Regulation And Legislation

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Massachusetts investment advisor fined over undisclosed WeChat communications
NEWS REGULATION AND LEGISLATION SEP 09, 2024
Massachusetts investment advisor fined over undisclosed WeChat communications

The general securities representative formerly with LPL had broken with firm policy by engaging with customers via the unapproved Chinese messaging platform.

Western Asset clients yank $4.9B after co-CIO's sudden leave
NEWS MUTUAL FUNDS SEP 06, 2024
Western Asset clients yank $4.9B after co-CIO's sudden leave

The SEC and justice department are probing whether the firm, a subsidiary of Franklin Templeton, cherry-picked trades to favor certain clients.

Morgan Stanley to pay $2M fine over First Republic stock sales
NEWS REGULATION AND LEGISLATION SEP 06, 2024
Morgan Stanley to pay $2M fine over First Republic stock sales

"Monitoring officers incorrectly concluded, after only one minute, that there was no relationship between the customer and First Republic."

Former RIA ordered to pay more than $1.8M over fee disclosure failures
NEWS REGULATION AND LEGISLATION SEP 06, 2024
Former RIA ordered to pay more than $1.8M over fee disclosure failures

The Arizona-based firm charged an estimated 59 clients $1.3M more than they'd agreed to pay, according to an SEC complaint filed in court.

New Jersey B-D blocked potential whistleblowers, SEC claims
NEWS BROKER DEALERS SEP 06, 2024
New Jersey B-D blocked potential whistleblowers, SEC claims

“You can’t put any language in an agreement that would prevent a client from reporting a broker-dealer’s actions," says one attorney.

Texas asset manager blacklist tested in court
NEWS REGULATION AND LEGISLATION SEP 06, 2024
Texas asset manager blacklist tested in court

A state law that prohibits business with financial service companies accused of boycotting the oil and gas business is unconstitutional, a business group suing the state says.

Robinhood hit with $3.9M penalty for misleading crypto investors in California
NEWS ALTERNATIVES SEP 06, 2024
Robinhood hit with $3.9M penalty for misleading crypto investors in California

Landmark settlement finds the retail investing platform violated consumer protection laws by falsely representing its trading and custody practices.

Fake South Florida advisors target Venezuelan-Americans in scheme, SEC alleges
NEWS REGULATION AND LEGISLATION SEP 05, 2024
Fake South Florida advisors target Venezuelan-Americans in scheme, SEC alleges

Be dubious about investment professionals who are marketing investments through an affinity group, one industry executive says.

SEC's battle for hedge fund fee transparency dies in Supreme Court
NEWS ALTERNATIVES SEP 04, 2024
SEC's battle for hedge fund fee transparency dies in Supreme Court

The federal securities regulator earns praise from industry groups as its legal battle for private fund disclosure requirements comes to an end.

Wisconsin advisor to serve 4.5 years for $1.8M con
NEWS REGULATION AND LEGISLATION SEP 04, 2024
Wisconsin advisor to serve 4.5 years for $1.8M con

The advisor lied to unsuspecting clients, including vulnerable retirees, for over 20 years to fund his gambling, cars, collectibles and other personal expenses.

Raymond James agrees to $1.8M in Finra fines over supervision failures
NEWS BROKER DEALERS SEP 03, 2024
Raymond James agrees to $1.8M in Finra fines over supervision failures

Some customer complaints went unreported, and many mutual fund purchases were not reviewed, according to the self-regulatory organization.

Former RIA to pay $225k over crypto custody failures
NEWS ALTERNATIVES SEP 03, 2024
Former RIA to pay $225k over crypto custody failures

Around half of the assets held by a private fund advised by the Florida-based firm were lost in 2022 amid the collapse of FTX, according to the SEC.

Government 'mystery shopper' finds IRA fiduciary oversight is lacking
NEWS REGULATION AND LEGISLATION AUG 30, 2024
Government 'mystery shopper' finds IRA fiduciary oversight is lacking

Recommendations include new process to identify prohibited transactions.

FinCEN unveils final AML rules for investment advisors
NEWS REGULATION AND LEGISLATION AUG 28, 2024
FinCEN unveils final AML rules for investment advisors

After industry pushback against earlier proposals, the Treasury Department has softened its requirements to curb money laundering.

Siemens 401(k) lawsuit latest over forfeited assets
NEWS RETIREMENT PLANNING AUG 27, 2024
Siemens 401(k) lawsuit latest over forfeited assets

Numerous others, including Bank of America and Nordstrom, are also facing proposed class actions.

BNY takes $5M hit over swaps reporting shortfalls
NEWS REGULATION AND LEGISLATION AUG 26, 2024
BNY takes $5M hit over swaps reporting shortfalls

The Wall Street firm is being penalized for a repeated failure to properly report millions of swap transactions," according to the CFTC.

Barclays hammered with $1.25M fine over fingerprinting lapses
NEWS REGULATION AND LEGISLATION AUG 22, 2024
Barclays hammered with $1.25M fine over fingerprinting lapses

Finra has penalized the Wall Street brokerage for failures dating back to at least 2013 and involving thousands of its non-registered employees.

Barred broker faces 12-year sentence for defrauding Gold Star families
NEWS REGULATION AND LEGISLATION AUG 22, 2024
Barred broker faces 12-year sentence for defrauding Gold Star families

The ex-financial counselor for the US Army has been ordered to pay $1.4M for orchestrating a multimillion-dollar churning scheme.

SEC commissioner pans regulator’s latest pay-to-play order
NEWS REGULATION AND LEGISLATION AUG 22, 2024
SEC commissioner pans regulator’s latest pay-to-play order

The regulator’s “inquisition” against campaign contributions could have a chilling effect on political participation, the dissenting official warned.

Court partially reinstates advisor’s securities fraud claims against Macquarie Infrastructure
NEWS REGULATION AND LEGISLATION AUG 22, 2024
Court partially reinstates advisor’s securities fraud claims against Macquarie Infrastructure

“Half truth” claims allowed against giant holdings company that took millions in management fee.