Legal http://wealthmanagement.com/taxonomy/term/23641/more en One Strike, You’re Out http://wealthmanagement.com/ibds/one-strike-you-re-out <div class="field-deck"> FINRA looking more closely at IBDs with high-risk brokers </div> <div class="node-body article-body">FINRA’s looking more closely at IBDs with high-risk brokers, and many firms are tightening up their recruiting practices as a result. That could leave many advisors without a home. </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/ibds/one-strike-you-re-out" target="_blank">read more</a></p> http://wealthmanagement.com/ibds/one-strike-you-re-out#comments IBDs Legal Fri, 29 Aug 2014 13:39:00 +0000 638611 at http://wealthmanagement.com Illustration by Anthony Tremmaglia Ex-LPL Broker Ordered to Pay $1.9 million in U.S. SEC Fraud Suit http://wealthmanagement.com/legal/ex-lpl-broker-ordered-pay-19-million-us-sec-fraud-suit <div class="field-byline"> Reuters </div> <div class="field-deck"> The sum largely represents the amount that Blake Richards pocketed during a four-year-long scam that involved luring clients into writing checks for fictitious investments. </div> <div class="node-body article-body">A former broker for a unit of LPL Financial LLC accused of diverting clients' funds for his personal expenses has been ordered by a federal judge to pay more than $1.9 million in civil sanctions.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/ex-lpl-broker-ordered-pay-19-million-us-sec-fraud-suit" target="_blank">read more</a></p> http://wealthmanagement.com/legal/ex-lpl-broker-ordered-pay-19-million-us-sec-fraud-suit#comments Legal News Thu, 28 Aug 2014 17:08:00 +0000 640541 at http://wealthmanagement.com Copyright Chip Somodevilla, Getty Images Schwab Loses $15 Million Arbitration Case Against Morgan Stanley http://wealthmanagement.com/legal/schwab-loses-15-million-arbitration-case-against-morgan-stanley <div class="field-byline"> Reuters </div> <div class="field-deck"> Schwab accused Morgan Stanley of maliciously organizing an "actionable raid" of the branch </div> <div class="node-body article-body">Charles Schwab Corp. has lost a $15 million arbitration case against Morgan Stanley, which it accused of improperly recruiting brokers from a Schwab San Francisco branch who left with confidential information.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/schwab-loses-15-million-arbitration-case-against-morgan-stanley" target="_blank">read more</a></p> http://wealthmanagement.com/legal/schwab-loses-15-million-arbitration-case-against-morgan-stanley#comments Industry Legal Wed, 27 Aug 2014 13:06:00 +0000 639001 at http://wealthmanagement.com Bloomberg: Municipal Bonds to be Excluded From U.S. Bank Liquidity Rule http://wealthmanagement.com/legal/bloomberg-municipal-bonds-be-excluded-us-bank-liquidity-rule <div class="field-byline"> Reuters </div> <div class="field-deck"> The regulations could affect the municipal bond market by giving banks less incentive to buy bonds that finance schools, roads and public works </div> <div class="node-body article-body">Municipal bonds will no longer be part of the easily sellable assets that banks can use to show they are able to survive a credit crunch, Bloomberg reported, citing a person familiar with the matter.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/bloomberg-municipal-bonds-be-excluded-us-bank-liquidity-rule" target="_blank">read more</a></p> http://wealthmanagement.com/legal/bloomberg-municipal-bonds-be-excluded-us-bank-liquidity-rule#comments Industry Legal Fixed Income Tue, 26 Aug 2014 12:20:00 +0000 638161 at http://wealthmanagement.com Copyright Justin Sullivan, Getty Images SEC, NY Broker Face Off Over Scheme to Profit From Terminally Ill http://wealthmanagement.com/legal/sec-ny-broker-face-over-scheme-profit-terminally-ill <div class="field-byline"> Reuters </div> <div class="node-body article-body">A New York broker went on trial on Monday over a U.S. securities regulator's claims he participated in a scheme designed by a Morgan Stanley employee to profit from the death of terminally ill patients through variable annuity sales.