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.
From September 1999 until January 2005, Salvatore F. Sodano was the chairman and CEO of the American Stock Exchange (AMEX), a quasi-governmental, self-regulatory organization (SRO), which was a subsidiary of the NASD from 1998 through December...
Wall Street Breathed a Sigh of Relief when Eliot Spitzer moved into the governor's mansion in Albany. Word was that Andrew Cuomo, New York's newly elected attorney general, had other fish to fry. And, sure enough, he went on to make headlines with...
The Securities Industry and Financial Markets Association released a “white paper” today about how well the mandatory arbitration system works. The system, you’ll recall, was established 20 years ago and forces customers to...
Ameriprise Financial Services has long been accused of possessing a culture that’s more concerned with sales commissions than compliance. The latest allegations against the company from the New Hampshire Bureau of Securities Regulation...
The SEC has filed a complaint against a former LPL rep and branch manager, who, the SEC says, had been engaging in one of the oldest broker tricks in the book: Stealing his clients money.
Brokerage firms can say anything they like on a departing broker's Form U5, even if it's defamatory in nature and untrue. That's because the New York Court of Appeals ruled in Rosenberg v. MetLife Inc. that brokerage firms were entitled to an...
The first annual meeting of the new Financial Industry Regulatory Authority's (FINRA) 23-member board is slated for October 26, 2007, and the regulator recently announced its official slate of seven nominees for its elective seats. Anyone seeking...
Last year, Robert Isbitts, who runs Weston, Fla.-based RIA Emerald Asset Advisors, decided he had to take drastic action. Legal and regulatory compliance issues were spreading his employees thin. Everyone at the firm was responsible for his or her...
Q: Where do you draw the line between what is best for your clients' money, and what is best for your clients in the long run? My manager gets upset with me sometimes when I steer a client away from a 529 that I can manage, to the state 529 plan...
Trader Jett Asked to Pay Up, Again Joe Jett, the young bond trader at Kidder Peabody, who was the central figure in one of Wall Street's most high-profile trading scandals, has been told to pay up to the tune of $8.4 million. Jett, who now runs...
