Regulatory & Compliance (325)
Twin Brothers Misappropriated $5M From Clients, SEC Alleges
- Saturday, 11 March 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Morgan Stanley Owes Schwab, Ex-Advisors Millions, Panel Rules
- Saturday, 11 March 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...SEC Proposes Major Expansion of Advisor Custody Rule
- Friday, 24 February 2023
- Regulatory & Compliance
- Written by PFA News
The SEC has proposed expanding the custody rule for investment advisors to cover all assets under an advisor’s custody. So reports CNBC.
Read more...Ex-FA Sentenced to 3.5 Years in Prison Over Scams
- Friday, 24 February 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Wells Wins Almost $20M from RayJay for 'Coordinated Raid'
- Thursday, 09 February 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Finra Suspends Two Brokers Over Reg BI
- Thursday, 09 February 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Finra Suspends Broker Who Impersonated Dead Relative
- Friday, 13 January 2023
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Wells to Pay $3.7B in CFPB Settlement Over Customer Abuses
- Friday, 30 December 2022
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Finra Hits Edward Jones with $1.1M Fine Over Phone Records
- Friday, 30 December 2022
- Regulatory & Compliance
- Written by PFA News
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.
Read more...Finra Home Office Plan Could Let Advisors 'Skirt the Rules,' Group Warns
- Wednesday, 07 December 2022
- Regulatory & Compliance
- Written by PFA News
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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