Legal & Compliance

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Ameriprise Advisor Arrested For Alleged Role In Jan. 6 Capitol Riot

by FA Staff

Lee Giobbie of Eastampton, N.J., was one of the first rioters to breach the Capitol building, prosecutors said.

Investor Advocate Groups Unite To End Forced Arbitration In RIA Biz

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The groups have formed a coalition to upend a dispute resolution system they say is "stacked against investors."

Barred Wisconsin Broker Indicted For Alleged Wire Fraud

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Robert C. Starnes moved $72,000 in client funds to personal accounts, federal prosecutors said.

FSI Could Ramp Up Another Suit Against DOL Fiduciary Rule

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The trade group's president said its appeals to the Department of Labor have fallen on deaf ears.

Securities America Appeals $95K Finra Arbitration Penalty

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The company is arguing a Finra arbitration panel incorrectly awarded damages to one of its former brokers.

Experts Debate The Fate Of Small RIAs

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A look at the diversity of different RIA models reveals many are growth-challenged.

FSI Asks SEC To Police “Regulation By Enforcement”

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New white paper asks regulator to create policies and internal audits to eliminate unfair practices.

Citibank Sued By New York State Over Online Fraud Safeguards

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The bank is accused of failing to sufficiently protect customers from fraudsters.

Ex-Morgan Stanley Broker Criminally Charged For Alleged $3.5M Fraud

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Jesus Rodriguez of El Paso, Texas, allegedly robbed the accounts of 10 clients.

Hedge Fund Demands $100 Million From Its Compliance Team After SEC Probe

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Chatham claims the outside consultant failed to prevent trading practices that ran afoul of authorities.

Aon Investments Fined $1.5M Over Incorrect Pension Statements

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The faulty performance statements caused wide-ranging disruptions for the Pennsylvania pension fund, the SEC said.

SEC Ramps Up Investor Protections For SPAC IPOs

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The new rules require enhanced conflicts disclosures and guardrails for earnings projections.

DOL's Fiduciary Rule Will Cost Advisors $2.7B In First Year, FSI Says

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That's 11 times more than the agency has estimated, the independent broker-dealer industry group said.

J.P. Morgan Sues Ex-Advisor, Accuses Him Of Poaching Clients

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The wirehouse alleges Nader Joseph Al-Mooshi is soliciting a group of its clients that is worth $420 million.

SEC Probes B. Riley Deals With Client Tied To Failed Fund

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Regulators are investigating the firm's relationship with a client linked to a securities fraud.

Wells Fargo Fined $425K For Trade Disclosure Failures, Finra Says

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The bank failed to report exact prices on millions of client trades, the regulator said.

Wall Street Counterattack On Gensler Hits SEC's Foundations

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Lawsuits challenging the commission and its powers are striking at the very foundations of the SEC.

Advisor Gets 18 Months For Ripping Off NYC Police Union

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The advisor and the union's president conspired to steal money from the fund for eight years.

Robinhood To Pay $7.5M Fine To Mass. Over 'Gamification' Strategies

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The trading platform used lottery-style scratch-off tickets and other gimmicks to attract investors, regulators said.

Companies Are Still Trying To Figure Out How To Comply With SEC Cyber Rules

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Under the new rules, public companies have to report on the impact of a material hack.

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