Patrick Donachie

New enforcement head Tom Sporkin and his team now oversee the detection, investigation and prosecution of alleged violations, while another team will handle the adjudication, a move that mirrors the workflow at the...

The Biden administration announced last week the fiduciary exemption would take effect as scheduled, but legal experts argue the rule has some serious teeth that will impact client relationships with advisors and...

However, the Labor Department stressed that there would be "related guidance" released in the coming days, and would continue to research how the fiduciary exemption could be improved.

A federal judge also granted an SEC injunction against David Hu, former CIO of International Investment Group, whose schemes lost $100 million in investors' funds, according to the DOJ.

The DOJ and SEC filed parallel actions against Isaiah Goodman, arguing he used investors' funds for personal expenses and made "Ponzi-like payments" to new investors.

According to the SEC complaint, the defendants would raise funds from clients without investing them, and would often use them to pay for personal expenses.

The rule is based off a model designed by the National Association for Insurance Commissioners that was intended to align with the SEC's Regulation Best Interest.

The Massachusetts Securities Division alleges that Bruce Cameron invested more than $30 million of client assets into securities related to energy and over-concentrated the accounts of at least 10 investors.