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.
Talk of bank nationalization is heating up. The Wall Street Journal, and The Financial Times report that the government may take up to a 40 percent stake in Citigroup, citing unnamed sources close to the negotiations, though the Journal suggests...
Yet another banking-chief head may be set to roll. Bank of America CEO Ken Lewis was subpoenaed by New York State Attorney General Andrew Cuomo late last week. Cuomo is looking into whether Bank of America withheld information about Merrill’...
Allen Stanford isn’t the only high profile financial executive currently on the run from authorities. Buried in the Department of Justice press release yesterday regarding its deferred prosecution settlement agreement with UBS was the fact...
The U.S. government has taken its pound of flesh from UBS today. According to a Department of Justice press release, Switzerland’s largest bank has settled with the U.S. government, admitting to helping U.S. taxpayers hide accounts from the...
Just as the various stock indices were testing November lows, the SEC announced what appears to be another mini-Madoff: Robert Allen Stanford and three of his financial companies have been charged with orchestrating an $8 billion fraud.
If the Obama administration and House Representative Rob Andrews of New Jersey have their way, the independent contractor rep may become a thing of the past.
Harry Markopolos, the famously ignored Madoff whistleblower whose well-informed and detailed warnings about Bernard Madoff were disregarded for years by regulators, testified before House Financial Services Committee today that the SEC is “...
During the course of an estate's administration, a personal representative performs four basic functions: (1) marshals assets; (2) determines and raises cash needs; (3) pays reasonable funeral expenses, debts, administration expenses and taxes...
Bernard Madoff’s astonishing fraud has accelerated calls for regulatory overhaul that had already begun with the credit crisis. then again, the regulatory system was antiquated. The real problem for retail financial advisors: Your clients no...
Ponzi, Ponzi Everywhere: The SEC either has a coincidental backlog of Ponzi scheme cases closing in the wake of Bernard Madoff, or the agency has put a premium on busting Madoff wannabes as quickly as possible. Since Madoff's arrest in December...