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.
Tagged with "SEC"
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Wedbush Securities Settles SEC Failure-To-Supervise Charges Related to Pump and Dump Scheme
Posted on March 15th, 2019 at 9:10 AM
SEC Examiners to Focus on How RIAs are Protecting Elderly Clients
Posted on March 13th, 2019 at 11:25 AM
During the IAWatch compliance event in Washington D.C. this month, SEC officials emphasized that examiners will continue to focus on how RIAs serve their senior clients.
SEC Examiners to Focus on Fee Disclosure Issues
Posted on March 11th, 2019 at 1:45 PM
As continually emphasized by current and former SEC officials this month during the 21st Annual IA Compliance Conference, examiners will continue to review the fees that advisors are charging clients on certain investments, the adequacy of their fee disclosures, and how their investment choices impact investors’ bottom lines.
FINRA Bars Ex-MML Broker for Selling $3.5 Million of Woodbridge Promissory Notes
Posted on March 5th, 2019 at 9:17 AM
FINRA has barred former MML Investor Services, LLC broker, Floyd Powell for failing to disclose to his firm that he sold unregistered promissory notes to 11 customers and received $104,000 in commissions as a result of the transactions.
The SEC Charges Castleberry Financial Services Group for Orchestrating a $3.6 Million Alternative Investment Fraud Scheme
Posted on February 27th, 2019 at 2:08 PM
A federal judge for the U.S. District Court for the Southern District of Florida has granted the SEC’s request for a temporary restraining order and temporary asset freeze of Florida based alternative investment firm, Castleberry Financial Services Group, LLC.
A Decade After the Financial Crisis of 2008, The Financial Planning Industry is Seeking Clarity Regarding Custody Status for RIAs
Posted on February 21st, 2019 at 5:06 PM
As a result of the financial crisis of 2008 and the Bernie Madoff Ponzi scheme, the SEC updated its custody rules for registered investments advisers in 2009.
SEC Charges Three Texas Businessmen with Orchestrating $45 Million Real Estate Investment Fraud
Posted on January 30th, 2019 at 4:22 PM
The SEC has charged Texas real estate developer Philip Michael Carter, investment manager Bobby Eugene Guess and his employee Richard Tilford with persuading hundreds of individuals to invest in real estate development companies and then using their funds to pay for personal expenses.
SEC Releases Alert, Notifying Advisers of the Risks of Texting and Using Social Media with Clients
Posted on January 10th, 2019 at 5:12 PM
In response to an uptick in the amount of text messaging, personal email and social media use in the industry, the SEC recently released a risk alert, notifying advisers that it is paying closer attention to the risks involved with those types of communications.
Most Significant Securities Law Decisions of 2018
Posted on December 28th, 2018 at 12:03 PM
As the New Year approaches, this post will highlight some of the most significant securities law decisions of 2018.
SEC Charges New York Investment Adviser Hector May for Operating a Ponzi-Scheme
Posted on December 17th, 2018 at 2:51 PM
The SEC has filed a complaint in the Southern District of New York against former Rockland County, New York-based investment adviser, Hector May and his daughter, Vania Bell for misappropriating more than $7.9 million in a Ponzi-scheme involving the sale of bonds.
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