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.
Sen. Jeff Merkley and Rep. Bill Foster have introduced a new bill addressing an old issue—whether to ban mandatory arbitration agreements between investors and advisors.
As chair of Maryland's Financial Consumer Protection Commission, Gary Gensler advocated for a client-first fiduciary standard for broker/dealers as well as 'anyone who holds themselves out as an advisor.'
J.P. Morgan claims Gabriel Gomez enticed clients with about $2.9 million in managed assets to join him at Wells Fargo, a violation of his employment agreements.
The commission's Division of Examinations said it had found examples of 'potentially misleading statements' concerning ESG processes, according to a recent risk alert.
The SEC claimed George Blankenbaker raised more than $11 million from investors, while the Justice Department also charged him with wire fraud and money laundering.
The SEC claimed Douglas Elstun put clients' long-term money in high-risk leveraged and inverse ETFs, funds meant for short-term trading. He was trying to 'please too many people,' his lawyer said.
Cambridge Investment Research, Securities America and J.W. Cole Financial failed to see the risk as reps sold options-laden 'short-vol' LJM Preservation and Growth Fund to investors, according to the regulator.