Massachusetts Secretary of State Bill Galvin has issued a subpoena to Robinhood Markets Inc., seeking information on the firm’s prediction-markets business and its potential links to gambling.
The Securities and Exchange Commission (SEC) has charged Alan Burak, founder of Never Alone Capital LLC, with orchestrating a fraudulent investment scheme that raised approximately $4 million from investors.
Distressed investors who purchased $1.6 billion in GWG L bonds may soon receive a small fraction of their original investment under a proposed settlement.
Stifel Financial’s retail broker-dealer must pay nearly $133 million in damages following a FINRA arbitration tied to Miami-based advisors' structured note strategy.
Two former UBS financial advisors have filed a class action lawsuit accusing UBS of failing to reimburse necessary business expenses, unlawfully deducting costs from wages, and delaying payments to employees who quit or were terminated.
The Financial Industry Regulatory Authority (FINRA) has barred a 21-year industry veteran for engaging in unapproved private securities transactions totaling $11 million.
Vanguard is facing a federal class-action lawsuit over a $100 fee imposed on brokerage customers who close their accounts and transfer funds to another firm.
An arbitration panel has ordered independent broker-dealer Commonwealth Financial and a group of advisors formerly with Edward D. Jones & Co. to pay $3.5 million following a legal dispute over their departure, according to an arbitration award.
The CFP Board is requesting public comment on proposed revisions to its procedural rules regarding certification eligibility for candidates with a single bankruptcy or multiple misdemeanor convictions related to alcohol or drug offenses.
The U.S. Commodity Futures Trading Commission (CFTC) has issued a new advisory that formalizes how it will evaluate cooperation and self-reporting when determining penalties in enforcement matters. According to InvestmentNews, acting Chairman Caroline Pham announced the move as part of a broader shift in the agency’s enforcement posture, aimed at incentivizing faster case resolution and more reasonable penalties.
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FINRA has suspended a Centaurus Financial broker, William Burks, for four months after finding he placed as much as 91 percent of a client’s net worth into illiquid alternative investments.
Two former Morgan Stanley advisors in Hackensack, New Jersey have defeated Morgan Stanley’s initial effort to block them from soliciting clients, according to an August 15 order from New Jersey Superior Court.
Federal prosecutors have accused Mihir Deepak Sukthankar, a California resident once celebrated as a teenage trading “prodigy,” of orchestrating a multi-million-dollar Ponzi scheme.
