Regulatory actions and programs

Industry experts said the proposal shows that New York, which oversees a number of major Wall Street players, is positioning itself to take a more aggressive approach than its federal counterparts.

The advisor paid $50,000 to a widow's lawyer to refer her $100 million account to him – a fact he failed to disclose to the client, the agency claims.

The regulator plans to ramp up scrutiny of bad brokers and electronic communications, among other new measures.

The adviser misappropriated $268,680 from the brokerage accounts of five elderly clients, one terminally ill.

The former broker, who pleaded guilty to securities fraud last month, allegedly promised clients returns of up to 15% and used proceeds for personal expenses.

High-value targets include client names and account numbers. Protecting the information can also protect an advisory practice from regulatory penalties.

The regulator accused the rep of writing 38 checks totaling $46,280 from two personal J.P. Morgan bank accounts that it claims did not have sufficient funds to cover the checks.

Jay Clayton represented the bank in connection with the $10 billion bailout it received in 2008 as part of the government’s $700 billion rescue of banks during the financial crisis.

The rep declined to provide the regulator with the documents and information it needed to assess allegations that he misappropriated bank customer funds.

The brokerage firm processed a number of securities transactions that facilitated conversions of foreign currency from or into U.S. dollars, FINRA claimed.

The adviser had been employed with the firm for seven years prior to her dismissal, and had no disclosures on her BrokerCheck record.

The regulator said "significant deficiencies" affected hundreds of millions of records.

Millions in clients' funds was steered into a sports ticketing business.

The former federal prosecutor is the president-elect's pick after vetting a handful of candidates, said a person with knowledge of the matter.

Dan Moisand's firm joins the Institute for the Fiduciary Standard's new listing. Moisand is a former CFP Board official and ex-president of the FPA.

Her proposal to expand a probe into possible sales abuses was met by resistance from an executive who didn’t want to alienate the bank.

"I lose years of my life. They can settle, write a check and move on," says an adviser whose book of business dropped by $40 million after he alleges he was wrongfully terminated.

The allegations come a year after the firm paid over $300 million to resolve regulators' claims that it failed to tell wealthy clients it was steering them into its own funds.

Will Chief District Judge Barbara Lynn be the first to rule against the regulation? Opponents of a case in Texas federal court have high hopes.

The regulator is concerned that Wells Fargo did not follow proper procedures in notifying former reps of their U5 filings and that the information contained in them was not correct.