• Posts by Michelle L. Jacko, Esq.
    Managing Partner and CEO

    Michelle L. Jacko, Esq. is the Managing Partner and CEO of Jacko Law Group, PC, which offers corporate and securities legal services to broker-dealers, investment advisers, investment companies, hedge/private funds and ...

Inside the SEC’s Proposed New Rules for Financial Advisor Advertising

Advisory firms are encountering more competition than ever when it comes to building their client base. Many firms would make an additional spend on marketing and advertising strategies (including use of solicitors and social media to attract younger clients) but often are concerned about SEC regulatory scrutiny and limitations imposed on registrants.

California Governor Signs CCPA Amendments, Privacy Related Bills into Law

California Governor Gavin Newsom has signed five bills that will directly amend the California Consumer Privacy Act (CCPA). Signed into law by then-Governor Jerry Brown on June 28, 2018, the CCPA was designed to notify consumers that they can learn about their personal data that is being collected and sold or distributed to third-parties or affiliates and be given the opportunity to opt-out. The effective date of the CCPA is January 1, 2020, and the enforcement date will be on July 1, 2020.

HCR Advisors Settles SEC Charges on Failure to Supervise and Implement Compliance-Related Policies and Procedures

HCR Wealth Advisors agreed to a cease-and-desist order, a $220,000 penalty, and a $328,912 payment to its harmed clients in order to settle charges with the U.S. Securities and Exchange Commission (“SEC”). The SEC complaint alleged that HCR had failed to reasonably supervise and implement its own compliance-related policies and procedures in response to fraudulent actions by one of its former investment advisors. 

Charging Fees for Inactive Accounts can be as Problematic as Churning

In a noteworthy action resulting from a lack of action in monitoring client accounts, the U.S. Securities and Exchange Commission ("SEC") fined three Raymond James entities $15 million for failing to conduct promised suitability reviews for certain advisory accounts invested in unit investment trusts ("UITs").

SEC Charges Investment Bank Junior Analyst with Insider Trading

The Securities and Exchange Commission (“SEC”) charged 23-year-old junior analyst Bill Tsai at an international investment bank with insider trading.

Jury Returns Verdict for SEC in Case Against Broker Charged with Fraudulent Excessive Trading

The outcome of a recent jury trial in Manhattan has underscored the importance of the Securities and Exchange Commission's new Regulation Best Interest and the Commission's ongoing commitment to enforcing the standard of investment suitability for retail clients.

Protecting Retail Investors: Thoughts from SEC Director Peter Driscoll, OCIE

In a speech given in late April, Peter Driscoll, Director of the Office of Compliance Inspections and Examinations (OCIE), discussed the importance of cooperation among compliance officers, senior management, and the OCIE to promote compliance and more effectively protect...

The Latest Ponzi Scheme Targeting Elderly Investors: SEC Charges "The Money Doctor"

In yet another case of fraud targeting senior investors, the Securities and Exchange Commission (SEC) has charged William Neil "Doc" Gallagher, a Texas-based man touting himself as "the Money Doctor," in an emergency action to halt a sizeable Ponzi...

Unregistered ICO Charges Settled After Company Self-Reports

Trouble regarding initial coin offerings (ICOs) and cryptocurrencies continues to occupy a significant place in our industry's spotlight. In late February, the Securities and Exchange Commission's enforcement branch charged Gladius Network LLC with conducting an unregistered initial coin offering...

Posted in Cryptocurrency
FINRA Releases Its 2019 Annual Risk Monitoring and Examination Priorities Letter

On January 22, 2019, the Financial Industry Regulatory Authority (FINRA) released its Annual Risk Monitoring and Examinations Priorities Letter, which outlined its focus areas for broker-dealer examinations in 2019. While many of these areas are carried over from the...

Posted in FINRA

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