Regulatory & Compliance

Regulatory & Compliance (289)

Finra Smacks Down Rep for Improperly Charging Commuting Costs  

FINRA suspended Anthony DeJohn and slapped him with a $5,000 fine for improperly charging his commuting expenses of $2,270 to a credit card issued to him by BMO Capital Markets. So reports Advisor Hub.

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Elizabeth Warren to The Fed: Break Up Wells Fargo  

Senator Elizabeth Warren says Wells Fargo should be broken up after years of scandal. She is calling on the Federal Reserve to take action and revoke the company’s status as a financial holding company. So reports CNN.

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Finra Bans Ex-Broker Over Improper COVID-19 Loan

FINRA has banned Scott Madison, an ex-Merrill Lynch broker, after he refused to cooperate with investigations into whether he improperly requested and was given a COVID-19 Economic Injury Disaster Loan. So reports Think Advisor.

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Ex-LPL Broker Who Stole $600k from Client Gets Banned By SEC

Matthew O. Clason, formerly a broker at LPL Financial, has been banned by the SEC for stealing more than $600,000 from a retired, 73-year-old client. So reports Think Advisor.

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SEC Smacks 27 Firms Over Reg Bi

The Securities and Exchange Commission settled with 21 investment advisers and six broker-dealers for a total of $910,092 in the first significant enforcement action related to Reg Bi since it was enacted last year. So reports Compliance Week.

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Gensler: SEC Looking at Retail Trading Apps, SPACs and Dark Pools

Chairman Gary Gensler said the SEC is looking at retail trading apps and SPACs out of concern for the wellbeing of smaller investors. So reports Barron’s.

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FA Who Ripped Off Parents, Others for $2.6M Headed to Jail  

Edward Matthes, 51, is going to federal prison for scheming 27 victims, including his parents, out of a $2.6 million. He was a broker with Mutual of Omaha Investor Services Inc. So reports the Milwaukee Journal Sentinel.

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Gary Gensler Gets Senate Approval to Head SEC

The Senate voted 53-46 to approve Gary Gensler, Joe Biden’s pick to lead the Securities and Exchange Commission. So reads CNBC.

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Kansas City FA Accused of Ripping Off Pro Athletes

Douglad E. Elstun, a Kansas City area financial adviser, is accused of overcharging clients and pushing them into risky investments that resulted in heavy losses. So reports The Kansas City Star.

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What to Expect from Gary Gensler, Biden’s Pick for SEC Chair

Biden’s pick to run the Securities and Exchange Commission (SEC), Gary Gensler, has some on Wall Street worried about a tougher regulatory environment. So reports Reuters.

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