Enforcement

The firm’s National Financial Services allegedly failed to deliver certain basic information to clients in five public offerings of shares in a fuel cell technology company.

The advisor sold securities out of one account to buy a Camaro ZL1 — then resold the car to the same victim, the regulator alleges.

The firm will also pay a penalty and offer to buy back variable annuities the former broker sold to 21 other investors.

The price hikes would come as early as 2022, and follow a budget deficit in 2019.

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

The change is one of several made to the board’s disciplinary reporting process following a report by an independent task force that found “systemic, long-standing, governance-level weaknesses.”

A task force will issue recommendations to shore up the disciplinary process ahead of the board's November meeting. Here’s what advisors need to know.

The firm has argued that a demand for emails and other records by the agency earlier this year was unduly burdensome.

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.

They’re grinding forward with changes, even as complicating factors emerge ahead of when the rule takes effect next year.

Even though many of its members weren’t satisfied by the SEC’s rule, NASAA praises the inclusion of a requirement to consider costs in a recommendation.

The SEC is giving serious side-eye to firms with part-time or underqualified compliance officers.

Increased captive insurance coverage due to expanded business in 2018 was a primary driver of a three-year high in regulatory spending, the firm says.

Royal Alliance must pay more than $2.5 million to one ex-client while dealing with charges against the firm and a former rep by William Galvin’s office.

New Chairwoman Susan John says the board is preparing for more cases due to its new standards and code of conduct.

The board is calling for public comment on a variety of changes and released FAQs for planners about new standards of conduct taking effect next year.

Investigators say the barred rep diverted more than $1.8 million of her clients’ money for personal use, including on vacations and houses.

FINRA says the firm did not disclose necessary client issues or hacking attempts.

Bari Havlik says she needs to know when examiners’ rulings appear out of step with the actual guidelines.

In my view, the organization puts its own growth ahead of enforcing its certificants’ fiduciary standards. This holds us back from being seen as a true profession.