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SEC Uncovers

August 21st, 2023 at 3:51 PM
Wall Street regulators recently imposed hundreds of millions of dollars in penalties on broker-dealers. The penalties resulted from their failure to detect executives and traders using unofficial communication platforms such as WhatsApp.
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SEC Takes Action Against 11 Wall Street Firms for Record-keeping Violations

August 18th, 2023 at 11:31 AM
The Securities and Exchange Commission (SEC) has charged 11 firms with significant and longstanding failures to uphold electronic communication preservation regulations.
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SEC Charges Fund Administrator Over Ignoring Warning Signs

August 17th, 2023 at 11:44 AM
The Securities and Exchange Commission (SEC) has settled charges against Theorem Fund Services LLC (TFS) for failing to respond to red flags relating to the commission of fraud against a private fund and its investors.
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FINRA Bans Former Raymond James Advisor for Attempting to Deceive Investigators

August 16th, 2023 at 4:02 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former Raymond James advisor. 
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Massachusetts Secretary of the Commonwealth Launches Investigation Into Advisors' Use of AI

August 15th, 2023 at 1:21 PM
Secretary of the Commonwealth, William Galvin, has announced an inquiry by his securities division to investigate the utilization of AI by companies in their interactions with Massachusetts investors.
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FINRA Penalizes Former LPL Advisor for Falsified Signatures

August 15th, 2023 at 8:58 AM
A former LPL Financial advisor, Bradley T. Wastler, has received a ten-month suspension and a $7,500 fine from the Financial Industry Regulatory Authority (FINRA).
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Bankruptcy Court Approves DWG's Reorganization Plan

August 11th, 2023 at 1:13 PM
The Bankruptcy Court for the Southern District of Texas has approved GWG Holdings Inc.'s reorganization plan.
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Fifth Circuit Upholds Conviction of UDF Executives in Securities Fraud Case

August 10th, 2023 at 11:48 AM
In a recent ruling, the Fifth Circuit upheld the conviction of United Development Funding (UDF) executives on multiple charges of wire and securities fraud linked to their operation of a Ponzi scheme.
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SEC Finds Deficiencies in Broker-Dealers' Anti-Money Laundering Policies

August 8th, 2023 at 1:11 PM
The Securities and Exchange Commission (SEC) has issued an alert to broker-dealers regarding deficiencies found in their examinations related to crucial anti-money laundering (AML) requirements.
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Judge Directs RIA's Poaching Suit Against Cambridge to Arbitration

August 7th, 2023 at 1:37 PM
A Virginia federal judge recently dismissed a complaint filed by a registered investment advisor (RIA), Colonial River Ä¢¹½´«Ã½alth Advisors, against broker-dealer Cambridge Investment Research, in favor of arbitration to resolve the dispute.
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