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.
CapWealth went up against an SEC staff of eight attorneys, jury experts and two paralegals, and won a rare victory related to share class disclosure conflicts.'This is David and Goliath,' the firm's founder said.
The big fines levied against the big banks is just the beginning. For RIAs to steer clear of the SEC, they need to do more than just prohibiting the usage of certain apps.
In the SEC proposal, RIAs would not be allowed to outsource to third parties unless they meet certain new requirements; some say the rule would be an extra burden for smaller advisors.
A United States District Court found that two Cetera firms failed to disclose conflicts of interest to advisory clients when recommending investment funds and taking 12b-1 fees, shared revenue, administrative fees and mark-ups.
The commission charged the estate of Stephen Romney Swensen, arguing it continues to benefit from an alleged Ponzi scheme that stole from more than 50 investors and raised over $29 million before Swensen's death in June.
According to the commission, Keith Springer and his firm used 'deceptive marketing' via ads and his radio show to attract investors, many of whom were retirees.
Charles Malico, a former broker with Network 1 Financial Securities, will also pay a $5,000 fine. The disciplinary action follows the SEC’s first violation notice issued earlier this year citing the new standard.
The rejection over the risk of fraud and manipulation in the spot Bitcoin market is “capricious” and “discriminatory,” Grayscale wrote in a court brief.
