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.
During a panel at FINRA's annual conference, Executive Vice President and Chief Legal Officer Bob Colby said the agency is speaking with SEC staff about the extension.
The new act would help victims of securities violations get some money when they have not received full payments, and includes higher awards for 'vulnerable persons.'
Frederick M. Stow pleaded guilty last year for stealing more than $930,000 in funds from two unnamed elderly investors, according to the Department of Justice.
The group is joining other plaintiffs in a suit filed in a Texas federal court, with CEO and President Dale Brown claiming the DOL's decision was 'hasty and arbitrary' and would be detrimental to independent financial advisors.
Knight Nguyen Investments raised at least $3.7 million from a number of advisory clients and retail investors for high-risk and fraudulent securities offerings, according to the SEC.
Matthew Clason faces as long as 20 years in prison after stealing more than $600,000 from an unnamed investor for his personal use, including paying for his personal credit card, according to the DOJ.
