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.

The firm allegedly settled a dispute with two customers on the condition that they would not oppose efforts to expunge the details of the dispute from the Central Registration Depository system.

Robert W. Cook will replace Richard Ketchum, who announced his retirement last year.

The firm, which acted as a custodian for a defunct RIA, allegedly failed to make material disclosures to clients regarding their accounts.

With retirement accounts being affected by the upcoming fiduciary rule, many advisers aren’t sure what their first step should be.

One recommendation takes aim at the home loan tax deduction — in some cases.

The regulator cited security oversights that led to the theft of thousands of customer accounts.

The nontraded REIT industry moved to introduce a new share class following tighter regulations.

The regulator also says that the firm suffered from supervisory failures during a four-year period.

The new regulations are “arbitrary and capricious," a trade organization asserts.

Richard W. Davis also took $1.5 million in fees while he was entitled to just $150,000, the commission alleges.