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 commission's Division of Examinations said it had found examples of 'potentially misleading statements' concerning ESG processes, according to a recent risk alert.
The SEC claimed George Blankenbaker raised more than $11 million from investors, while the Justice Department also charged him with wire fraud and money laundering.
The SEC claimed Douglas Elstun put clients' long-term money in high-risk leveraged and inverse ETFs, funds meant for short-term trading. He was trying to 'please too many people,' his lawyer said.
Cambridge Investment Research, Securities America and J.W. Cole Financial failed to see the risk as reps sold options-laden 'short-vol' LJM Preservation and Growth Fund to investors, according to the regulator.
The Morgan Stanley–recommended law firm that represented the transitioning advisors told them their nonsolicit agreements with Schwab were unenforceable, according to their lawsuit against the lawyers.
The SEC claims Ronald Frank Stevenson and Jason P. Wootten unlawfully sold securities in EquiAlt, which has been accused of operating a $170 million Ponzi scheme.
