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.
On July 3, 2003, registered representative Douglas J. Toth was named as one of several defendants by the New Jersey Attorney General and the New Jersey Bureau of Securities in a securities fraud civil action that alleged, in part, that he had made...
Recycling Scam Perp Busted: Paul Merklingler of Novi, Mich., raked in $7.2 million from five investors between September 2006 and July 2007 with a simple investment opportunity: interest in a tire shredding truck that a leasing company would lease...
Bugged offices, bogus Russian court judgments and a company named Pluton from Tatarstan run by a convicted murderer it sounds like a Tom Clancy novel. But it's not. In a July letter to update shareholders, Hermitage Capital Management described...
The free-flow of information is key to a healthy market. Yet, the SEC seems to want to put a stop to it unless it's information. Naked short selling (shorting a stock you haven't actually borrowed) has always been against the rules. The hedge fund...
Hot-Handed Oldie Gets Jail: Eighty-one-year-old former Bayonne, New Jersey financial advisor Louis Cortellessa couldn't keep his gambling habits from corrupting his business or depleting his clients' accounts. A state superior court in Morristown...
It just keeps getting worse for big named Wall Street firms. Today, William Galvin, secretary of the Commonwealth, announced that he is suing Merrill Lynch for fraudulent auction-rate securities (ARS) sales.
