Legal & Compliance

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Morningstar Says DOL Rule Will Save Investors $87B Over Next 10 Years

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Investors in small retirement plans and those who roll over into annuities will reap the greatest savings, researchers found.

Coin Seller Scammed Retirement Account Holders Out Of $50M, SEC Says

by FA Staff

The company targeted older conservatives and people with 401(k)s, IRAs and other retirement accounts, the agency said.

Finra Bars Northwestern Rep For Allegedly Processing Policies Without Clients' Consent

by FA Staff

Multiple clients of Michael Gerard Gravelyn said they had not signed policy applications.

SoFi Settles With Finra In $1.1M Penalty Over Thieves' Use Of Accounts

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Thieves used the B-D's cash management accounts to transfer millions from outside institutions.

Former First Republic Advisors Battle JPMorgan To Keep $90M In Loans

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The advisors contend they were victimized by the failed bank.

The Trial Of The Fiduciary Rule For Crimes Against The Fiduciary Rule

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The fiduciary rule fails to advance the best interests of retirement savers.

Will The Lawsuit Against The DOL Fiduciary Rule Prevail?

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Three experts weigh in on the motion for an injunction against the new rule and hopes to vacate it.

SEC Warns Robinhood That Its Crypto Business Faces Lawsuit

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The agency has argued that most tokens are subject to its rules.

Advisor Sues Merrill Lynch Over Alleged ERISA Violations

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The lawsuit maintains the firm broke the law when it denied the advisor his deferred compensation when he resigned.

Trump Media's Accounting Firm Accused Of Massive Fraud

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BF Borgers CPA PC will pay $14 million to settle the probe, the agency said.

Insurance Industry Group Files First Lawsuit Against DOL Fiduciary Rule

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Other industry opponents to the new fiduciary requirements have hinted they will mount their own legal challenges.

Washington Trust Got $2.1M In Settlement With Four Advisors, Execs Reveal

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The trust company accused the advisors of departing and subsequently stealing its clients.

NAPFA Endorses DOL's Fiduciary Rule

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The CFP Board has also expressed support for the rule, while the FPA has raised issues about compliance costs.

Md. Advisor Who Faked Suicide Gets 3.5 Years For Bilking Elderly Client

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Eddy Blizzard stole $1.4 million from the late client, causing him to lose his house.

N.H. Advisor Ordered To Pay Nearly $6M Penalty For High-Risk Investments

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Thomas Chadwick sold mom-and-pop investors highly leveraged notes that became worthless during the pandemic, state regulators said.

Broker Sues Vantage Capital Alleging Discrimination Over Cancer

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She alleges the firm coerced her into quitting her job after her illness.

NYC Advisor Gets More Than Six Years For $6M Ponzi Scheme

by FA Staff

Some of Surage Perera's victims lost their life savings or had to delay their retirements, prosecutors said.

The New Fiduciary Rule Offers Carve-Outs For Sales, But Be On Guard

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Such activities need to be specific and scripted to avoid violations, an industry attorney warned.

MassMutual, Advisor Wage Court Battle Over Finra's Arbitration Jurisdiction

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A federal court is being asked to decide who should arbitrate the company's non-compete complaint against the former rep.

Ex-Advisor Indicted On Multimillion-Dollar Fraud Scheme

by FA Staff

Craig Allen of Atlanta used his hedge fund to scam investors of more than $7 million, prosecutors said.

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