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.
Phillip Galles, 57, was charged with a single count of wire fraud for allegedly stealing more than $2 million from victims whose money he falsely claimed he was investing in commodity futures.
HSBC and Scotia will pay $15 million and $7.5 million, respectively, and acknowledge their supervision failures violated record-keeping rules, while the SEC said the case was a reminder for firms to self-report disclosure lapses.
FINRA settled the charges with the firm and Donnie Ingram, claiming that Centaurus failed to properly supervise the recommendations Ingram was making to clients.
Classic Asset Management will pay more than $933,000 to settle charges with the commission. The settlement comes several months after the SEC’s Exam Division cited leveraged ETFs as a main area of focus.
Tyler Rigsbee will spend two years in prison for faking a client’s identity to steal from their account and stealing from another to cover up the initial theft.
Getting advisors on board with building a social media presence will help leverage authenticity, grow thought leadership, ensure compliance and get to know clients on a new level.
A new analysis by password manager NordPass stresses that major companies open themselves up to security risks by using passwords that lack creativity.
