Regulation & Compliance

Robert C. Morgan will pay about $66 million in relief for harmed investors, but no additional monetary relief, according to the commission. Morgan faces separate charges in a civil suit brought by the Justice Department.

Former CFTC Director Gary Gensler will lead the team charged with examining the SEC, Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Reserve and the National Credit Union Administration.

The analysis from the SEC's Office of Compliance Inspections and Examinations said home offices needed to ensure that policies were communicated and implemented across all branches.

The SEC claimed that Hughe Duwayne Graham, Donald Lee Howard and Larry Louis Matyas collectively made more than $920,000 in commissions for soliciting investors about purchasing stock in U.S. Lighting Group.

Speaking at the custodians' conference, the panel said a divided Congress would likely mean a diminished COVID-19 stimulus as well as a more difficult road for President-elect Joe Biden's tax policies.

The SEC’s Reg BI and the DOL’s new fiduciary rule could both be revisited by a Democratic administration.

Sotheby’s allowed $27 million of art to be purchased tax-free by Porsal Equities, even though the auction house knew the client wasn’t an art dealer but was instead a collector buying for his personal use, the state said in a lawsuit.

Finance executives will be closely watching how Biden handles the coming internal Democratic fight between centrists and progressives that threatens to increase regulation and dent profits.

If Joe Biden is the winner of Tuesday's election, a Republican Senate could make it more difficult to overturn Trump-era regulations and enact the Biden agenda that would most impact financial advisors.

Terrence Chalk used the alias 'Dr. Terrence Cash' to keep clients from learning about his criminal record and convinced retirees to invest their savings, which he used for his own expenses, according to the SEC.