SEC will Only Target Corporate Directors in the Most Egregious Cases
The Securities and Exchange Commission (SEC) has announced that it will focus enforcement cases on corporate directors […]
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Shustak Reynolds & Partners Investigating Claims Related to Forfeited Deferred Compensation
Shustak Reynolds & Partners is investigating potential claims arising out of the forfeiture or cancellation of broker and financial advisor deferred compensation benefits. […]
Read MoreSEC to Focus on RIA Examinations
The Securities and Exchange Commission (“SEC”) is beefing up its efforts to more closely examine Registered Investment Advisory firms. The SEC has announced […]
Read MoreFINRA Accuses Broker of Charging $11 Million in Commissions and Lying About It
In early February 2016, the Financial Industry Regulatory Authority (FINRA) filed an enforcement action accusing financial advisor Gopi Vungarala of repeatedly lying […]
Read MoreWe Congratulate Our Firm’s 2016 SuperLawyers
We are pleased to announce that partners Erwin Shustak and George Miller […]
Read MoreAIG Sells Advisor Group In Anticipation of DOL’s New Fiduciary Rule
Late last week, American International Group Inc. (AIG) CEO Peter Hancock announced the firm’s plans to spin off its independent broker-dealer division. […]
Read MoreCalifornia Has Legalized Payment of Finder’s Fees For Securities Offerings
Effective January 1, 2016, California has adopted a sweeping change to its laws on payment of finder’s fees to unregistered persons in connection with securities’ offerings. […]
Read MoreDefining Personal Benefits: Supreme Court to Revisit Insider Trading Standards after 33 Years
“The distinction between pure altruism and self-interest has puzzled philosophers for centuries; there is no reason to believe that courts and administrative law judges will have an easier time with it.” […]
Read MoreSix Tips for Financial Health in 2016
The Financial Industry Regulatory Authority (FINRA) recently published a list of six tips to help investors start 2016 on solid financial footing and avoid unnecessary risk […]
Read MoreFINRA Expungement Update – Expungement Denied in Recent Case
A recent FINRA arbitration Award highlights how the new FINRA expungement rules cannot be circumvented […]
Read MoreFormer JP Morgan Broker Barred from Industry
As one of its final acts of 2015, FINRA barred former JP Morgan representative […]
Read MoreIt’s the Culture, Stupid: Additional Observations on Finra’s 2016 BD Guidance
As we posted last week, FINRA has just published its 11th annual Regulatory and Examination Priorities Letter addressing emerging and existing risks that could have potentially adverse effects on investors and market integrity in 2016 […]
Read MoreWells Fargo Adviser Charged in $13 Million “Pump and Dump” Scheme
The Securities and Exchange Commission (“SEC”) charged Wells Fargo adviser Donald Toomer with helping a client operate a $13 million “pump and dump” scheme […]
Read MoreFINRA Regulation to Scrutinize Firm Cultures in 2016
The Financial Industry Regulatory Authority (“FINRA”) announced this week it will more formally scrutinize how brokerage firm’s culture affects compliance risk management practices […]
Read MoreCantor Fitzgerald to Pay $7.3 Million for Selling Unregistered Stock
The Financial Industry Regulatory Authority FINRA ordered investment bank Cantor Fitzgerald & Co. to pay $7.3 million in sanctions for allegedly selling billions of unregistered microcap shares […]
Read MoreJ.P. Morgan Misled Clients On Broker Compensation
J.P. Morgan Securities agreed to pay $4 million to settle charges by the SEC that it mislead clients about how its brokers were compensated, according to the SEC […]
Read MoreLPL Cuts Workforce and Delays Raises for Employees
LPL Financial announced this week it was doing more belt-tightening and has eliminated 70 jobs […]
Read MoreCetera Advisers Consider Leaving in Light of RCS Capital Woes
As Cetera Financial Group’s parent, RCS Capital, implodes under the weight of accounting irregularities and increasing regulatory scrutiny, many Cetera advisors are considering whether to stay the course or jump ship […]
Read MoreComprehensive Asset Management Agrees to Pay $475K Fine for Annuity Abuse Charges
New Jersey based Comprehensive Asset Management and Servicing, Inc. has agreed to pay FINRA a $475,000 fine to settle allegations that the firm failed to […]
Read MoreFidelity Hit With $1 Million Fine for Failing to Detect Fraud Against Seniors
This week FINRA hit the retail brokerage arm of Fidelity Investments with a $1 million fine and sanction for failing to detect and protect is clients, mostly seniors […]
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