Two BMO advisers have agreed to pay over $37 million to settle the Securities and Exchange Commission's ("SEC") charges that they violated conflict-of-interest rules and their fiduciary duties by selecting higher-cost investments that benefited the bank without informing clients.
The Financial Industry Regulatory Authority Inc. ("FINRA") recently barred a former Morgan Stanley broker from the brokerage industry for refusing to hand over requested documents and information around his alleged theft of client money.
The U.S. Commodity Futures Trading Commission ("CFTC") is actively calling for whistleblowers who may know about misconduct as it extends enforcement to areas usually controlled by the U.S. Department of Justice (“DOJ”) and the Financial Crimes Enforcement Network.
Raymond James agreed to pay more than $15 million to settle Securities and Exchange Commission ("SEC") allegations of collecting excess commissions and failing to conduct adequate suitability reviews. The latest case came after Raymond James settled two client overcharging lawsuits in June for $15 million and agreed to pay disgorgement of $6.9 million in March under the SEC. It's the firm's third major settlement of the year for a combined $37 million.
A Financial Industry Regulatory Authority Inc. ("FINRA") arbitration panel recently ordered TD Ameritrade Inc. to pay an investor $720,816 for lack of oversight of an investment adviser to whom it provided custodial services.
The Securities and Exchange Commission ("SEC") has charged Raymond James entities with improperly charging retail investors and charging excess commissions for brokerage customer investments.
FINRA fined J.P. Morgan in 2009, and the regulator is doing so again – this time with a fine that is nearly 10 times greater – perhaps to send a message.
Enhancing services for their clients is a top priority for some successful financial advisors, according to a recent Advisor Authority study, "Successful Advisors: The Year Over Year Trends."
A mutual fund investor agreed to pay the Securities and Exchange Commission (“SEC”) nearly $2.37 million to end an investigation.
President of Executive Compensation Planners (“ECP”), Hector May, pled guilty last December to stealing $11.5 million from investors in a Ponzi scheme. He has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution.
