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.
Steven Pagartanis was sentenced to more than 14 years in prison for his role in the scheme, according to the Justice Department. FINRA had previously barred the Long Island–based advisor from the industry.
Last November, James Booth was sentenced to 42 months in prison for conducting a Ponzi-like scheme on investors and was ordered to pay nearly $5 million.
The regulatory agency claimed Scott Wayne Reed failed to get approval from Wells Fargo when soliciting clients to invest in a software company he himself was invested in.
“I do not have clients and I do not provide personalized investment advice for fees or commissions,” said Keith Gill, aka Roaring Kitty. “I did not belong to any groups trying to create movements in the stock price. I have never had a financial...
New enforcement head Tom Sporkin and his team now oversee the detection, investigation and prosecution of alleged violations, while another team will handle the adjudication, a move that mirrors the workflow at the SEC and FINRA.
The lawsuit, filed in federal court in Massachusetts, accuses Keith Gill of misrepresenting himself as an amateur investor and profiting by artificially inflating the price of the stock.
The Biden administration announced last week the fiduciary exemption would take effect as scheduled, but legal experts argue the rule has some serious teeth that will impact client relationships with advisors and broker/dealers.
