Tagged with "Advisors"

SEC Issues New Warning Regarding Reg BI Compliance Lapses

Posted on February 10th, 2023 at 1:54 PM
SEC Issues New Warning Regarding Reg BI Compliance Lapses

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Securities and Exchange Commission (SEC) has issued a warning indicating that financial advisory firms are relying on outdated systems to achieve compliance with Regulation Best Interest (Reg BI). 

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Advisor Group Firms Avoid Fines Over Sales Charge Waivers

Posted on February 9th, 2023 at 2:28 PM
Advisor Group Firms Avoid Fines Over Sales Charge Waivers

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. 

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Morgan Stanley Fines Some Advisors $1 Million Over Messaging Lapses

Posted on February 8th, 2023 at 1:52 PM
Morgan Stanley Fines Some Advisors $1 Million Over Messaging Lapses

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. 

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SEC Charges Pennsylvania Investment Advisor With Operating Fraudulent Scheme

Posted on February 7th, 2023 at 1:48 PM
SEC Charges Pennsylvania Investment Advisor With Operating Fraudulent Scheme

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. 

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Morgan Stanley Expected To Soon Resolve Due Diligence Backlog

Posted on February 6th, 2023 at 12:44 PM
Morgan Stanley Expected To Soon Resolve Due Diligence Backlog

Morgan Stanley is expected to resolve an issue pertaining to financial advisors whose client accounts have been recently entangled in a due diligence backlog. 

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SEC Charges Wisconsin Financial Advisor For Allegedly Defrauding Senior Investors

Posted on February 3rd, 2023 at 2:00 PM
SEC Charges Wisconsin Financial Advisor For Allegedly Defrauding Senior Investors

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.

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Clients Increase Their Demands to Cash Out of REITs Amidst Potential Recession

Posted on February 2nd, 2023 at 1:50 PM
Clients Increase Their Demands to Cash Out of REITs Amidst Potential Recession

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. 

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Crypto Lender Genesis Files For Bankruptcy

Posted on February 1st, 2023 at 12:56 PM
Crypto Lender Genesis Files For Bankruptcy

Cryptocurrency lender Genesis Global LLC has filed for bankruptcy as the crypto crisis spreads following FTX’s recent meltdown. 

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Former LPL Advisor Receives 8-Year Prison Sentence For Misappropriation of Client Funds

Posted on January 31st, 2023 at 1:30 PM
Former LPL Advisor Receives 8-Year Prison Sentence For Misappropriation of Client Funds

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. 

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Silvergate Shares Skyrocket Amidst FTX Meltdown

Posted on January 30th, 2023 at 12:54 PM
Silvergate Shares Skyrocket Amidst FTX Meltdown

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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LATEST NEWS AND ARTICLES

April 25, 2024
B. Riley Financial Clears Air Amid Allegations, Stock Surges

Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internal
review, concluding no affiliations with the defunct hedge fund.

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.