The man continued to sell annuity contracts, even though he was no longer licensed to sell insurance or securities, according to allegations by the Massachusetts Secretary of the Commonwealth.
The network, founded and led by Michael Kitces and Alan Moore, filed suit in New York's Southern District, claiming the SEC's Reg BI would give an unfair competitive advantage to brokers over registered investment advisors.
A federal judge ordered Massachusetts investment advisor Michael J. Breton to repay investors for cherry picking profitable trades for himself and sticking clients with the losers.
At FSI's 2019 Forum, SEC Chief Counsel of the Division of Trading and Markets Emily Westerberg Russell addressed how broker/dealers should think about conflict-of-interest disclosures, and whether the SEC would preempt more stringent state rules...