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The SEC today indicted four individuals for helping Bernie Madoff in his colossal Ponzi scheme. One of the individuals was a registered rep and a second was an investment advisor. If the allegations are true, the men and one woman are quite wicked...
Allen Stanford, the flamboyant 59-year-old billionaire CEO of the Stanford Group Companies was indicted Friday on charges of conspiracy to commit securities, mail and wire fraud. Six other individuals were also indicted, including the chief...
The Department of Labor and the SEC are holding a joint hearing today in Washington to explore “issues” related to target date/lifecycle funds. Many of these funds actually underperformed the S&P 500 last year. You can watch the...
Among other measures, the Obama administration proposed today that the Securities and Exchange Commission (SEC) require that broker-dealers offering investment advice be held to the fiduciary standard rather than the suitability standard. The SEC...
Hedge funds, like so many other things, had a horrendous year in 2008. They posted their worst performance on record, a decline of 19 percent; meanwhile, several high profile funds blew up and nearly one-third of the hedge funds tracked by...
Four new members were elected to the FINRA Board o Governors today: LPL Chairman and CEO, Mark Casady, took over the Independent Dealer/Insurance Affiliate seat from John Simmers, former Chairman and CEO of ING Advisors Network, who stepped down...
You know that your industry has a problem — a serious trust issue — when a New York Times columnist today sums up the case against financial advisor Matthew Weitzman thusly: “So most readers of this newspaper could be victims in...
The number of advisors switching firms dropped 23 percent in May versus April, according to Discovery Database. The research firm’s data show that 1,506 reps changed b/ds in May, compared with 1,961 in April.
This weekend Barron’s published its list of top financial advisors who happen to be female. We also publish “top 100 financial advisors” lists, but we don’t sort by sex. Should we sort by sex or ethnicity?
According to a story posted yesterday on Clusterstock.com, a financial blog run by Henry Blodget and John Carney, founding editor of Dealbreaker.com, Dan Sontag, head of Merrill Lynch’s global wealth and investment management unit, is about...