Northern Trust Faces Lawsuit Over “Poorly Performing” Target Date Funds
June 10th, 2021 at 12:50 PM
Current and former employees have filed an ERISA class-action suit against Northern Trust for allegedly adding “poorly performing” proprietary target date funds to its retirement plan.
SEC Files Suit Against Massachusetts LPL Financial Advisor Over Alleged Fraudulent Scheme
June 9th, 2021 at 2:37 PM
The Securities and Exchange Commission (SEC) filed suit against James Couture after the Massachusetts-based advisor allegedly misappropriated $2.9 million from his clients.
Milwaukee Thrivent/Mutual of Omaha Advisor Sentenced to Jail Over Fraud Scheme
June 8th, 2021 at 1:07 PM
According to the Department of Justice, a Milwaukee-based advisor was sentenced to at least five years in prison after defrauding investors of nearly $2.6 million.
FINRA Withdraws Expungement Reform Proposal It Had Prepared for SEC Approval
June 7th, 2021 at 12:08 PM
The Financial Industry Regulatory Authority (FINRA) announced that it has temporarily withdrawn a proposal to reform financial advisor expungement procedures.
Federal Judge Refuses to Block Massachusetts Fiduciary Rule in Robinhood Case
June 4th, 2021 at 1:17 PM
Robinhood’s attempt to stop Massachusetts securities regulators from enforcing a new fiduciary rule that may bar Robinhood from the commonwealth was unsuccessful.
SEC Charges Mutual Fund Executives with Misleading Investors After $1B Trading Loss
June 3rd, 2021 at 2:03 PM
The Securities and Exchange Commission (SEC) filed suit against LJM Funds Managements Ltd. and LJM Partners Ltd. as well as their portfolio managers, Anthony Caine and Anish Parvataneni, for allegedly misleading investors regarding LJM’s risk management practices.
Wells Fargo to Remove Some Restrictions in Customer Arbitration Agreements
June 2nd, 2021 at 11:16 AM
Wells Fargo CEO Charles Scharf announced to senators that the bank intends to remove “confidentiality restrictions in all types of customer arbitration agreements that have them, thereby increasing the transparency of the arbitration process.”
Edward Jones Advisor Who Set Up RayJay Shop Hit with Restraining Order
June 1st, 2021 at 10:58 AM
A Texas federal judge granted Edward D. Jones & Co.’s request for a temporary restraining order (TRO) against an advisor who allegedly solicited his former clients to join him at Raymond James.
Robinhood Urges Judge to Dismiss Mass. Regulator’s Suit
May 28th, 2021 at 3:39 PM
On Wednesday, Robinhood LLC asked a judge to halt Massachusetts’ securities chief from continuing with an administrative proceeding intended to bar use of the trading platform in the state.
Onesco Settles FINRA Enforcement Case as Payouts Reach $2.5M
May 27th, 2021 at 2:18 PM
O.N. Equity Sales agreed to pay $1.3 million to settle FINRA Enforcement’s case involving former advisor Richard M. Wesselt’s allegedly unsuitable sales of variable annuities and whole life policies
