Keith Gregg, former president and chief executive of First Allied Securities Inc. of San Diego, is suing the firm, claiming that he was forced out after complaining about improper practices at the company. Officials at the firm deny the charges and were set to answer the complaint and file a counterclaim against him today.
The Obama administration's sweeping proposal to tighten financial regulation is unlikely to press for the formation of a self-regulatory organization to oversee investment advisers.
The proposal would allow the SEC to issue rules requiring companies to give shareholders more say in executive compensation.
As part of a settlement last month with securities regulators in Arizona, Woodbury Financial Services Inc. agreed to tighten its policy of looking into the financial backgrounds of their 1,750 reps and advisers.
Executive compensation should decided by company boards, not imposed by legislators or regulators,
Two California men and the companies they ran were charged today with conducting an $80 million Ponzi scheme that targeted Korean-American investors with false promises of annual returns of up to 36% from foreign currency trading,
Separate efforts to sell the businesses and personal property of disgraced financier Bernard Madoff have been combined to speed the process and get more of the proceeds to those he cheated.
The difference in regulatory oversight for broker-dealers and investment advisers leaves consumers open to risks, Richard Ketchum, chief executive of the Financial Industry Regulatory Authority Inc., said today.
The Obama administration’s consideration of a safety commission for financial products needs to be approached with great care, Richard Ketchum, chief executive of the Financial Industry Regulatory Authority Inc., said today at NAVA’s annual legislative and regulatory conference.
Opponents of the estate tax are preparing to fight a push in Congress to require that minority-held interests in private companies be valued the same as majority-held interests for estate tax purposes.
Finra may have given broker-dealers and registered representatives a reprieve of sorts last year as the amount in fines and enforcement actions it levied against firms plummeted.
Independent registered representatives and their spouses soon could face unprecedented scrutiny into their personal finances.
The IRS is working on new rules that could require paid tax preparers to be licensed to improve tax compliance and reduce fraud, IRS Commissioner Doug Shulman announced today.
If proposed cap-and-trade legislation aimed at restricting corporate carbon emissions is passed, advisers and investors will have to re-evaluate companies on an individual basis, as the real-money effects of this law would vary dramatically from firm to firm, according a new research report.
Two bills that would transform the way insurance agents are licensed and regulated are likely to face a difficult time in the Senate, according to insurance industry officials.
Smith Barney is not letting at least one of its brokers break away without a fight.
The following edited transcript is from “Surviving an SEC audit after Madoff,” an </i>InvestmentNews<i> webcast held May 19
Broker-dealers may face higher costs connected with customer disputes if revised legislation that would do away with mandatory securities arbitration passes both houses of Congress and is signed into law.
In what may be a reprieve for advisory firms, Securities and Exchange Commission Chairman Mary Schapiro seems to have backed off from an idea that would require some advisory firms to face third-party compliance procedure audits.
The Securities and Exchange Commission is considering a list of regulations for money market funds that goes far beyond proposed reforms issued in March by the Investment Company Institute.