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/sec-ny-broker-face-over-scheme-profit-terminally-ill" target="_blank">read more</a></p> http://wealthmanagement.com/legal/sec-ny-broker-face-over-scheme-profit-terminally-ill#comments Legal Mon, 25 Aug 2014 20:17:00 +0000 638121 at http://wealthmanagement.com Copyright Spencer Platt, Getty Images Charitable Deductions, Disqualified Persons and the Excess Business Holdings Tax http://wealthmanagement.com/philanthropy/charitable-deductions-disqualified-persons-and-excess-business-holdings-tax <div class="field-deck"> These issues come into play in the context of private foundations and charitable lead annuity trusts </div> <div class="node-body article-body">The IRS ruled that a surviving spouse’s estate could claim a charitable deduction for assets passing to three charitable lead annuity trusts. The CLATs, created under the surviving spouse’s revocable trust, included assets passing from a marital trust created under a revocable trust of the predeceased spouse. </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/philanthropy/charitable-deductions-disqualified-persons-and-excess-business-holdings-tax" target="_blank">read more</a></p> http://wealthmanagement.com/philanthropy/charitable-deductions-disqualified-persons-and-excess-business-holdings-tax#comments Legal Estate Planning Philanthropy Public Mon, 25 Aug 2014 20:01:00 +0000 638071 at http://wealthmanagement.com Settlement Brightens Outlook for Bank of America, Fund Managers Say http://wealthmanagement.com/investment/settlement-brightens-outlook-bank-america-fund-managers-say <div class="field-byline"> Reuters </div> <div class="field-deck"> BoA to pay a $9.65 billion cash penalty, and provide $7 billion of relief to homeowners </div> <div class="node-body article-body">Bank of America's decision to pay $16.7 billion to settle charges stemming from the sale of mortgage-backed securities may finally allow the company to put last decade's housing bubble behind it, fund managers and analysts say.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/investment/settlement-brightens-outlook-bank-america-fund-managers-say" target="_blank">read more</a></p> http://wealthmanagement.com/investment/settlement-brightens-outlook-bank-america-fund-managers-say#comments Legal Strategies Mutual Funds Investment Thu, 21 Aug 2014 16:56:00 +0000 635241 at http://wealthmanagement.com Fund Firms Demand Greater Say in U.S. Risk Council Designations http://wealthmanagement.com/industry/fund-firms-demand-greater-say-us-risk-council-designations <div class="field-byline"> Reuters </div> <div class="field-deck"> The groups asked that the Financial Stability Oversight Council (FSOC) change its rules by which it designates firms as "systemically important" </div> <div class="node-body article-body">A heavyweight coalition of asset managers demanded a greater say in future decisions by the top U.S. risk council that would subject them to tougher regulation, the groups said in a letter to the U.S. Treasury.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/industry/fund-firms-demand-greater-say-us-risk-council-designations" target="_blank">read more</a></p> http://wealthmanagement.com/industry/fund-firms-demand-greater-say-us-risk-council-designations#comments Industry Legal Wed, 20 Aug 2014 18:03:00 +0000 634581 at http://wealthmanagement.com <p>From left, Federal Reserve Chair Janet Yellen, FSOC Executive Director&nbsp;Patrick Pinschmidt and Treasury Secretary Jacob Lew.</p> Copyright Alex Wong, Getty Images U.S. SEC Launches Broad Compliance Review Into "Wrap Fee" Accounts http://wealthmanagement.com/legal/us-sec-launches-broad-compliance-review-wrap-fee-accounts <div class="field-byline"> Reuters </div> <div class="node-body article-body">U.S. regulators have asked investment advisory firms to hand over records in connection with "wrap fee" accounts they offer clients, as part of a review to determine if they are complying with federal securities laws. </div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/us-sec-launches-broad-compliance-review-wrap-fee-accounts" target="_blank">read more</a></p> http://wealthmanagement.com/legal/us-sec-launches-broad-compliance-review-wrap-fee-accounts#comments Industry Legal Tue, 19 Aug 2014 18:44:00 +0000 633611 at http://wealthmanagement.com Copyright Chip Somodevilla, Getty Images Delaware Passes Law Granting Heirs Broad Access to Digital Assets http://wealthmanagement.com/legal/delaware-passes-law-granting-heirs-broad-access-digital-assets <div class="field-deck"> The first of many? </div> <div class="node-body article-body">On August 12, 2014, Delaware became the first state to pass a law governing the broad distribution of the digital assets of deceased and incapacitated individuals.</div> <div class="og_rss_groups"></div><p><a href="http://wealthmanagement.com/legal/delaware-passes-law-granting-heirs-broad-access-digital-assets" target="_blank">read more</a></p> http://wealthmanagement.com/legal/delaware-passes-law-granting-heirs-broad-access-digital-assets#comments Legal Estate Planning Public Tue, 19 Aug 2014 16:53:00 +0000 633571 at http://wealthmanagement.com koya79/iStock/Thinkstock