Enforcement actions

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.

The former J.W. Cole advisor’s practice allegedly sold more than $40 million worth of unsuitable and unregistered promissory notes.

The regulator found that the financial services company failed to take precautions in disposing of hardware that contained sensitive customer information.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

SagePoint Financial failed to adequately supervise reps who recommended that clients exchange the products before maturity, the regulator says.

The onetime CFP pleaded guilty to violating his parole after previously avoiding prison time through a plea deal in 2018.

Charles Doraine settled with the Financial Industry Regulatory Authority on Monday without admitting or denying FINRA’s findings.

The regulator is doing more with less but also missing its own goals around how long an investigation takes to result in an enforcement case.

NASAA’s annual survey of regulators sheds light on legal proceedings against BDs, RIAs and unregistered firms that often go unnoticed in the wider industry.

A barred and terminated former Securities America advisor’s conduct was “appalling, reprehensible and evil,” according to a federal judge.

Rather than learn from the mistakes exposed regarding false listings of advisors’ “fee-only” status, the board doubled down on looking the other way.