Law and legal issues

FINRA cracks down after $1.3M theft from 89-year-old client.

A federal court in Texas, which has sided against the DoL in recent cases, is scheduled to hear arguments later this year on whether department overstepped its bounds with new rule.

The 81-year-old widower also won an additional $12,000 for his elderly friend in a FINRA arbitration proceeding.

Edmond Walters is seen as bringing deep fintech expertise to rebranded company.

The adviser claimed she was unjustly fired from First Citizens Bank for allegedly making unauthorized bonus payments to her two sales assistants totaling $9,000.

Firm relaunches as Aretec – Cetera spelled backward; new owners are undisclosed.

The case centered on the supervision of a now-barred broker, whose misconduct included encouraging athletes to invest in a Miami Beach nightclub and sending baskets of tequila to pro sports teams, according to FINRA.

Judge’s decision paves way for the Cetera subsidiary’s IBDs to move past RCS troubles; retirement benefits are unaffected, judge says.

Rejection is unsurprising and RCS plans to contest objections by Nicholas Schorsch-affiliated entities, says David Orlofsky, RCS' chief restructuring officer.

The proposal, which would allow more consumers to join class-action lawsuits over disputes, could drive up compliance costs. Agency director Richard Cordray wants more accountability.

Mark Immel had been awarded $450,000 in arbitration but faced further legal battles.

FINRA scolded the firms for alleged operational systems, supervisory and recordkeeping deficiencies.

Filing expected Sunday; advisors expected to receive distributions through retention packages.

Fired adviser Johnny Burris complained the firm forced him to sell unsuitable products to clients, long before it acknowledged to the SEC it “violated the federal securities laws.”