The SEC has begun to work with the Department of Labor on a fiduciary rule proposal to harmonize the standards of conduct for advisors and broker-dealers, Jay Clayton, the agency’s chairman, told members of the House Financial Services Committee. Clayton’s comments suggest that after months of collecting and reviewing comments […]
Mark J. Astarita
Advisors Paying More for Compliance
RIAs and broker/dealers say they are spending 9 percent more money — and a lot more time — on compliance and regulatory issues. Source: Advisors Paying More for Compliance
Investment Adviser Charged in Multi-Million Dollar Options Trading Scheme
The SEC alleges that, starting in approximately 2010, Michael Scronic began to raise money from at least 42 friends and acquaintances, many of whom were from his suburban community, in order to invest in a risky options trading strategy. He allegedly lured investors by informing them that he had a long […]
Why advisors will feel freer to make career moves in 2018
Many financial advisers are shaking off the uncertainties of 2017 and getting ready to consider making the moves that they had put on hold. In my view, this means more advisors will be making strategic moves in the next year even as packages remain off the stratospheric highs of 2015-16. […]
FINRA Hearing Panel Dismisses Charges against Registered Rep.
In a rare decision, a FINRA hearing panel dismissed all charges against a registered representative who was accused of falsifying firm records, by waiving his commissions on mutual fund transactions. The hearing panel found that FINRA failed to meet its burden of proof, and after a hearing, dismissed the charges. […]
Overseas Stock Manipulator Settles SEC Charges
The Securities and Exchange Commission today announced that an overseas stock manipulator has agreed to pay nearly $800,000 and be permanently barred from involvement in penny stocks after hiding his significant stake in a small oil & gas company while secretly funding a fraudulent promotional campaign that artificially boosted the […]
SEC Files Fraud Charges Against Brokers Targeting Federal Retirees
Elder fraud is becoming a significant concern of regulators, and firms. As the older population grows, so do the issues related to them and their money. We have covered this topic before, and the SEC recently charged four former Atlanta-area brokers with fraudulently inducing federal employees to roll over holdings […]
Data Breach – Lessons for Firms and Their Lawyers
Wells Fargo Huge Data Breach – Lessons for Firms and Their Lawyers Multiple news sources are now reporting that Wells Fargo is being investigated for the release of personal information of approximately 50,000 clients to a former employee.The New York Times reported on Friday that the bank’s attorneys had release […]
Attorney Barred From Appearing Before SEC
The Securities and Exchange Commission barred a New York-based attorney from appearing or practicing before it and acting as an officer or director of a public company after finding that he made false and misleading statements in corporate filings. Pursuant to Section 4C of the Securities Exchange Act of 1934 […]
Record SEC Award Expected for JPMorgan Whistleblowers
The SEC is expected to present the largest whistleblower award in its history – possibly $70.6 million or more to be shared by two whistleblowers in a case involving a former adviser at JPMorgan Chase – according to a SEC letter released by one of the whistleblowers. The award results […]
