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 program is an integrated part of the company’s existing platform to assist IARs in the states with rules on the books based on NASAA’s template for CE requirements.
The Aloha State is the 27th to enact a rule or law based upon the model passed by the National Association of Insurance Commissioners, intended to align state regs for annuity sales with the SEC’s Regulation Best Interest.
According to the commission, Western International Securities and several of its reps ran afoul of the rule by recommending and selling $13.3 million in high-risk L Bonds.
According to the commission, A.G. Morgan Financial Advisors failed to disclose that it owed $750,000 to Par Funding, the company connected to the offering.
Three Charles Schwab investment advisor subsidiaries did not disclose that they were mandating cash allocation in robo accounts that would lower investors’ returns, according to the commission.
Patrick Churchville previously pleaded guilty and was sentenced to seven years in prison for his role in the scheme that resulted in more than $27 million in losses to private funds his firm controlled, according to the SEC.
Kahn Advisory Services and founder Joseph Kahn will pay more than $1 million after allegedly misstating facts about the commission rates of its affiliated broker/dealer.