A financial advisor affiliated with Equity Services Inc. (ESI) has agreed to a one-month suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) found that someone else completed his required continuing education (CE) for a state insurance license renewal.
Vanguard Group has agreed to pay over $106 million to settle allegations by the U.S. Securities and Exchange Commission (SEC) that it misled retail investors regarding capital gains distributions and tax liabilities associated with its popular target-date retirement funds.
Scott Mason, former president of Rubicon Wealth Management, pleaded guilty to multiple fraud charges after federal prosecutors accused him of misappropriating over $17 million from clients, including his own widowed aunt.
The Financial Industry Regulatory Authority (FINRA) has released its annual regulatory oversight report, emphasizing key compliance concerns for broker-dealers.
Artificial intelligence (AI) tools, including large language models (LLMs), present both promising opportunities and notable risks for financial advisors. According to Financial Planning, as the popularity of AI grows in the financial advisory sector, regulators like FINRA and the SEC are examining potential issues closely.
Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.
A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose alleged
misconduct led the firm to incur significant settlement costs.
FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.
UnitedHealth Group has agreed to pay $69 million to resolve a class action lawsuit alleging violations of its fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).
FINRA has fined Anthony J. Seifert, a former Merrill Lynch advisor based in Mount Pleasant, South Carolina, $5,000 and suspended him for 20 days.
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The Maryland Securities Commissioner has barred financial advisor Timothy Pickett and his firm, Blue Anchor Capital Management, from operating in the securities industry within the state.
The Financial Industry Regulatory Authority (“FINRA”) has proposed a rule change that would allow broker-dealers and registered representatives to seek a stay of certain disciplinary sanctions before those penalties take effect.
AdvisorHub reports that the Securities and Exchange Commission’s Investor Advisory Committee has finalized a recommendation urging the Securities and Exchange Commission (“SEC”) to rein in the use of mandatory arbitration clauses by registered investment advisers (“RIA”s).
