Claus Foerster, of Spartanburg, N.Y., convinced clients to transfer assets from their accounts to his own account to get access to fictitious investments, and he then spent the money for his personal needs, according to a press release from United States Attorney Bill Nettles. So reports WYFF4.com.
A lawsuit alleging that Edison International improperly favored high-fee funds for its 401(k) plan has been rejected by 9th U.S. Circuit Court of Appeals in San Francisco. The U.S. Supreme Court had previously ruled that the litigation must be reheard. So reports Reuters.
The Security and Exchange Commission’s Investor Advisory Committee wants the regulator to mandate that standard fees be disclosed--in actual dollar amounts--on customer account statements. So reports Financial Advisor.
Morgan Stanley is building a help desk with more than 10 staffers who will answers questions from financial advisors about complying with the new retirement fiduciary rule. So reports WealthManagement.