Regulatory & Compliance

Regulatory & Compliance (325)

Twin Brothers Misappropriated $5M From Clients, SEC Alleges  

The SEC has filed suit against identical twin brothers that it claims misappropriated more than $5 million from at least 60 of their investment advisory clients. So reports Think Advisor.


Morgan Stanley Owes Schwab, Ex-Advisors Millions, Panel Rules  

A Financial Industry Regulatory Authority arbitration panel has ordered Morgan Stanley to pay more than $7.8 million over its doomed 2019 hiring of two veteran advisors from Charles Schwab. So reports Advisor Hub.


SEC Proposes Major Expansion of Advisor Custody Rule

The SEC has proposed expanding the custody rule for investment advisors to cover all assets under an advisor’s custody. So reports CNBC.


Ex-FA Sentenced to 3.5 Years in Prison Over Scams

A former financial advisor has received a sentence of three and a half years in federal prison for defrauding three clients. So reports The Business Journal.


Wells Wins Almost $20M from RayJay for 'Coordinated Raid'

Raymond James Financial Services and an ex-Wells Fargo Advisors broker are liable to pay Wells more than $19.6 million as awarded by the Financial Industry Regulatory Authority. So reports AdvisorHub.


Finra Suspends Two Brokers Over Reg BI  

The Financial Industry Regulatory Authority has fined and suspended two financial advisors for violating the Securities and Exchange Commission’s Regulation Best Interest through excessive trading. So reports Think Advisor.


Finra Suspends Broker Who Impersonated Dead Relative  

The Financial Industry Regulatory Authority has suspended a former Securities America broker for allegedly impersonating a dead relative who was an ex-client of the firm. So reports Think Advisor.


Wells to Pay $3.7B in CFPB Settlement Over Customer Abuses

Wells Fargo has reached a $3.7 billion settlement with the Consumer Financial Protection Bureau over consumer abuses involving overdraft fees, mortgages and auto loans. So reports CNBC.


Finra Hits Edward Jones with $1.1M Fine Over Phone Records  

Finra has slapped Edward Jones with a fine of more than $1.1 million for failing to produce phone records requested during 10 of the industry self-regulator’s investigations of the firm. So reports Barron’s.


Finra Home Office Plan Could Let Advisors 'Skirt the Rules,' Group Warns  

The Financial Industry Regulatory Authority’s proposal to classify home offices as non-branch locations is “fundamentally flawed” and “leaves considerable opportunity for advisors working from home to skirt the rules,” the Public Investors Advocate Bar Association contends. So reports Think Advisor.


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