundreds of thousand of dollars and diverting millions from the company’s payroll to his own account.

In the 1960s, iconoclastic reformers started a campaign to kill fixed brokerage fees. Today, we’re witnessing the logical culmination of that effort.

The firm’s supervisory systems did not identify brokers who recommended clients engage in potentially unsuitable early rollovers of UITs, the regulator said.

Contributing to these accounts makes sense for clients who anticipate higher tax rates in the future.

Supervisory failures at LPL Financial, J.P. Morgan Securities, Morgan Stanley, Merrill Lynch and Citigroup prevented assets from moving to beneficiaries on time.

“Wells Fargo does not appear close to putting its Washington troubles behind it,” Cowen analyst Jaret Seiberg wrote in a note.

The top brass being unaware of this stuff happening on their watch doesn’t inspire confidence.

“I want to give a huge thank you to my clients” for feeding local families, Keith Springer blogged the same day the SEC filed its complaint.

Holders of Series 7 licenses, "knowledgeable" fund employees and Native American tribes would become eligible to make riskier investments in private markets.

The commission-free brokerage did not reasonably review “hundreds of thousands of orders each month,” according to the regulator.