According to the SEC’s disclosure initiatives and examinations, the agency is aiming to require investment advisers to obtain informed consent from their clients by having them acknowledge that they were not sold the least expensive product and that less costly options exist. The SEC’s initiative applies specifically to fee-only RIAs and dully registered investment advisers who sell products to earn commissions.
FINRA has barred Denver, Colorado broker, Daniel Todd Levine for failing to cooperate in an investigation regarding allegations that he engaged in undisclosed outside business activities while working at Morgan Stanley.
On April 5, 2019, FINRA issued Regulatory Notice 19-10 to provide guidance to departing registered representatives on customer communications. This is the third in a series to address the key points in FINRA Regulatory Notice 19-10.
On April 5, 2019, FINRA issued Regulatory Notice 19-10 to provide guidance to departing registered representatives on customer communications. This is the second in a series to address the key points in FINRA Regulatory Notice 19-10.
On April 5, 2019, FINRA issued Regulatory Notice 19-10 to provide guidance on customer communications related to departing registered representatives. This is the first in a series to address the key points in FINRA Regulatory Notice 19-10.
A Texas judge has denied a temporary restraining order (TRO) filed by Morgan Stanley to prevent two Dallas, Texas-based investment advisers, who left the firm, from soliciting their former clients at their new firm, an independent broker-dealer.
In a recent article in Financial Planning, Alan J. Foxman highlights several important reasons why financial advisors named in an arbitration claim should hire their own attorney instead of using the firm’s in-house or outside law firm counsel.
Wedbush Securities, Inc. has agreed to settle an SEC administrative proceeding related to the firm’s failure to take action despite being aware that an employee was involved in a long-running pump-and-dump scheme.
In May of 2017, FINRA barred former Ameriprise Financial broker, Jim Jinkook Seol of Lake Forest, California for participating in $100 million worth of private securities transactions by selling away and deliberately concealing the misconduct from Ameriprise Financial.
In 2018, FINRA fined broker-dealers a total of $68 million, which was a 5% increase from $65 million in 2017, while the average fine per case increased in 2018 to $107,000 from only $65,000 in 2017.
