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Legal & Compliance

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SEC Busts Advisors For Fees-Related Fraud

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The SEC on Thursday has charged two Ohio-based investment advisors with overstating the value of an investment portfolio so they could charge more fees. 

Report: Barney Frank Won't Push For SRO For Advisors

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Congressman Barney Frank (D., Mass.) won't push for a self-regulatory organization to oversee registered investment advisors, according a published report.

Ameritas Fined In VUL Sales

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Ameritas has been fined $100,000 and one of its brokers has been suspended and fined for convincing customers to borrow against their homes to buy variable universal life insurance policies.

Fee-Only Pioneer Zabalaoui Sentenced To 8 Years

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A federal judge sentenced 71-year-old former planner Judith Zabalaoui to 97 months in prison for using a Ponzi scheme to embezzle millions from clients.

GE Settles Fraud Charges For $50 Million

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General Electric Co. has agreed to pay a fine of $50 million to settle civil fraud and other charges filed against it by the SEC. 

Advisors Take Case To Washington

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A group of leading financial advisors has met with Washington officials and let them know that fiduciary principles should apply to all those giving investment advice. 

Bank Of America To Pay Fine Over Bonuses

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Bank of America has agreed to pay $33 million to settle SEC charges that it misled investors about $5 billion in bonuses that were being paid to Merrill Lynch executives when the bank bought it.

CFP Wants Exemptions From Surprise Audits

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The CFP Board of Standards says some advisors should be exempt from a proposed SEC rule that would subject advisors to surprise audits if they have custody of client assets.

Investor Funds Paid For Ferrari, SEC Says

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A former police officer and his cohort used at least $7 million in real estate fund investor money to pay for luxury homes, exotic vacations, gambling debts and a Ferrari, according to the SEC.

SEC Proposes More Rules For Advisors

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The SEC is proposing new rules aimed at stopping "pay to play" practices by investment advisors who seek to manage money for government pension and 529 plans.

FINRA Fines Bank B-Ds For Variable Annuity Sales

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FINRA has fined five bank broker-dealers a total of $1.65 million for deficient supervision and procedures involving variable annuity, mutual fund or unit investment trust transactions.

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