Legal & Compliance

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Trade Group Sues SEC For Records On Broker-Dealer Record-Keeping Fines

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The American Securities Association wants to know how $1.6 billion in fines were calculated.

Ameriprise Seeks Restraining Order Against LPL And Father-Son Duo

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Ameriprise Financial Services claims Mitchell and Wesley McCann took confidential information after a move to LPL.

Wall Street Fights Back Against FTC Ban On Some Noncompete Contracts

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Business groups say these contracts keep prized employees from running off with trade secrets.

Virginia Firm Sues Former Employees, Claims Sabotage

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Salomon & Ludwin wants damages from the $750 million AUM team who left and formed Founders Grove.

Retirees Claim Deceased Unregistered Advisor Stole $18.5M Of Their Savings

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The former Pennsylvania energy company workers allege in a lawsuit that Joseph Pezzano stole their life savings.

Advisor Ordered To Repay Morgan Stanley $5M In Promissory Note Battle

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A Finra arbitrator sided with the firm's contention that Frederico Cardona failed to honor promissory note agreements.

Is It Worth It To Report Your Own Rule Violations To The SEC?

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The agency's enforcement chief says it's always a good idea and often leads to more leniency.

Former RIA's 'False And Misleading' Statements Draw $600K Penalty, SEC Says

by FA Staff

MassAve and its CEO misled investors about its holdings and exposures, the regulator said.

Merrill Lynch To Pay Nearly $20M In Discrimination Lawsuit Settlement

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The ex-employees, mostly financial advisors, said they earned less and were passed over for promotions.

Industry Groups Target DOL's Fiduciary Rule In Second Lawsuit

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The latest legal challenge was launched by nine annuity and insurance trade groups.

Senate Bill Would Force SEC To Weigh Economic Impact On Small Advisors

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The House already approved the legislation, which would also lead to more advisors being designated as "small."

Strategic Wealth Sues Advisor In Colo. For Alleged Contract Breach

by FA Staff

The firm claims Jason H. Taylor, who had managed $20 million, breached his contract when he left.

Finra Bars Ex-Thrivent Advisor Accused Of Stealing Public Funds

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Wisconsin advisor Gary A. Kieper allegedly used a treasurer position to embezzle more than $300,000.

Congressional Resolutions Could Blow Up DOL Fiduciary Rule

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A bipartisan group of lawmakers is trying to overturn new requirements put on advisors.

Finra Rules Ex-RJ Advisor Owes $2.6M After Selling Firm, Poaching Clients Back

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Nicole Sennett was accused of poaching clients after a business sale turned acrimonious.

SEC Fines Calif. Advisor Almost $1.1M For Not Disclosing Annuities' Commissions

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The agency said Raymond L. Lent and his firm didn't disclose upfront sales commissions on annuities of 6.8% on average.

Ivan Boesky, Convicted Of Insider Trading In 1980s, Dies At 87

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He won fame as a high-flying Wall Street arbitrageur before a scandal that defined his era.

Why Wealthy Clients Fall For 'Dirty' Tax Scams

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Some clients, advisors admit, look to the annual IRS "Dirty Dozen" tax scam list as a manual for dodging taxes.

TD Sues 2 Advisors, Claims They Stole Clients After Move To RJF

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TD Bank claims they violated their contract by recruiting clients with $22 million in assets.

N.Y. Advisor Convicted Of Stealing More Than $1M From Couple, DOJ Says

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Jeffrey Slothower of Southampton allegedly spent the money on a golf club membership and luxury goods.

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