The first target has been hit: Directed brokerage is no more, and 12b-1 fees might be in more danger than had been thought. The SEC's recent ban on the practice of directed brokerage was expected. The same cannot be said for the ominous comments...

A new study of mutual fund firms' enforcement capabilities affirms what many in the industry have known for some time omnibus accounting practices by fund intermediaries make catching timers virtually impossible. The study, conducted by the...

Change is in the air for wholesalers, thanks to the mutual fund scandals and recent banning of directed-brokerage practices by the SEC. Boston-based Financial Research Corp. recently said in a study that the changes will go beyond increased...

Like any other rep, Ron Carson, whose $870 million practice rates him as one of America's top brokers, is vulnerable. This is the conclusion he drew from a 2002 incident in which he was hit with a $12 million complaint. He was accused of a garden...

Q: In a grueling arbitration hearing this year, the complainant's attorney alleged I'd acted in a fiduciary capacity by purchasing and allocating a variable annuity for my clients. I claimed I had no fiduciary responsibility, but had merely...

As anyone who rides public transportation or watches late-night TV can attest, our society is a litigious one. We've all seen the ads: Have you or someone you love been injured? Call 800 SUE-THEM. As amusing as they might be on the surface, the...

Wealthy people and good poker players have at least one thing in common: The habit of holding cards close to their vests. At least that's what a wirehouse veteran named Jack told me while explaining his difficulty getting referrals from...

THE QUESTION WHAT NEXT? is an expression of exasperation but also one of hope as if so much has already happened that it can't possibly get worse. With all the scandal that's buffeted the securities industry, it's understandable if reps are...

When the scandal craze that has gripped the securities industry first got its kick in the pants two years ago from Eliot Spitzer and his crew, few in the industry recognized how deep it might go. Sure, some nefarious conflicts of interest would be...