Enforcement actions

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.

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.

A barred broker’s alleged version of the “infinite banking” strategy recommended that clients liquidate their 401(k)s or IRAs to buy variable annuities.

Anthony Diaz began the sentence immediately after a hearing in which a victim said he should “rot in hell” for the felonies.

The wealth managers paid victims restitution prior to one barred rep’s guilty plea and another one’s sentencing.

The broker allegedly spent his client’s money on luxury items then pivoted to a Medicare fraud scam a couple of years later.

The rare move to set aside the regulator’s ruling came more than a decade after the rep ran into trouble by adding notes about his client into a software program.

The 33-year-old advisor allegedly spent clients’ money on luxury items and business expenses for his startup.

Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.

The troubled alts manager’s charges will trigger many more arbitration proceedings and potential regulatory cases, plaintiff attorneys say.

Wealth managers acting as “downstream broker-dealers” allegedly made $187 million in commissions and other selling fees on GPB Capital investments.

SA Stone Wealth Management representative Gregory Frank Estes had already registered as a sex offender after a 2002 conviction, records show.

The firm’s use of third-party compliance vendors came under scrutiny after an ex-rep pleaded guilty to bilking clients out of $5 million.

The wealth manager whose parent firm also owns an insurer and asset manager settled its third case involving the same time period.

The allegations involving 12b-1 fees, cash sweeps and commissions also include violations of best execution rules.

Despite pledges, the IBD network didn’t collect enough data for suitability reviews of the outside transaction for more than five years, according to the regulator.

The state’s securities regulator claims the popular app uses “gamification” to manipulate customers and fails to prevent frequent outages on its trading platform, among other misconduct.