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Adviser misused $8 million in client funds: SEC
An investment adviser in Seattle fraudulently misused more than $8 million of client assets to make loans to himself, buy a luxury vacation home and refinance a vintage automobile, according to the Securities and Exchange Commission. According to an SEC administrative proceeding released on
Penny stock bust includes ex-husband of 'Sopranos' star
One of those arrested, Abraxas 'A.J.” Discala, was married to Jamie-Lynn Sigler
Finra creates task force to determine arbitration improvements
Over the last several years, the Financial Industry Regulatory Authority Inc. has undertaken initiatives to reform the investor dispute resolution system it administers. Now it's looking for outside input.
Markets climb in stride with pessimism
Plus: Janet Yellen's dovish optimism, Ernst & Young's $4 million lobbying settlement, how Citigroup agreed on that $7 billion figure, and QE has had almost no impact on unemployment
Morgan fined $1 million in retired-broker snafu
Wirehouse slapped with fine after Finra alleged it paid retired brokers $100M in commissions without making sure they had stopped providing advice.
SEC fines Missouri RIA for breach of fiduciary duty
SignalPoint Asset Management failed to disclose conflicts of interest to clients, the SEC alleges.
Two brokers who claim Morgan Stanley misled them win back $5M arb award
Appeals court reinstates arbitration panel's ruling that had been vacated by lower court.
Former rep indicted in $2.5 million investment fraud
Patricia Miller promised clients high yields if they went into “investment clubs.”
Warning: This regulator eats what it kills
At Finra, fines are less than 10% of the annual budget but make no mistake, they are important, says Mark Elzweig.
Finra fee hike not a terrible idea
There are few times in life — very few — when paying more for something is good. Paying a little extra for additional safety and security comes to mind.
Finra trims operating loss but compensation costs climb
Finra trimmed its operating loss last year, helped by a modest increase in revenue, but compensation and benefit costs continued to eat up a chunk of the SRO's funds. After eking out a slight net income gain, Finra set a rebate to member firms.
Finra seeks to tighten investor dispute rules
New proposed rule would prevent people with industry experience from becoming “public arbitrator.”
Finra asks SEC to sign off on raising arbitration fees
Finra has asked the SEC to approve a round of fee increases in its dispute resolution forum as it looks to boost pay for its force of around 6,300 arbitrators. The increase could add up to $400 per case,
TD Ameritrade, Schwab put third-party exams on lawmakers' radar
Without outright endorsing the idea, executives say outside contractors should be considered as a way to increase oversight of RIAs.
Ex-Wells broker ordered to repay firm $1.2 million
A Finra arbitration panel denied the broker's claim that Wells Fargo made false promises during recruiting.
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