The investigation into mutual fund trading abuses is widening, with the release of a complaint filed by the Massachusetts Securities Division against brokers who formerly worked in Prudential Securities’ hub office in Boston. The brokers&...
The investigation into mutual fund breakpoints shows that investors were consistently overcharged for mutual fund purchases when they should have been discounted.
The mutual fund trading scandals headlines seemed to implicate mutual fund family executives and hedge funds—everybody but individual retail brokers and brokerage management. But a new survey by the SEC charges that brokers with abusive...
Edward Jones has been hit with a fine of $2.7 million by the NASD, which ruled in an arbitration hearing that one of the firm’s brokers overloaded a client’s account with unsuitable investments on margin. William and Jean Torrence...
Former Smith Barney broker Phil Spartis, who was responsible for overseeing the options exercise program for WorldCom employees, has been cleared of a charge brought against him by the New York Stock Exchange for failure to cooperate with the...
Looking for a way to grow your financial advisory business? Target Hispanics, since as a group, Hispanics are woefully underserved by the financial services industry. With rising incomes and a growing population (now at 40 million), Latinos are...
WASHINGTON, D.C.—Investors angry about mounting evidence of mutual fund trading irregularities have nothing on Raymond James chairman and CEO Tom James. “It’s fraud, plain and simple,” James says of the after-hours and...
The Financial Planning Association has lamented, along with many of its members, the absence of a specific lobbying organization for independent broker/dealers. The FPA is now trying to do something about it. The Atlanta-based trade group has...