R. Allen Stanford, the indicted financier, sued U.S. prosecutors and
agents of the FBI and SEC, accusing them
of "abusive law enforcement" and seeking $7.2 billion in damages.
Two units of Lincoln National Corp. must pay the Financial
Industry Regulatory Authority a total of $600,000 in fines for failing
to safeguard customer information.
by
Ray Fazzi
The Certified Financial Planner Board of Standards, Inc. announced public disciplinary actions against 27 advisors today.
by
Dorothy Hinchcliff
R. Allen Stanford is being moved to a prison hospital for treatment of
an anxiety-drug habit he acquired in jail while
awaiting trial on charges that he swindled investors of $7 billion.
Kenneth I. Starr, the money manager who admitted to defrauding his
celebrity clients of as much as $50 million, has reached a restitution
agreement with the U.S. government.
The $1 billion legal fight between the New York Mets'
owners and the trustee liquidating Bernie Madoff's firm will be
mediated by former New York Governor Mario Cuomo.
Are brokers allowed to use social media? The question is still open, and Finra is now expected to issue more guidance on the matter later this year.
A bipartisan group of U.S. senators urged regulators
implementing derivatives measures to move
cautiously so the rules can be "completed without unintended
consequences."
The U.S. Securities and Exchange Commission is
investigating whether exchange-traded funds are being used to hide
insider trading, a person with knowledge of the probe said.
Former junior portfolio managers at SAC Capital Advisors LP were among four hedge fund
employees charged in a U.S. crackdown on insider trading, according
to a person familiar with the matter.
State securities regulators are on the defensive again, confronting a
Republican-controlled U.S. House of Representatives that could undermine
their legislative agenda.
by Roy Diliberto
The fiduciary standard is essential for financial planning to be embraced as a profession, yet examples abound of advisors who ignore it.
by
Evan Simonoff
Regulatory reform is at the top of RIAs' minds going into 2011.
by
Jeff Schlegel
Finra's chairman and CEO described how his
agency would operate if it becomes the SRO of
investment advisors in comments at a Financial Services Institute conference.
by
Ray Fazzi
Efforts to create a uniform fiduciary standard for all advisors
received support today from LPL Financial, the nation's largest
independent broker-dealer.
by
Dorothy Hinchcliff
The SEC wants to eliminate the need for
investors to have to search two databases to find information on broker-dealers and investment advisors.
The NBA's Miami Heat was sued by the R.
Allen Stanford receivership for allegedly collecting more than $1.3
million in ill-gotten gains from Stanford's alleged fraud.
As required by the Dodd-Frank act, the SEC wants investment advisors who manage private funds of $1 billion or more report much more information on those portfolios.
The Manhattan DA plans to step up prosecution of investment fraud and Ponzi schemes and wants much tougher penalties for those convicted in New York.
by
Ray Fazzi
The Financial Planning Coalition is urging the SEC to quickly
start a rule-making process to implement its recommendation that
advisors and brokers be subject to a common fiduciary standard.
