The Securities and Exchange Commission (SEC) has issued a warning indicating that financial advisory firms are relying on outdated systems to achieve compliance with Regulation Best Interest (Reg BI).
The Financial Industry Regulatory Authority (FINRA) previously had ordered three Advisor Group financial advisory firms to pay nearly $515,000 in restitution for failing to apply sales charge waivers to certain 529 plan investors during a five-year period.
Morgan Stanley has fined some of its own financial advisors more than $1 million each for communicating with clients on WhatsApp and other messaging platforms.
The Securities and Exchange Commission (SEC) has charged a former investment advisor, Joshua Coleman, with allegedly operating a fraudulent scheme that generated nearly $200 million in ill-gained proceeds.
Morgan Stanley is expected to resolve an issue pertaining to financial advisors whose client accounts have been recently entangled in a due diligence backlog.
The Securities and Exchange Commission (SEC) has charged a Wisconsin-based financial advisor, Anthony Liddle, with misappropriating $1.9 million from at least 13 investors.
Investors collectively have rushed to cash out of some non-traded real estate investment trusts (REITs) during the fourth quarter, which has boosted the demand to redeem shares of net asset value REITs by $1 billion, according to investment bank Robert A. Stanger & Co.
Cryptocurrency lender Genesis Global LLC has filed for bankruptcy as the crypto crisis spreads following FTX’s recent meltdown.
A former LPL financial advisor recently was sentenced to more than eight years in prison, or 100 months, for his role in a scheme that misappropriated $2.8 million from six clients.
Silvergate Capital share prices increased after the company announced its fourth-quarter results, even after FTX’s collapse, which forced Silvergate to fire staff and sell assets.
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According to AdvisorHub, the independent wealth management industry has entered a new phase of evolution, prompting some advisors to question whether the firms that once championed independence now increasingly resemble the traditional institutions many advisors left behind.
A proposed class action lawsuit has accused Cetera Financial Group and Cetera Investment Services of improperly profiting from customer cash held in the firms' FlexInsured Account Program, according to a report by ThinkAdvisor.
A New York insurance agent and tax preparer has pleaded guilty to operating a Ponzi scheme that allegedly defrauded nearly 1,000 investors out of more than $50 million over several decades, according to a report by InvestmentNews.
