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FINRA Seeks SEC Approval of New Broker Compensation Disclosure Rule
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, December 17, 2015.
On Wednesday, the Financial Industry Regulatory Authority (FINRA) submitted proposed Rule 2273 to the SEC for formal approval. The rule, titled “Educational Communication Related to Recruitment Practices and Account Transfers,” […] Read More
Morgan Stanley Axes 1,200 Jobs
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, December 9, 2015.
Morgan Stanley announced it will eliminate 1,200 positions, amounting to 25% of the firm’s entire fixed income trading staff as well as other infrastructure […] Read More
SEC Enforcement Breaks Records in Fiscal 2015
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, December 1, 2015.
The Securities and Exchange Commission focused on several new types of financial and securities abuses during 2015 and filed a record number of enforcement actions and fines against companies and individuals […] Read More
Metlife Will Pay a “Significant Fine” to FINRA Over Variable Annuity Sales
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 24, 2015.
MetLife, Inc., the largest U.S. life insurer, has disclosed that FINRA has indicated it will seek a “significant fine” from MetLife as part of FINRA’s investigation of MetLife’s possible violations in the sale of variable annuities […] Read More
EX-Ameriprise Broker Sentenced to 7 Years in Prison for Stealing from Clients
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 24, 2015.
Former Ameriprise broker, Susan Elizabeth Walker of Minnesota, has been sentenced to seven years in in prison for stealing $1 million from her clients to pay for personal expenses including vacations and her children’s private school tuition. Walker plead guilty […] Read More
Credit Suisse Brokers Who Do Not Transition to Wells Fargo Will Lose Deferred Compensation
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 17, 2015.
Credit Suisse, like most brokerage firms, takes a portion of broker compensation and agrees to pay that compensation as “deferred compensation” years down the road. It is a way of enticing brokers to stay, and not leave, the firm. […] Read More
SEC Increases Examinations of RIA Firms
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, November 9, 2015.
An increasing number of FINRA registered brokers, and smaller broker-dealers, have given up their FINRA licenses and moved to the Registered Investment Advisory model […] Read More
House Subcommitte Introduces Bill Designed to Reign in Use of SEC In-House Courts
By Jeffrey T Petersen, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, October 28, 2015.
The chairman of the House Financial Services subcommittee on capital markets, Rep. Scott Garrett, (R., N.J.), introduced a bill last Thursday that would give defendants in SEC administrative proceedings the right […] Read More
Wells Fargo Strikes Deal To Recruit 250 Credit Suisse Advisors
By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, October 23, 2015.
Credit Suisse has announced plans to wind down its U.S. private banking division, which means the bank’s approximately 250 brokers will need to find a new home whether they like it or not. Rather than buying Credit Suisse’s boutique brokerage division outright, Wells Fargo recently announced an agreement with Credit Suisse to “recruit” […] Read More
Investment News Article Indicates Stalling in Women Obtaining Leadership Positions in Financial Services Industry
By Jonah A Toleno, Esq. of Shustak Reynolds & Partners, P.C. posted on Monday, October 19, 2015.
Investment News released an online article last week indicating that women’s advancements into senior positions at financial advisory firms have stalled. While women comprise approximately half of the total number of employees at a typical advisory firm […] Read More