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SEC Accuses Californian of Orchestrating $11.8 Million Ponzi Scheme

October 5th, 2023 at 10:20 AM
The Securities and Exchange Commission (SEC) has charged Tilila Walker Sumchai of Richmond, California, with defrauding more than 1,000 retail investors, raising around $11.8 million.
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Former NFL Player Turned Morgan Stanley Advisor Suspended by FINRA

October 4th, 2023 at 1:14 PM
The Financial Industry Regulatory Authority (FINRA) has imposed penalties on William D. Ard, a former professional football player turned advisor.
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FINRA's Overhaul of Arbitrator Selection System Moves Forward

October 3rd, 2023 at 1:11 PM
FINRA has received approval to revamp its procedures for removing arbitrators from the three-member panels responsible for arbitration matters involving claims between and among financial advisors, their firms, and customers.
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FINRA Arbitrators Rule Expelled Brokerage Must Pay $3.2 Million for Excessive Trading

October 2nd, 2023 at 1:09 PM
Financial Industry Regulatory Authority (FINRA) arbitrators issued an award holding Salomon Whitney Financial (SW Financial) accountable for excessive, unsuitable, and unauthorized stock trading on margin in a customer account.
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Traders Engage in Boom-or-Bust Options in Stock Market

September 29th, 2023 at 10:36 AM
The stock options market is experiencing a surge in activity, as many individual investors are eagerly engaging in trades that expire within hours or days to take advantage of the volatile market swings.
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Former LPL Affiliate Compliance Chief Suspended by FINRA for Unauthorized $1 Million Transfer

September 28th, 2023 at 2:20 PM
The Financial Industry Regulatory Authority (FINRA) fined and suspended Jeffrey K. Kirkpatrick, a former chief compliance officer at a registered investment advisor previously affiliated with LPL.
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Former Creative Planning Staff File Lawsuit Challenging Non-Compete Agreements

September 27th, 2023 at 10:28 AM
Four former employees of Creative Planning have filed a lawsuit, alleging that their non-compete agreements with the firm unlawfully restrict their ability to work in the industry.
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Looming Real Estate Crisis Poses Risk to U.S. Banking Sector

September 26th, 2023 at 11:37 AM
With the current downturn in the commercial real estate market, trillions of dollars in loans and investments pose a looming threat to both the banking industry and potentially the broader economy.
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Legal Challenges Over 'Money-for-Nothing' Payments Gain Momentum

September 25th, 2023 at 11:37 AM
Apollo Global Management and Carlyle Group, two major private equity firms, now face investor lawsuits regarding payments made to insiders without apparent justification.
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State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

September 22nd, 2023 at 10:55 AM
The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.
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