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.
SEC Chairman Mary Schapiro announced the release today of the Office of the Inspector General’s report on the Bernard Madoff fraud. In short, the SEC screwed up in every way possible. Along with the announcement, Schapiro outlined how the...
Turnover at the wirehouses has accelerated in the current market. In the first quarter, UBS and Wells Fargo Advisors were net winners of advisors, but every firm lost heads in the second quarter. (Granted, Wachovia/Wells Fargo just lost one.) UBS...
Over the years, I have often been asked about whether a registered representative can borrow money from clients (or in a few cases, lend money to). The answer is either Yes, but or No, but and what comes after that makes all the difference in the...
How do you ferret out unscrupulous financial advisors and bar them from ripping off the public? It sounds fairly easy, actually. After all, the securities industry has established the equivalent of a permanent record, the U4 and U5; the forms are...
Should Wall Street's wirehouse foursome be getting ready for another round of broker-driven class action lawsuits? According to Mark Thierman, yes, they should. Thierman, who led and settled a series of broker overtime suits against the major...
Brokers Facing Life in Jail: Eric Butler, a 37-year old former Credit Suisse broker, was convicted in August of fraudulently selling hundreds of millions of dollars in subprime securities to corporate clients in order to generate excess...
An Ohio based financial advisor is asking Smith Barney to forget about that loan he owes them which stems from a sign-on bonus. In fact, he alleges, the original contract he signed with his old firm is unenforceable and void.