Law and legal issues

The cofounder and main promoter of the $4 billion OneCoin pyramid scheme was sentenced to 20 years in prison for his role in one of the first and biggest criminal frauds involving cryptocurrency.

State regulators discovered fewer deficiencies with investment advisors but some say they could be doing more to protect vulnerable clients.

The regulator accused a broker-dealer of not having proper supervisory procedures to prevent $533,500 in excessive transactions.

For at least seven years, the company has sought to recoup more than $5.4 million in taxes using an exemption the agency argues does not apply.

Regulators allege the CPA provided an air of legitimacy to John J. Woods' scam that defrauded 400 clients in 20 states.

The action in federal court alleges the exiting advisors received an incentive package worth as much as $70 million for joining RBC.

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

Other states are likely to look to Massachusetts for guidance on how far they can go in holding broker-dealers to a higher standard than Regulation Best Interest.

Mario Rivero pleaded guilty in February to swindling five clients out of more than $600,000.

Extra diligence on the advisor's end can help HNW clients avoid potentially disastrous lawsuits

A lawyer representing Keith Todd Ashley argues prosecutors overreached in arguments used to obtain life sentence against his client.

A brokerage client's portfolio was gradually invested almost exclusively in the fund manager WisdomTree over a decade.

James Tuminello argues in court documents that he only reached out to clients he formed with relationships before joining the large wirehouse.

Missouri requires brokers who recommend investing on environmental, governance or social principles to sign statements saying they "are not solely focused on maximizing" returns.

A lawyer representing advisors warns the new rule will drive the forum fees of arbitration hearings well above $10,000.

Advisors and brokers rarely put up fights when a former employer comes for loan paybacks as successes are few and far between.

Popular online brokerage has paid $175 million to resolve recent actions by federal and state regulators.

Employees at 11 firms, some ranking as high as senior executive, stood accused of using WhatsApp and similar services to conduct business in violation of recordkeeping rules.

Under settlements with the SEC, Wells Fargo and BNP Paribas will pay millions of dollars in penalties for employees using unofficial communications like WhatsApp. In all 11 firms agreed to pay penalties, while the CFTC took separate actions.

After the regulator's report raised questions about fairness to investors, PIABA is seeking new rules that would require advisory firms to make it easier to file complaints.