On May 30, 2012, the federal Government Accountability Office (GAO) released a report , mandated by Dodd-Frank, on its study of the SEC’s oversight of FINRA. The report is critical of the agency’s oversight of FINRA, calling on the agency…
On May 22, 2012 the SEC announced the filing of a complaint in Federal District Court in the Southern District of Florida alleging violations of federal securities laws by two Fort Lauderdale residents – George Levin and Frank Preve. The…
Jacko Law Group, P.C. (“JLG”) wrote a Legal Tip titled Erisa 408(b)(2) Disclosures: Are You Ready? in June, 2012.… Read More
Jacko Law Group, P.C. (“JLG”) wrote a Legal Tip titled Proposed Legislation Could Mean SRO Oversight For Investment Advisers in May, 2012.… Read More
Enhancements to make FINRA’s BrokerCheck and Investment Advisor Public Disclosure (IAPD) systems more user-friendly went live last week. FINRA’s press release announcing the changes notes that they were implemented to ease investors’ access to information concerning brokers, investment advisers and…
Earlier this month Reuters issued a special report detailing confidential documents from investigations by two U.S. Attorney offices into violations by HSBC of the Bank Secrecy Act and other anti-money laundering laws. In April 2003 the Federal Reserve Bank of…
On Wednesday, New York’s highest court rejected a claim by the former Chief Compliance Officer of Peconic Partners, LLC – a New York based hedge fund – that he was wrongfully terminated for confronting the fund’s majority owner, CEO and…
The prohibited transaction provisions of ERISA limit arrangements and payments to service providers to ERISA-covered retirement plans, including investment advisers, which may involve conflicts of interest with respect to the use of plan assets. An exemption from the prohibited transaction…
FINRA announced this week it is requesting comment on proposed express procedures that would permit registered representatives who are the “subject of” allegations of sales practice violations made in arbitration claims (but are not named as actual parties to the…
In January 2010, the SEC established a formal program to encourage and reward individuals who cooperate with the agency in its enforcement investigations and litigation. On March 19, the SEC’s Enforcement Director, Robert Khuzami, issued a public statement touting the…