Only a few months after withdrawing from the Protocol, UBS Financial Services is requiring brokers waiting for their 2017 bonuses to sign agreements that open them to lawsuits and arbitration complaints if they try to contact former clients within 12 months of leaving the U.S. broker-dealer unit of the Swiss bank. […]
Other News
Rule 8210 – How You Respond Makes a Difference
For FINRA member firms, and employees of FINRA firms (even those who are not registered) FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) gives FINRA the authority to request documents and testimony from firms, registered persons, and, in FINRA’s view, other persons and entities […]
Bitcoin Fraud On the Rise
Proponents of the varied cryptocurrencies believe that buying these “coins” will make them millionaires. For some, it is hard to argue, given the spectacular gains in the currency over the past year. However, those of us who have been involved in the securities markets for more than a few years, […]
State-level fines and penalties hit 5-year high
The SEC has begun to work with the Department of Labor on a fiduciary rule proposal to harmonize the standards of conduct for advisors and broker-dealers, Jay Clayton, the agency’s chairman, told members of the House Financial Services Committee. Clayton’s comments suggest that after months of collecting and reviewing comments […]
Advisors Paying More for Compliance
RIAs and broker/dealers say they are spending 9 percent more money — and a lot more time — on compliance and regulatory issues. Source: Advisors Paying More for Compliance
Investment Adviser Charged in Multi-Million Dollar Options Trading Scheme
The SEC alleges that, starting in approximately 2010, Michael Scronic began to raise money from at least 42 friends and acquaintances, many of whom were from his suburban community, in order to invest in a risky options trading strategy. He allegedly lured investors by informing them that he had a long […]
Why advisors will feel freer to make career moves in 2018
Many financial advisers are shaking off the uncertainties of 2017 and getting ready to consider making the moves that they had put on hold. In my view, this means more advisors will be making strategic moves in the next year even as packages remain off the stratospheric highs of 2015-16. […]
FINRA Hearing Panel Dismisses Charges against Registered Rep.
In a rare decision, a FINRA hearing panel dismissed all charges against a registered representative who was accused of falsifying firm records, by waiving his commissions on mutual fund transactions. The hearing panel found that FINRA failed to meet its burden of proof, and after a hearing, dismissed the charges. […]
Overseas Stock Manipulator Settles SEC Charges
The Securities and Exchange Commission today announced that an overseas stock manipulator has agreed to pay nearly $800,000 and be permanently barred from involvement in penny stocks after hiding his significant stake in a small oil & gas company while secretly funding a fraudulent promotional campaign that artificially boosted the […]
SEC Files Fraud Charges Against Brokers Targeting Federal Retirees
Elder fraud is becoming a significant concern of regulators, and firms. As the older population grows, so do the issues related to them and their money. We have covered this topic before, and the SEC recently charged four former Atlanta-area brokers with fraudulently inducing federal employees to roll over holdings […]
