Regulation And Legislation

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YieldStreet, investors, reach $6.2 million settlement over sunken ship scrap deal
NEWS REGULATION AND LEGISLATION OCT 30, 2024
YieldStreet, investors, reach $6.2 million settlement over sunken ship scrap deal

“YieldStreet raised money and some of the ships disappeared,” one attorney says.

CFP Board "welcomes meaningful dialogue" with Simfa despite accusations
NEWS REGULATION AND LEGISLATION OCT 30, 2024
CFP Board "welcomes meaningful dialogue" with Simfa despite accusations

The Securities Industry and Financial Markets Association outlines frustrations around rules that overlap with SEC and Finra regulations, telling CFP Board: You’re not a regulator, so stop acting like one.

Broker who acted as his own lawyer loses $122,000 arbitration claim
NEWS REGULATION AND LEGISLATION OCT 29, 2024
Broker who acted as his own lawyer loses $122,000 arbitration claim

"Beating up on a broker who is not represented by an attorney is akin to taking candy from a baby,” says one attorney.

Advisor suspended, fined for pushing elderly clients into high-risk GPB private placements
NEWS ALTERNATIVES OCT 24, 2024
Advisor suspended, fined for pushing elderly clients into high-risk GPB private placements

Recommendations of more than $800k in limited partnerships led to unsuitably large concentrations of alts in their portfolios, Finra finds.

State regulators ramp up enforcement with digital fraud coming into focus
NEWS REGULATION AND LEGISLATION OCT 23, 2024
State regulators ramp up enforcement with digital fraud coming into focus

NASAA's 2024 report showcases rising scrutiny of digital assets and social media scams, with older investors emerging as vulnerable targets.

Goldman, Apple hit with $89M penalty over credit card failures
NEWS REGULATION AND LEGISLATION OCT 23, 2024
Goldman, Apple hit with $89M penalty over credit card failures

“Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law," says head of federal consumer protection agency.

Arizona strips license rep who 'fraudulently sold' GPB private placements
NEWS REGULATION AND LEGISLATION OCT 22, 2024
Arizona strips license rep who 'fraudulently sold' GPB private placements

Finra suspended the broker, Luke Johnson, earlier this year.

New York investment advisor fined $4M for breaking its own criteria
NEWS ESG OCT 22, 2024
New York investment advisor fined $4M for breaking its own criteria

SEC charged the firm with making misstatements and compliance failures.

Fiduciary duty, cybersecurity and AI top SEC's 2025 exam priorities
NEWS REGULATION AND LEGISLATION OCT 21, 2024
Fiduciary duty, cybersecurity and AI top SEC's 2025 exam priorities

SEC Chair Gary Gensler reaffirms the regulator's role in protecting investors amid perennial and emerging industry risks.

Alleged hacker behind fake SEC Bitcoin ETF post arrested
NEWS ETFS OCT 17, 2024
Alleged hacker behind fake SEC Bitcoin ETF post arrested

Alabama resident charged over January hijacking of the Securities and Exchange Commission's X account before historic decision on spot bitcoin ETFs.

SEC fines, censures Ohio RIA for failure to supervise rogue remote-work rep
NEWS REGULATION AND LEGISLATION OCT 15, 2024
SEC fines, censures Ohio RIA for failure to supervise rogue remote-work rep

The Cincinatti firm reportedly missed multiple signs that the errant advisor misappropriated $728k from clients to fund his gambling, pay personal expenses, and repay other investors.

Another AI-washing case shows where SEC is headed
NEWS REGULATION AND LEGISLATION OCT 11, 2024
Another AI-washing case shows where SEC is headed

The Securities and Exchange Commission has focused on "black-and-white" allegations of AI washing, but that could broaden out to a gray area that may loop in more financial services companies, a lawyer says.

A second stint for Gallagher at SEC gets crypto world's attention
NEWS REGULATION AND LEGISLATION OCT 10, 2024
A second stint for Gallagher at SEC gets crypto world's attention

The former SEC commissioner Daniel Gallagher, now chief legal officer at Robinhood, could be a leading contender to lead the agency if Trump regains the White House.

Finra suspends trio of ex-brokers
NEWS REGULATION AND LEGISLATION OCT 09, 2024
Finra suspends trio of ex-brokers

Churning cost customers more than $6 million, according to Finra.

Crypto.com files suit against SEC after Wells Notice
NEWS ALTERNATIVES OCT 08, 2024
Crypto.com files suit against SEC after Wells Notice

Crypto trading platform fires back against a legal threat by the regulator, contending it has "unilaterally expanded its jurisdiction beyond statutory limits."

New Jersey pulls license of ex-LPL broker
NEWS REGULATION AND LEGISLATION OCT 07, 2024
New Jersey pulls license of ex-LPL broker

“The numbers are wrong," says broker, who made $1.5 million after guiding clients to invest in friend’s firm, according to the Bureau of Securities.

Departing Gurbir Grewal took the SEC "into new territory"
NEWS REGULATION AND LEGISLATION OCT 03, 2024
Departing Gurbir Grewal took the SEC "into new territory"

Having led the division of enforcement since 2021, Grewal's tenure included record penalties against firms for securities-law violations.

SEC charges ex-advisors for alleged cherry-picking
NEWS REGULATION AND LEGISLATION SEP 30, 2024
SEC charges ex-advisors for alleged cherry-picking

The two former advisors' years-long schemes reportedly generated more than $6.3M in illicit profits at their clients' expense.

SEC claims Missouri B-D, advisors, violated Reg BI in GWG bond sales
NEWS REGULATION AND LEGISLATION SEP 30, 2024
SEC claims Missouri B-D, advisors, violated Reg BI in GWG bond sales

Based in suburban St. Louis, Maloney Securities has 125 financial advisors on its platform.

Advisor misled clients on fees in Thrift Savings Plan rollovers, SEC says
NEWS REGULATION AND LEGISLATION SEP 27, 2024
Advisor misled clients on fees in Thrift Savings Plan rollovers, SEC says

A firm and its owner agreed to a settlement with the SEC over alleged misstatements to customers and a lack of procedures to ensure compliance.