Regulatory actions and programs

CEO Paul Reilly says the firm has hired new compliance professionals and is also working with outside attorneys in order to prepare for new regulations.

Firm had sought to quash lawsuit from two former employees who alleged numerous securities laws violations, hostile work environment and wrongful termination.

The bill was for 220 hours of attorney's work, which the judge called "excessive on its face" for a case that included no oral arguments.

The firm admitted to wrongdoing, saying the incomplete trading data was due to a computer coding error.

Several of Dawn Bennett's clients suffered major investment losses, "with two losing $1 million and $17.6 million," according to the SEC.

"His lies, piled on one after another, have led to today’s substantial and serious charges," U.S. Attorney Peter Neronha said.

Legislation passed by the House offers advisers protection against liability.

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

The firm settled charges by Vermont securities regulators connected to a ski resort at the center of an alleged $200 million fraud. A related lawsuit filed by an SEC-appointed receiver is pending.

The firm is of two minds on the issue: It can hire whomever it wants from competitors, but many of its own advisers are off-limits.

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.