Clients are suing Charles Schwab & Co. and Hightower Advisors after fraudsters allegedly stole nearly $1 million from their retirement accounts and turned off electronic notifications that could have alerted them.
Recent AI-driven rallies in tech stocks have encouraged investors to buy the dip, but this strategy has backfired for those using leveraged exchange-traded funds (ETFs) to amplify returns.
FinancialPlanning recently discussed how focusing on a niche can accelerate growth, especially when advisors promote their focus across all mediums, including websites, social media, and branding.
A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.
The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.
Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.
According to ThinkAdvisor, federal prosecutors have charged former Florida financial advisor Jared Dean Eakes with wire fraud, alleging he scammed clients out of over $2.7 million across multiple states, including Alabama, Arkansas, Florida, Missouri, and elsewhere.
In a lengthy arbitration dispute, two Miami-based financial advisors, Eduardo Augsten and Gustavo Vega, battled over revenue generated from their shared book of business.
Cambridge Investment Research is under review by FINRA's examination staff and anticipates making a $500,000 restitution payment to certain clients in 2024.
According to InvestmentNews, financial institutions are increasingly grappling with authorized transfer scams as scammers become more adept at convincing individuals to transfer funds. Despite prioritizing resources to mitigate those scams, only 50 percent of financial institutions feel confident in their ability to detect and stop fraudulent activities.
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The Financial Crimes Enforcement Network (FinCEN) has imposed a $125 million civil money penalty against UBS Financial Services Inc.
The Financial Industry Regulatory Authority (FINRA) suspended a former UBS Wealth Management USA broker for three months and fined him $10,000 after finding that he executed hundreds of trades in two customers' accounts without the required written authorization.
