Citigroup has been hit with another fine, this time for improper marketing of hedge funds. The NASD fined Citigroup Global Markets $250,000 for sending out more than 100 pieces of sales literature between July 2002 and June 2003, which, among...
Separately managed accounts (SMA) have been touted as the next big thing, the Holy Grail even, for the financial services industry for a few years now, but myriad inefficiencies still hamper the effective delivery of the best of these products to...
In a rare public appearance Thursday, Stan O’Neal, chairman and CEO of Merrill Lynch, took indirect aim at regulators and perhaps even New York State Attorney General Eliot Spitzer in particular.
The SIA’s Mutual Fund Reform Conference, held in New York City’s Grand Hyatt Hotel on Tuesday, had an unexpected guest in the form of NASD Chairman and CEO Bob Glauber.
The latest move to influence the SEC’s much awaited decision on the fate of the proposed “broker-dealer exemption rule” came today from the Consumer Federation of America, a nonprofit association representing 50 million Americans...
Allegations against broker/dealers these days have become somewhat commonplace. Still, it’s unusual for the SEC to file charges of civil fraud against a firm for the actions of one of the firm’s registered reps, which is what the SEC...
Wirehouse brokers with hybrid books of business—those with both retail and midmarket institutional accounts—could soon be on the endangered species list, if the recent actions of Merrill and UBS are any guide.
It's no secret that sales assistants are the administrative linchpins of many a brokerage office, but never before has their role been so crucial to the smooth operation of their practices.
Talk about paying to play. Three registered investment advisors were accused by the SEC of accepting cash payments from TD Waterhouse in return for putting client assets with Waterhouse. The SEC announced in late September that it had fined TD...
