Despite the fact that the number of SEC registered investment advisers has risen by more than 15 percent and assets under management by 40 percent, a 2017 hiring freeze has triggered an overall 5 percent decline in SEC staff.
Tagged with "SEC"
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Michigan-Based Investment Adviser Stole $2.7 Million from His Clients
Posted on October 12th, 2018 at 11:26 AM
The SEC has filed a lawsuit against Michigan-based investment adviser, Ernest J. Romer III for defrauding his clients, including many elderly retirees, out of more than $2.7 million.
SEC Obtains Court Order to Freeze Assets of Three Businessmen Accused of Orchestrating a Ponzi Scheme
Posted on October 8th, 2018 at 10:00 AM
The SEC has obtained a Maryland federal district court order to freeze the assets of three businessmen working out of Maryland, Deleware, and Texas who orchestrated a Ponzi scheme that raised more than $345 million from investors across the U.S.
Court Decision Pries Open the Impact of LinkedIn as it Relates to a Non-Competition Agreement
Posted on October 3rd, 2018 at 3:21 PM
Few courts have considered the question of whether LinkedIn announcements, postings and communications can violate a non-solicitation or non-competition agreement. That will change.
SEC Charges Louisiana RIA for Defrauding Clients through a Cherry-Picking Scheme
Posted on October 1st, 2018 at 4:10 PM
The SEC has filed charges against Louisiana-based RIA, World Tree Financial, and its husband and wife owners, Wesley Kyle Perkins and Priscilla Gilmore Perkins, for conducting a cherry-picking scheme over the course of a four-year period.
Morgan’s protocol exit was ‘bait-and-switch,’ $660M team says in lawsuit
Posted on September 25th, 2018 at 3:13 PM
An ex-Morgan Stanley team is taking a unique approach to rebutting a lawsuit by their former employer: They’re going after the wirehouse’s decision to leave the Broker Protocol.
SEC Orders Transamerica Entities to Pay $97 Million to Retail Investors
Posted on September 21st, 2018 at 11:52 AM
The SEC has announced that Transamerica entities, including investment advisers Aegon USA Investment Management, Transamerica Asset Management, Inc., Transamerica Financial Advisors, Inc., and affiliated broker-dealer Transamerica Capital Inc., have been ordered to refund $97 million to its retail investors.
Strategies for Advisors to Help Calm Client Nerves When Recommending Equity Investments
Posted on September 20th, 2018 at 2:32 PM
It is inevitable that advisors have certain clients who have a high percentage of their portfolio in cash because they are reluctant to purchase equity investments. This caution likely stems from the market meltdown during the 2008 financial crisis. Even though these fears are understandable, clients typically cannot hold onto cash their entire lives unless they are extremely wealthy.
SEC and FINRA Censure and Sanction Independent Broker-Dealer Cadaret Grant Over Supervisory Failures
Posted on September 14th, 2018 at 5:23 PM
In separate enforcement actions, the SEC and FINRA have censured and fined the Syracuse, New York-based firm, Cadaret Grant & Company, Inc., for its failure to properly supervise the sale of complex products.
Two Anonymous Whistleblowers Awarded $54 Million by the SEC
Posted on September 11th, 2018 at 1:27 PM
The SEC has announced that it will pay two unidentified whistleblowers a combined $54 million for their roles in providing information that led to an enforcement action.
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