Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
The accusations against five of the firm’s reps arrives several months after FINRA barred the firm from the industry for numerous alleged violations, including against the SEC's Regulation Best Interest rule.
Former broker Megurditch Patatian allegedly recommended 81 purchases totaling more than $7.8 million of the high-risk product over the course of several years, according to regulators.
Vista Financial Advisors registered in 2021 and soon claimed it managed more than $11.5 trillion—with a "T"—with no evidence of any legitimate assets at all, according to the commission.
Wellesley Asset Management failed to properly disclose that it used hypothetical performance in advertisements for an index it created, according to the commission.
The SEC fined Goldman Sachs $6 million for sending inaccurate or incomplete trading data and Citadel $7 million for breaking short sales labeling rules and incorrectly marking millions of trade orders.
Rashawn Russell faces up to 30 years in prison after pleading guilty to his role in a scheme that defrauded nearly 30 investors out of approximately $1.5 million.
The Massachusetts Supreme Court ruling against the online trading app last month could create “more breathing room” for other states to follow through on their own fiduciary regulations.
Some 53% of CFPs would do more pro bono planning work if their firm encouraged it, yet only 28% report that their firms support it, according to a new survey from the Foundation for Financial Planning.
