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 Financial Industry Regulatory Authority (FINRA) issued an 80 page report on Friday that includes a review of its failings in the Madoff and Stanford scandals. A release about the report reads as follows:
When an advisor leaves a wirehouse before his term on his forgivable loan is up, the firm often demands he pay back the balance at once. Mark Thierman is behind a new class action lawsuit that could change that.
Mark Thierman is at it again. We always thought he was a clever labor lawyer when we first spoke to him back in the spring of 2006, when we got word that he had dusted off some old Depression-era law to force brokerages to pay their reps overtime...
Perhaps the single most common lament I hear from my stockbroker clients is They can't do that to mecan they? And more often than not, my reply is They can, they will, and they have. In that spirit, let me present you with some recent Financial...
The Securities Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) announced Wednesday that they expect to release a report within two weeks that explains the regulatory responsibilities of each agency and recommends...
The SEC charged former GunnAllen financial advisor Frank Bluestein with fraud, alleging that he lured elderly investors into a $250 million Ponzi scheme conducted through E-M Management Co. According to the complaint, over a five-year period...
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...
