FINRA records identify at least one of the financial advisors who may be sued for fraud as a result of the alleged Ponzi scheme by the advisory firm founded by R. Allen Stanford.
by
Jeff Schlegel
Fidelity Investments has rolled out new tools to help financial advisors
manage the new cost-basis requirements that take effect at the start of
the new year.
Bank of America Corp. won a court order temporarily blocking four
former employees from using and sharing the bank's client records at
their new employer, Dynasty Financial Partners.
Securities firms are largely absent from the social media revolution because regulators and company rules have prevented financial advisors from using sites such as LinkedIn and Twitter.
A crackdown on Ponzi schemes and other investment frauds resulted in U.S. enforcement action against 343
criminal defendants and 189 civil defendants since August, the Justice
Department said.
by
Ray Fazzi
The Securities and Exchange Commission is proposing raising IARD
filing fees 12.5% in 2011 for advisors with $100 million or more in
assets under management.
Investment advisors don't want a self-regulatory organization in their
future, especially the Financial Industry Regulatory Authority.
by
Karen DeMasters
The SEC has revoked the registration of a
Florida RIA that it says used a Ponzi scheme
to defraud federal and state government workers of at least $34
million.
by
Dorothy Hinchcliff
A former financial advisor charged with defrauding churchgoers of
millions by spending the money they gave him to invest in REITs surrendered to the FBI this week.
Level Global Investors LP and Diamondback Capital Management LLC's
offices were searched by agents of the Federal Bureau of Investigation,
an agency spokesman said.
An enforcement action by the
SEC against a chief compliance officer could add to growing concerns about a
possible heightened regulatory focus on the role.
Two former executives of Bernard Madoff were arrested in connection
with his Ponzi scheme, bringing the
number of people charged in the fraud to at least eight.
by
Ray Fazzi
Henry Hu, the
law professor hired by the U.S. Securities and Exchange Commission to
lead a new unit responsible for spotting threats to financial markets,
plans to leave the agency by January.
The U.S. Internal Revenue Service dropped its demand for the identities
of Americans who hold secret offshore bank accounts at UBS AG.
by
Ray Fazzi
Securities regulators are trying to bring doctors and other medical
professionals into the fold when it comes to protecting the elderly
against investment scam artists.
by
Karen DeMasters
The SEC may continue to examine
some RIAs that are being officially transferred to
state jurisdiction--at least for awhile, according to the SEC's
compliance office.
A Raymond James executive is concerned that new rules will overwhelm clients with complex point-of-sale disclosures.
A money manager from Brooklyn, N.Y., ran a 30-year Ponzi scheme that
defrauded hundreds of investors, a federal prosecutor told jurors at the
start of his securities-fraud trial.
by Eric Uhlfelder
Just days after the Republicans took control of the House, financial industry
leaders are worried the government is emphasizing speed over efficacy with
financial reform.
The SEC has proposed a new rule that authorizes it to pay whistleblowers as much as 30% of the money it collects when imposing fines or recouping ill-gotten gains.
