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Legal & Compliance

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Finra Bars Ex-Edward Jones Broker Linked To Alleged Pot Ponzi Scheme

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Alexandria Porter Bovee got $715,000 for her work with WeedGenics. The SEC called it a sham.

Mariner Seeks To Pause Edelman's Lawsuit Accusing It Of Poaching, Defamation

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Mariner has asked a judge to stay the claims until the completion of several arbitration proceedings involving ex-Edelman advisors.

SEC Says Conn. Ex-Broker Abused Fund Transfer System To Trade Without Money

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Andrew Komarow, formerly of LPL, was barred by Finra in June.

Merrill Sued Again For Paying Low Rates On Cash Sweep Accounts

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This latest lawsuit alleges the firm breached a Merrill Edge client's contract by not paying “reasonable” interest.

FPA Tells DOL Advisors Need More Time To Phase In Fiduciary Rule

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The trade group's CEO wants clarity on how compliance with other best interest rules will work.

JPMorgan Is In A Fight Over Its Client's Lost $50 Million Fortune

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At age 78, Peter Doelger was worth at least $50 million, but as dementia set in over the next five years, it was nearly wiped out.

Trade Groups Tell DOL To Withdraw Proposed Fiduciary Rule

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Unions and consumer groups argue rule is needed to weed out costly conflicts.

Fired Schwab Advisor Says Firm Mistook Disability For Drunkenness

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Robert Dugan said Schwab knew that he took medication for an anxiety disorder affecting his cognitive ability.

Barred Ex-Stifel Rep In N.J. Convicted In Healthcare Fraud Scheme

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A jury said Kaival Patel's false medication claims led state insurance plans to lose millions.

Barred Broker Indicted For Allegedly Defrauding Investors Out Of $88.6M

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Raymond Pirrello of Sparta, N.J., is accused of pocketing fees that he hid from equity investors.

SEC Investor Advocate Asks For Temporary Ban On Mandatory Arbitration

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Advisors who use these types of arbitration clauses in client contracts may be violating their fiduciary duties, she said.

Finra Tried To Ban Firm For 60,000% Fee Hike. It Hasn't Been Easy

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Self-regulatory organizations are the latest target of U.S. conservatives pushing to dismantle big government.

Why This CEO Thinks You Should Ditch Your Credit Cards

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Affirm's Max Levchin says buy-now, pay-later loans offer a better alternative. Federal regulators aren't so sure.

Finra Bars One Advisor, Fines Another For Using Cell Phones During Exams

by FA Staff

Both advisors were terminated by their former firms, according to Finra.

Trade Group Wants Withdrawal Of State Regulators' Unethical Practices Proposal

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State regulators say they want to align state rules on ethical broker behavior with federal rules.

Finra Fines Four Firms $2.6M For Securities Lending Violations

by FA Staff

The sanctions include $1 million for investors who didn't approve deals but got tax bills anyway.

Online Brokerage Public Lets Individual Investors Buy Pieces Of Corporate Bonds

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Its retail investors will be able to buy slices of corporate bonds just like they do with stocks.

Wall Street CEOs Head To Washington With Capital-Rule Concerns

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The heads of the biggest U.S. banks want to water down capital rule proposals.

House Moves Ahead On Bill That Would Block DOL Fiduciary Rule

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Hearings on the bill are scheduled for this week, but it stands little chance of gaining President Biden's signature.

Nashville B-D Closes Doors After L Bond Meltdown

by FA Staff

Center Street Securities was facing steep claims for its sales of bonds for bankrupt GWG Holdings.

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