Tagged with "covid 19"

FINRA Sanctions Three Advisors Over Improper Covid-19 Loan Applications

Posted on August 11th, 2021 at 2:12 PM
FINRA Sanctions Three Advisors Over Improper Covid-19 Loan Applications

The Financial Industry Regulatory Authority (FINRA) has sanctioned three advisors associated with major firms for improperly applying federal small business loan programs initiated due to the Covid-19 pandemic.

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SEC Issues Investor Alert for Covid-19-Related Scams

Posted on December 15th, 2020 at 10:49 AM
SEC Issues Investor Alert for Covid-19-Related Scams

In an Investor Alert email sent out on December 14, the U.S. Securities and Exchange Commission (“SEC”) warned of an increase in investment scams related to COVID-19.

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FINRA Again Postpones In-person Hearings

Posted on October 15th, 2020 at 3:42 PM
FINRA Again Postpones In-person Hearings

The Financial Industry Regulatory Authority (“FINRA”) announced that all in-person arbitration and mediation proceedings will be postponed through the rest of 2020 due to COVID-19.

 

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FINRA Provides Guidance on Virtual Events

Posted on August 5th, 2020 at 9:21 AM
FINRA Provides Guidance on Virtual Events

The COVID-19 pandemic has required a change in business operations throughout the financial industry. What used to be done in-person, now must be done remotely.  To help guide advisors, The Financial Industry Regulatory Authority (“FINRA”) recently released an FAQ on virtual business entertainment events and meetings. 

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SEC Forms Coronavirus Committee to Combat Fraud

Posted on July 17th, 2020 at 11:21 AM
SEC Forms Coronavirus Committee to Combat Fraud

The Enforcement Division of the U.S. Securities and Exchange Commission is well aware that national emergencies often lead to increases in fraudulent activity. Speaking at the Securities Enforcement Forum West 2020 conference, SEC Enforcement Division CEO Steven Peikin said that the SEC is drawing on experience gained during previous emergencies, including the financial crisis in 2007-08 and the terror attacked on September 11, 2001, to combat COVID-19 related scams. 

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Securities Litigation in 2020

Posted on July 16th, 2020 at 11:03 AM
Securities Litigation in 2020

COVID-19 has had widespread effects throughout the country, and securities litigation has been no exception.  In addition to causing delays and prohibiting many in-person hearings, there has also been a large number of lawsuits related to COVID-19. Although COVID-19 has dominated the headlines, 2020 has produce a couple noteworthy court decisions unrelated to the pandemic. 

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Investors Pull Money from Hedge Funds

Posted on June 18th, 2020 at 1:00 PM
Investors Pull Money from Hedge Funds

The COVID-19 pandemic is taking a toll on the hedge fund industry. Barclays Capital Solutions is reporting that between $50 billion and $100 billion may be pulled out of hedge funds by investors in 2020. This year could see the largest withdrawal of investor funds from hedge funds since 2008 when investors withdrew $154 billion. 

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SEC Files Suit Against E*Hedge Securities

Posted on June 4th, 2020 at 4:04 PM
SEC Files Suit Against E*Hedge Securities

E*Hedge Securities and its CEO Devon W. Parks have been charged by the U.S. Securities and Exchange Commission (“SEC”) for failing to provide the firm’s books and records to the SEC in connection with an SEC examination. Additionally, the SEC alleged that E*Hedge is not properly registered to be an internet investment adviser.

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FINRA Projects 2020 Operating Revenue to Remain the Same

Posted on May 11th, 2020 at 4:14 PM
FINRA Projects 2020 Operating Revenue to Remain the Same

The Financial Industry Regulatory Authority (“FINRA”) is projecting that its operating revenue will be approximately $868.9 million, which would be roughly equal to FINRA’s 2019 operating revenue.  FINRA does expect revenue from regulatory fees to increase in 2020. Meanwhile, operating expenses are expected to increase by 2.8%. If these projections are accurate, FINRA’s expenses will exceed its operating revenue and FINRA may need to tap into its reserves, which currently sit at $210.2 million.

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FINRA Orders First Award Resulting From Video Conference Hearing

Posted on April 30th, 2020 at 4:55 PM
FINRA Orders First Award Resulting From Video Conference Hearing

As we all adapt to a new normal in the wake of the COVID-19 pandemic, FINRA has issued its first arbitration award involving a virtual hearing. FINRA ordered Wunderlich Securities to pay $11.4 million to Dominick & Dickerman and one of its executives. The dispute arose from the sale of Dominick & Dickerman’s wealth management business to Wunderlich in 2015.

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