Compliance

During his tenure as New Jersey’s top lawyer, the state proposed tougher rules for investment advisors and joined other states in suing financial firms.

The Advisor Group IBD missed 55 alerts suggesting suspicious disbursements by clients of Hector May, according to the SEC.

Thousands of clients paid sales charges that they wouldn’t have incurred had they held the pricey alternative products until maturity, according to FINRA.

The nonprofit's response to the scathing criticism of the Independent Task Force on Enforcement was to protect its own executives at the expense of benefiting investors, writes Allan Roth.

An emergency cease and desist order stopped the imposters in time.

“It will dramatically expand the number of advisors who will be fiduciaries under ERISA,” says one expert.

The company is making many employees sift through years of text messages on personal devices and set aside any related to work to ensure U.S. rules on keeping copies of business communications are met even after many months of remote work, according to people with knowledge of the situation.

The case against Centaurus Financial comes after the industry and consumer advocates decried the previous administration’s approach for different reasons.

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

The agency is headed back to the drawing board with its proposed revision of how brokers get complaints removed from their record.

The judge declined the barred rep’s request for sentence reduction based on his “severe” bipolar disorder and restitution efforts.

The efforts to bolster risk controls and simplify global operations will ultimately lead to better shareholder returns, Jane Fraser said, while urging investors to show patience.

The barred ex-rep funneled clients’ money into a shell company he falsely called a sub advisor, according to investigators.

The barred ex-Mutual of Omaha rep stole from 27 mostly older fellow members of his church, YMCA and local business organizations, investigators say.

Advisors with disciplinary histories who keep other registrations after leaving FINRA BrokerCheck are much more likely to commit infractions, researchers say.

After an initial phase of good-faith exams, regulators expect to see how firms have operationalized those programs.

Although they praise certain changes in a rule up for SEC approval, client attorneys and researchers say the process has further flaws.

FINRA arbitrators ordered the wealth manager and closed-end funds manager to pay damages as it resolves outstanding claims stemming from the island’s fiscal crisis.

After Brooklynn Chandler Willy recommended that the clients invest $100,000 into an LLC, its principals were arrested on federal fraud charges, the filing says.

The giant retirement plan recordkeeper’s BD didn’t adequately file suspicious activity reports for more than three years, according to investigators.