Regulatory actions and programs

The firm misreported over 1 million transactions, according to the regulator.

Meanwhile, the SEC hints that more actions could follow the $425 million in penalties levied against the brokerage firm.

Enforcement actions at the SEC and FINRA highlight emphasis regulators are placing on fees and reverse churning, anti-money laundering programs and variable annuities.

Wells Fargo, Morgan Stanley, Bank of America and J.P. Morgan Chase were among the dissenters, people familiar with the matter said.

The wirehouse was hit with sanctions from the SEC and FINRA for disregarding securities rules, misusing clients’ cash and not disclosing product costs.

The SEC found that auditing or testing would likely have revealed deficiencies in controls that allowed an employee access to client information at the wirehouse, says leading compliance expert Alan Foxman.

Ash Narayan "secretly siphon[ed] millions of dollars from accounts he managed for professional athletes," the SEC alleged.

The firm is accused of negligence, breach of contract and other misconduct, according to a copy of the award.

The broker allegedly talked clients into investing $115,000 in a technology startup where his friend worked as a computer programmer.

In contentious Senate testimony, White fended off accusations that the regulatory body has dragged its feet. Again, she did not offer a timeline for implementing a fiduciary rule from the SEC.