The general securities representative formerly with LPL had broken with firm policy by engaging with customers via the unapproved Chinese messaging platform.
The SEC and justice department are probing whether the firm, a subsidiary of Franklin Templeton, cherry-picked trades to favor certain clients.
"Monitoring officers incorrectly concluded, after only one minute, that there was no relationship between the customer and First Republic."
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.
“You can’t put any language in an agreement that would prevent a client from reporting a broker-dealer’s actions," says one attorney.
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.
Landmark settlement finds the retail investing platform violated consumer protection laws by falsely representing its trading and custody practices.
Be dubious about investment professionals who are marketing investments through an affinity group, one industry executive says.
The federal securities regulator earns praise from industry groups as its legal battle for private fund disclosure requirements comes to an end.
The advisor lied to unsuspecting clients, including vulnerable retirees, for over 20 years to fund his gambling, cars, collectibles and other personal expenses.
Some customer complaints went unreported, and many mutual fund purchases were not reviewed, according to the self-regulatory organization.
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.
Recommendations include new process to identify prohibited transactions.
After industry pushback against earlier proposals, the Treasury Department has softened its requirements to curb money laundering.
Numerous others, including Bank of America and Nordstrom, are also facing proposed class actions.
The Wall Street firm is being penalized for a repeated failure to properly report millions of swap transactions," according to the CFTC.
Finra has penalized the Wall Street brokerage for failures dating back to at least 2013 and involving thousands of its non-registered employees.
The ex-financial counselor for the US Army has been ordered to pay $1.4M for orchestrating a multimillion-dollar churning scheme.
The regulator’s “inquisition” against campaign contributions could have a chilling effect on political participation, the dissenting official warned.
“Half truth” claims allowed against giant holdings company that took millions in management fee.
