Frederick M. Stow pleaded guilty last year for stealing more than $930,000 in funds from two unnamed elderly investors, according to the Department of Justice.
The group is joining other plaintiffs in a suit filed in a Texas federal court, with CEO and President Dale Brown claiming the DOL's decision was 'hasty and arbitrary' and would be detrimental to independent financial...
Knight Nguyen Investments raised at least $3.7 million from a number of advisory clients and retail investors for high-risk and fraudulent securities offerings, according to the SEC.
Matthew Clason faces as long as 20 years in prison after stealing more than $600,000 from an unnamed investor for his personal use, including paying for his personal credit card, according to the DOJ.
After delaying reopening for face-to-face arbitration and mediation because of the COVID-19 pandemic, the regulatory agency will allow such proceedings at 62 of its 69 hearing venues starting July 5.
In a testimony before the House Committee on Financial Services, the new SEC Chair noted the regulator would evaluate Reg BI, and "update and freshen" it if need be.
The Financial Services Institute opposed the Labor Department's decision, arguing it would keep independent financial advisors from 'operating confidently knowing their independent contractor status is secure.'
