FINRA’s National Fraud and Financial Crimes Detection Programs has sent 50 cases to the SEC involving potential fraud by public companies related to COVID-19. So reports Think Advisor.
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Since the turmoil that seized the banking sector with the mid-March failure of Silicon Valley Bank, at least 21 advisors have left First Republic Bank, with 13 heading to Morgan Stanley. So reports AdvisorHub.
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Private equity group Reverence Capital Partners is courting suitors for a minority stake in wealth…
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The NFL Players Association has approved UBS to work with current and former players through…
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A financial advisor that has already been booted by Wells Fargo has been suspended by FINRA for trading in a dead client’s account without permission. So reports Financial Advisor.
Michael McDermott of Mobile, Alabama, traded in a client’s account during the first four months of 2019 without permission. The trades were executed both before and after the client’s March 2019 death.
McDermott is also accused of falsifying notes, which, in turn, caused Wells Fargo to keep false records.
McDermott did not admit or deny guilt, but has agreed to a three-month suspension.
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