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SEC's Private Fund Advisors Rules Create Challenges

June 18th, 2024 at 1:28 PM
Registered Investment Advisors (RIAs) are facing a pivotal moment as they gear up to comply with the Securities and Exchange Commission's (SEC) Private Fund Advisers Rules, with the most stringent requirements set to take effect later this year and early in 2025.
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Accredited Investor Standards Under Review Amid Growing Inflation Numbers

June 17th, 2024 at 11:26 AM
The criteria defining who qualifies as an "accredited investor" has not seen inflation adjustments for four decades, resulting in a significant increase in households meeting this definition.
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Ä¢¹½´«Ã½lls Fargo Fires Employees for Faking Work

June 14th, 2024 at 11:39 AM
Ä¢¹½´«Ã½lls Fargo & Co. recently terminated over a dozen employees following an investigation into allegations of fake work activities.
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FINRA Struggles to Revise Outside Business Rules

June 13th, 2024 at 1:31 PM
The Financial Industry Regulatory Authority’s (FINRA) attempt to update its rules on advisors’ outside business activities has stalled, according to Robert Colby, FINRA's chief legal officer.
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Tax Court Denies Madoff Victims $8.2 Million Deduction

June 12th, 2024 at 2:46 PM
Victims of Bernie Madoff's Ponzi scheme, Christopher and Silvana Pascucci, cannot claim an $8.2 million tax deduction for their investment in life insurance premiums.
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Merrill Lynch Fined for Supervisory Failures

June 11th, 2024 at 11:17 AM
Merrill Lynch has reached an $825,000 settlement with FINRA over allegations of inadequate supervision concerning retail orders and recordkeeping practices dating back to 2017.
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SEC Issues Risk Alert to Broker-Dealers Regarding Examination Criteria

June 10th, 2024 at 1:27 PM
The Securities and Exchange Commission (SEC) has issued a new Risk Alert, advising broker-dealers that their prior disciplinary history, financial stress indicators, and media reports could make them likely candidates for an examination.
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Oppenheimer & Co. Fined $500,000 by FINRA for Supervisory Lapses

June 7th, 2024 at 11:27 AM
Oppenheimer & Co. has agreed to a $500,000 fine to settle allegations made by FINRA regarding inadequate supervision of certain trades conducted by its advisors directly with fund companies on behalf of customers.
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Regulatory Probes Target Morgan Stanley's Ä¢¹½´«Ã½alth Management Arm

June 6th, 2024 at 1:20 PM
Multiple regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), are conducting investigations into Morgan Stanley's wealth management division, as reported by the Wall Street Journal.
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FINRA Arbitration Awards $100,000 to Investor Over Unsuitable GWG L Bonds

June 5th, 2024 at 10:57 AM
In a recent FINRA arbitration, an investor was awarded close to $100,000 due to unsuitable investments in GWG L bonds purchased in 2018 and 2020.
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