The North American Securities Administrators Association (NASAA) has released its 2018 Enforcement Report (the Report) that says 2017 was the first year on record in which enforcement actions against registered investment advisors (RIAs) has outnumbered enforcements against broker-dealers and...
Dale Cebert was managing over $400 million when Morgan Stanley terminated his employment for failure to disclose his outside business activities. Being terminated is always a serious matter any investment professional, but allegations were also added to his public...
An October 18, 2018, press release has outlined the SEC (Securities and Exchange Commission) report on increased efforts to protect elderly investors against fraud, identity theft, and other crimes commonly perpetrated against this vulnerable population. Due to the industry's...
Indianapolis-based Steele Financial Inc. and the advisory firm's owner, Tamara Steele, have both been charged by the Securities and Exchange Commission (SEC) with failure to disclose sales commissions of up to 18% charged on approximately $13 million of high-risk...
The Securities and Exchange Commission (SEC) announced in September a court order that halted what the SEC referred to as "an ongoing Ponzi-like scheme" that fraudulently collected more than $345 million from over 230 investors across the U.S. In...
Digital and virtual currencies continue to be a growing trend in the financial industry. Investors are demonstrating increased interest and trading activity, and, more and more financial advisers are considering inclusion of cryptocurrencies in investment portfolios. Existing as digital...
58-year-old Arthur Lamar Adams pled guilty on May 9, 2018, to one count of wire fraud for his role in defrauding hundreds of investors in a Ponzi scheme involving more than $100 million, spanning a period of at least...
Three former executives of Endurance International Group Holdings and Constant Contact Inc., acquired by Endurance in 2016, have settled charges with the Securities and Exchange Commission (SEC) for reporting inflated subscription metrics for their web hosting and internet-based marketing...
Failure to properly disclose conflicts of interest and failure to properly discharge a firm's fiduciary duties -can result in costly penalties. In a one such case, Merrill Lynch, Pierce, Fenner & Smith ("Merrill") recently agreed to an $8.9 million...
Pay-to-play violations have the potential to affect a firm's reputation and typically in a "two-year timeout from providing compensatory advisory services directly to a government client." Contributions of any kind, which include campaign contributions to those seeking elected office,...
- Investment Adviser Wearing Multiple Hats Charged by SEC for Defrauding Clients
- Charging Fees for Inactive Accounts can be as Problematic as Churning
- SEC: Prudential Failed to Disclose Conflicts of Interest to Fund Boards
- SEC Charges Investment Bank Junior Analyst with Insider Trading
- SEC Files Charges in Fraudulent Token Manipulation Scheme
- OCIE Risk Alert: Guidance for Compliance, Supervisory and Disclosure Procedures
- Jury Returns Verdict for SEC in Case Against Broker Charged with Fraudulent Excessive Trading
- SEC Charges Investment Advisor with Defrauding Clients by Failure to Disclose Conflicts of Interest
- Charging Clients Fees Not Disclosed in Form ADV: State Street Settles with SEC for $88 Million
- The CFP's Revised Code of Ethics and Standards of Conduct Takes Effect
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