SEC Files Suit Against Wisconsin Advisor For Allegedly Defrauding Clients
September 24th, 2021 at 12:43 PM
The Securities and Exchange Commission (SEC) has charged Michael Shillin for allegedly defrauding nearly 100 clients, including several elderly clients.
FINRA Extends Advisory Firm Remote Inspections Into 2022
September 23rd, 2021 at 1:52 PM
The Financial Industry Regulatory Authority (FINRA) will enable advisory firms to continue conducting remote branch office inspections into 2022 so long as the Securities and Exchange Commission (SEC) does not object to the proposal.
SEC Continues to Penalize Firms Over Conflicts Related to Fund Fees
September 22nd, 2021 at 1:48 PM
The Securities and Exchange Commission (SEC) is continuing its crackdown on numerous investment advisors that fail to disclose conflicts related to fund fees.
Advisory Firm Loses Bid To Suspend “Unfair” Virtual FINRA Hearing
September 20th, 2021 at 12:07 PM
A Utah federal district court judge has rejected a bid by an advisory firm to suspend the remainder of a Financial Industry Regulatory Authority (FINRA) disciplinary hearing that was conducted via Zoom videoconferencing on jurisdictional grounds.
FINRA Suspends Former Wells Advisor Over Outside Brokerage Accounts
September 16th, 2021 at 1:06 PM
The Financial Industry Regulatory Authority (FINRA) has suspended a former Wells Fargo advisor for three months and issued a fine of $2,500 for allegedly failing to disclose personal outside brokerage accounts to the firm.
Court Approves $54 Million Settlement Between Comerica and Ponzi Scheme Investors
September 15th, 2021 at 3:59 PM
A California federal judge has initially approved a $54.2 million agreement between Comerica Bank and a class of about 8,000 investors, who accused the bank of abetting a Ponzi scheme by Woodbridge Group. Nearly 61% of the class are members of the Woodbridge Liquidation Trust while the rest are individual investors, according to the motion for approval.
Former Merrill Advisor Barred by FINRA For Failure to Cooperate in COVID Relief Loan Investigation
September 14th, 2021 at 12:25 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former Merrill Lynch advisor who failed to cooperate with a probe revolving around his application for a COVID relief loan.
Oppenheimer Faces Class Action Suit Over Ponzi Scheme – Horizon Private Equity
September 13th, 2021 at 12:20 PM
Oppenheimer & Co. (Oppenheimer) is facing a proposed class-action suit alleging that a $110 million Ponzi scheme was conducted by one of the investment banking company’s advisors.
SEC Charges Minnesota Couple Over $17.6 Million Ponzi Scheme
September 10th, 2021 at 12:42 PM
The Securities and Exchange Commission (SEC) has obtained a temporary restraining order (TRO) and asset freeze against a Minnesota couple who allegedly operated a Ponzi scheme for nearly a decade, which impacted at least 200 investors and raised almost $18 million.
