Regulation And Legislation

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Western Asset's co-CIO Leech takes leave of absence amid SEC probe
NEWS FIXED INCOME AUG 21, 2024
Western Asset's co-CIO Leech takes leave of absence amid SEC probe

The fixed-income star at the Franklin Templeton-owned firm is facing scrutiny over some past trades in Treasury derivatives.

SEC fines Texas investment adviser $95k for “pay to play” rule breach
NEWS REGULATION AND LEGISLATION AUG 20, 2024
SEC fines Texas investment adviser $95k for “pay to play” rule breach

The firm reportedly violated a two-year “time out” that was triggered when an employee made a campaign contribution to a key government official.

SEC "took advantage of what they could" in case against Icahn
NEWS REGULATION AND LEGISLATION AUG 19, 2024
SEC "took advantage of what they could" in case against Icahn

The regulator has been interested in Carl Icahn and his company for a long time, one compliance expert noted.

Finra fines, suspends ex-UBS rep who liquidated deceased client’s account
NEWS REGULATION AND LEGISLATION AUG 15, 2024
Finra fines, suspends ex-UBS rep who liquidated deceased client’s account

He was fired after an exam revealed he conducted trades in the account, which was worth more than $260K, without proper authority.

$300M Ponzi funded a private-jet-and-yacht lifestyle, SEC says
NEWS REGULATION AND LEGISLATION AUG 15, 2024
$300M Ponzi funded a private-jet-and-yacht lifestyle, SEC says

Drive Planning and its owner Todd Burkhalter deceived thousands of investors, the agency said in lawsuit.

SEC’s landmark recordkeeping action could ‘embolden examiners’
NEWS REGULATION AND LEGISLATION AUG 15, 2024
SEC’s landmark recordkeeping action could ‘embolden examiners’

The regulator’s scrutiny and charges against one firm could spark tighter enforcement over off-channel communications, says compliance consultancy.

Barred broker, phony hedge fund manager faces final judgment
NEWS REGULATION AND LEGISLATION AUG 13, 2024
Barred broker, phony hedge fund manager faces final judgment

The ex-broker cheated a senior investor out of more than $700k and attempted to hide it in Ponzi-like fashion, according to the SEC.

Cadaret Grant, LPL's fresh B-D purchase, to pay $6M+ over revenue sharing conflicts
NEWS REGULATION AND LEGISLATION AUG 12, 2024
Cadaret Grant, LPL's fresh B-D purchase, to pay $6M+ over revenue sharing conflicts

The Atria subsidiary failed to disclose conflicted payments and mutual fund transaction markups to clients for nearly five years, according to the SEC.

Washington RIA takes $430k penalty over misleading advertisements
NEWS REGULATION AND LEGISLATION AUG 09, 2024
Washington RIA takes $430k penalty over misleading advertisements

The SEC said Bellevue, Washington-based firm flouted the regulator’s marketing rule when it touted certain performance figures.

WisdomTree Wells Notice could center on ESG representations
NEWS ESG AUG 08, 2024
WisdomTree Wells Notice could center on ESG representations

SEC staff have concluded an investigation involving several now-liquidated ETFs.

Finra dings Pershing over fractional share trade reporting
NEWS REGULATION AND LEGISLATION AUG 07, 2024
Finra dings Pershing over fractional share trade reporting

Such trades were underreported since 1997, the regulator said.

Maintaining fiduciary standard in a changing world
NEWS PRACTICE MANAGEMENT AUG 02, 2024
Maintaining fiduciary standard in a changing world

Financial planner on client communication, compliant text messaging, and cybersecurity mandates.

Wells Fargo sued twice over cash sweep rates, LPL sued again
NEWS BROKER DEALERS AUG 01, 2024
Wells Fargo sued twice over cash sweep rates, LPL sued again

Impact of litigation will affect some business models going forward, source says.

What the case against Andrew Left says about following finfluencers
NEWS REGULATION AND LEGISLATION JUL 31, 2024
What the case against Andrew Left says about following finfluencers

While Left allegedly manipulated stock prices, there is no shortage of questionable financial information out there that investors are eager to follow.

Pershing hammered with $1.4M fine over variable-rate security errors
NEWS REGULATION AND LEGISLATION JUL 31, 2024
Pershing hammered with $1.4M fine over variable-rate security errors

Despite red flags, Finra says it failed to fix systemic reporting issues that led to over one million inaccurate account statements and trade confirmations.

Ameriprise sued over sweep account rates
NEWS WIREHOUSES JUL 30, 2024
Ameriprise sued over sweep account rates

It's not like clients are being held hostage, says money market expert as yet another brokerage is accused of shortchanging customers.

Finra fines broker-dealer $475k over churning supervision failures
NEWS BROKER DEALERS JUL 29, 2024
Finra fines broker-dealer $475k over churning supervision failures

Firm dinged for flaccid response to red flags across 100 accounts, with nine accounts incurring more than $2.5M in excessive trading costs.

Second court blocks all aspects of DOL's fiduciary rule
NEWS COMPLIANCE JUL 29, 2024
Second court blocks all aspects of DOL's fiduciary rule

A stay issued on Friday adds to an order in a separate case against the Department of Labor.

Court order puts DOL fiduciary rule on ice
NEWS RETIREMENT PLANNING JUL 26, 2024
Court order puts DOL fiduciary rule on ice

There is a stay effective for the rule and one of its prohibited transaction exemptions, but that doesn't necessarily mean firms should hold off on compliance.

SEC and DOJ accuse high-profile short-seller of $20 million securities fraud
NEWS REGULATION AND LEGISLATION JUL 26, 2024
SEC and DOJ accuse high-profile short-seller of $20 million securities fraud

It's alleged that defendant used social media posts and research reports to deceive investors.