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The Blotter Report: Paying the Consequences

Wed, 15 May 2013 16:36:00 +0000

Several financial advisors found out this week that there can be a steep price to pay for their actions, including advisors from NFP, NEXT financial and SSN.

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The Blotter Report: Devious Doings

Thu, 02 May 2013 18:21:00 +0000

A rogue advisor and a sneaky analyst will be enjoying prison accommodations for the foreseeable future, while another is feeling the heat from a lawsuit filed across the pond.

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Guarding the Henhouse From Wolves

Thu, 25 Apr 2013 14:01:00 +0000

As an advisor, it’s likely that someone at some point will lodge a complaint against you. Most of these are meritless and quickly resolved. But others could pose major problems for your practice and your career if you’re not careful.

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FINRA Withdraws Proposal Requiring BrokerCheck Link

Wed, 24 Apr 2013 18:25:00 +0000

A proposed FINRA rule requiring financial advisors to post a link to their BrokerCheck information on their websites and social media sites is no longer on the table.

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State Taxes & Fiduciary Duty Top List of Rep. Regulatory Concerns

Tue, 23 Apr 2013 16:14:00 +0000

Raymond James’ regulatory guru Chet Helck told attendees of the firm’s national professional development conference that new state proposals to tax the financial services industry are a big concern, and not enough attention has been paid.

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Accredited Investor Definition Not Up To Par, Says Walter

Thu, 18 Apr 2013 12:58:00 +0000

Acting SEC chairman said the agency's funding was not adequate to protect investors with more money than financial smarts.

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The Blotter Report: 15 Minutes of Fame

Wed, 17 Apr 2013 14:09:00 +0000

It seems everyone’s a celebrity when they’re in trouble with the law—and advisors are no exception. Crime never seems far behind those with either fame or money.

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FINRA Hits Merrill With $1M for Programming Error

Tue, 16 Apr 2013 14:44:00 +0000

FINRA slapped Bank of America's broker-dealer with a $1.05 million fine on Tuesday, saying Merrill Lynch had failed in its responsibility toward customers in transactions involving non-convertible preferred securities.

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The Blotter Report: Taking to the Courts

Thu, 11 Apr 2013 14:45:00 +0000

Several advisors were taken to task this week as individuals asked the courts to mete out justice for financial crimes.

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Regulators Notch Up Another Win Against Insider Trading

Thu, 04 Apr 2013 14:50:00 +0000

Prosecutors took a major step forward in wrapping up a seemingly open-and-shut insider trading case against two former Euro Pacific Capital brokers. Thomas Conradt—who we previously reported was charged with securities fraud for his alleged involvement in an insider-trading scheme—pled guilty Wednesday in a plea deal with prosecutors.

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Former SEC Head To Help Clients Stay Ahead of Regulators

Tue, 02 Apr 2013 20:49:00 +0000

Mary Schapiro lands at D.C. consulting firm in a role that has her working to help companies stay one step ahead of compliance crackdowns.

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The Blotter Report: No April Fools Jokes Here

Tue, 02 Apr 2013 17:59:00 +0000

An Indiana advisor is facing fraud charges after he used religion to connect with victims, while a Michigan father and son have allegedly made real estate investment fraud a family affair. Welcome to the Blotter Report.

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You’re Now a Fiduciary, But It Doesn’t Change Much

Mon, 01 Apr 2013 21:10:00 +0000

This April Fool’s joke, courtesy of former NAPFA Chair Ron Rhoades, is a doozy.

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Busted For Getting Into Bed Together

Fri, 22 Mar 2013 18:54:00 +0000

The Security and Exchange Commission on Friday accused New-York broker Thomas Belesis and Texas-based hedge fund manager George R. Jarkesy Jr. of defrauding investors after raising $30 million for two hedge funds

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The Blotter Report: It’s a Greedy, Greedy Game

Tue, 19 Mar 2013 20:13:00 +0000

This week, prosecutors have their hands full of guys who just couldn’t resist dipping into investor funds to pad their pockets. The result? Several separate fraud indictments, as well as a 42-month sentence for one CEO and a $600 million SEC settlement levied against another firm.

Defrauding Investors to Pay…Your Bankruptcy Lawyer?

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