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.
In mid-September, the SEC ordered Raymond James Financial Services (RJFS) to pay a $6.9 million fine for failing to supervise Dennis Herula, a former broker who's in prison after pleading guilty to federal fraud charges. In addition, David Lee...
Q: I'm 54 years old and, 19 years ago, was the first woman hired by my firm, which settled a sexual discrimination complaint filed by women employees last year for $54 million. I've got a couple of questions relating to my termination at the firm...
A member of the New York Stock Exchange was arrested in late August for allegedly issuing a death threat to another seat holder who sued to block the Big Board's takeover of Archipelago Holdings. Edward Reiss, 65, a floor broker since 1973...
It's one of those stories that makes an advisor realize: That could have been me. In September 1999, Customer X and her husband transferred their son's custodial account, a joint account and two retirement accounts to Advest. In August 2002, after...
Lawyers, Drugs and Money: Consuelo Marquez, an ex-Lehman Brothers broker who worked at the firm from 1995 to 2000, pleaded guilty in federal court in Manhattan in August to conspiring to launder roughly $11 million in drug money for a former...
It's a fact that busy workers are happy workers. Or is it the other way around? Either way, it may help explain the apparent mirth at the SEC. The federal regulator fresh off William Donaldson's administration, the busiest enforcement period ever...
Can the folks who market variable annuities and have gotten slammed by regulators for how they line their pockets in the process force the industry that the products to roll back prices and simplify mind-boggling fee schedules? Can they, in fact...
Citizens Financial Group is punishing its brokerage force for targeting elderly bank customers in the sale of its high-risk variable annuities. How? By taking away the things brokers love: Red Sox playoff tickets, limousine trips to Mohegan Sun...
The SEC recently charged a pair of pump-and-dumpers whose worst offense might be their poor impersonation of a stockbroker. The defendants in the case faxed handwritten stock tips, ostensibly from a financial advisor to his client (Dr. Mitchel)...
Q: I received customer letters, written after a nasty falling-out, that my firm said would appear on my internal U4, but not my public statement. The clients had a very bad separation from my team. They all wrote the same letter, over two years...