A federal court judge in Florida denied Regions Bank’s motion to reinstate a temporary restraining order (“TRO”) filed against the bank’s former financial advisors, Michael Montalvo and Mauricio R. Cardenas. Regions Bank sought a TRO in an effort to restrain Montalvo and Cardenas from soliciting former clients serviced at Regions Bank.
Edward Jones announced that it is freezing wages and suspending overtime pay for one year. The decision, which the firm described as a proactive and preventative measure, comes in response to the issues that have arisen as a result of the COVID-19 pandemic.
This is the third in a series which highlights an InvestmentNews article concerning the recent uptick in the sale of unregistered securities and how those transactions have resulted in the proliferation of fraudulent schemes.
Once overlooked compared to the registered investment adviser and the independent broker-dealer market, regional brokerage firms quietly are making comeback due to recruiting gains at the expense of wirehouses.
FINRA has ordered Bank of America Merrill Lynch to pay $800,000 in compensatory damages to two brokers who were owed compensation by the firm when they were fired without cause.
The SEC has fined UBS Financial Services over $15 million because of its failure from 2011 to 2014 to educate and train retail brokers on the sale of almost $11 billion of complex structured products.
