Law and legal issues

Though against the firm's policy, the wirehouse still permitted the purchase of securities with credit lines "on thousands of occasions" during a four-year period, according to the regulator.

The firm also asked for the suits filed in federal court to be thrown out.

The regulator, in a proposed final judgement, wants the former planner held liable for $123,000 spent on golf outings, shopping and cruises.

The former broker is accused of making false claims about his client list at Stifel to earn a compensation advance from another firm.

The firm was fined $1.57 million and must pay clients another $1.85 million for related infractions, the regulator said.

A federal judge categorically rejects claims by an insurance group that the agency overreached. The ruling "sets the tone" for other suits nationwide, an investor advocate says.

While a federal court allowed the organization to file a brief saying it upheld fiduciary values, it should not be providing expert opinions, writes the founder of a fiduciary consulting firm.

FINRA plans to add 1,000 new arbitrators this year to improve its troubled dispute resolution process, but offers few new details on some of its largest challenges.

The adviser contended that not a single one of her clients from Schwab transferred their accounts over to J.P. Morgan.

Wirehouse system and supervisory failures are just the start.

Wells Fargo appears to have offered two different reasons for why it failed to inform investors about the investigation into 2 million phony accounts.

One of the sanctioned advisers has 26 disclosure events listed on his FINRA BrokerCheck record while remaining in good standing with Ameriprise.

The wirehouse agrees to pay a $2.8 million fine after the regulator discovers the bad reporting went on for years.

Paul T. Lebel excessively traded shares that carried large front-end loads and "willfully disregarded the customers' interest," the agency said.

Planners and brokers alike must revisit their policies and procedures, caution legal and compliance experts. Here’s where to start.

The adviser claimed PNC falsely accused him of not having met with two clients for their annual review and challenged the firm for writing him up for falsifying documents.

The former RIA and fund advisor was cited for multiple fiduciary violations in a day-trading scheme, pocketing profitable trades from a pooled account while burdening clients with the losses.

The firm failed to promptly liquidate his $3 million brokerage account, the client's lawyer argued during the hearing.

The first-ever case of its kind is putting other broker-dealers on notice about the regulator's enhanced abilities to identify patterns of abuse.

The SEC's allegations against David Paterson were tied to a proposal to build the largest movie studio in North America.