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SEC Scrutiny Intensifies Over Cash Management in Advisory Accounts

August 20th, 2024 at 11:13 AM
InvestmentNews reports that recent developments have intensified concerns about how broker-dealers manage cash in investment advisory accounts. Morgan Stanley and ÍøÆØ³Ô¹Ïlls Fargo & Co. are currently under scrutiny from the Securities and Exchange Commission (SEC) regarding their handling of client cash balances.
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Raymond James to Pay $50 Million in SEC Settlement Over Off-Channel Communications

August 19th, 2024 at 10:58 AM
Raymond James Financial has reached a "settlement in principle" with the Securities and Exchange Commission (SEC) to pay $50 million, resolving an investigation into the firm's off-channel business communications.
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Starwood REIT Limits Shareholder Redemptions Amid Liquidity Challenges

August 16th, 2024 at 10:18 AM
According to InvestmentNews, Starwood Real Estate Income Trust Inc. (SREIT), has announced a significant reduction in the amount of shares it will repurchase from retail investors, a move aimed at preserving liquidity during challenging market conditions.
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GPB Capital Executives Found Guilty of Securities Fraud

August 15th, 2024 at 10:29 AM
David Gentile, the founder and CEO of GPB Capital Holdings, and Jeffry Schneider, chief of broker-dealer Ascendant Capital, were found guilty on all fraud counts in a federal trial that concluded in Brooklyn.
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Former Morgan Stanley Advisor Fined and Suspended for Unauthorized Trading

August 14th, 2024 at 11:25 AM
FINRA has fined a former Morgan Stanley advisor, Craig Sherman Thistlethwaite, $10,000 and suspended him for 60 days for unauthorized trading and other violations.
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DOJ Launches Pilot Whistleblower Program Offering Financial Incentives for Reporting Corporate Misconduct

August 13th, 2024 at 11:34 AM
The Department of Justice (DOJ) has introduced a new pilot program offering financial rewards to whistleblowers who provide original information related to financial crimes, bribery, or healthcare fraud.
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FINRA Fines Former LPL Rep Misappropriating Customer Data

August 12th, 2024 at 10:58 AM
The Financial Industry Regulatory Authority (FINRA) has fined former LPL Financial representative Nathaniel Adams $5,000 and suspended him for two months. According to ThinkAdvisor, FINRA's order reveals that Adams allegedly misappropriated the personal information of 2,300 customers.
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Ex-Morgan Stanley Advisor Accepts Industry Bar for Failing to Cooperate with FINRA Investigation

August 9th, 2024 at 10:48 AM
A former Morgan Stanley advisor, John Scott McCoy Jr., has accepted an industry bar instead of cooperating with a regulatory investigation into his departure from the firm, as detailed in a disciplinary settlement known as an Acceptance, Waiver, and Consent (“AWC”).
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SEC Warns of Increasing Investment Fraud Threats

August 8th, 2024 at 11:15 AM
The SEC’s Office of the Investor Advocate recently submitted its objectives report for fiscal year 2025 to Congress, highlighting the growing threat of investment fraud.
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B. Riley Financial Faces New Challenges with Struggling Texas Retailer

August 7th, 2024 at 9:57 AM
B. Riley Financial Inc., a boutique investment bank, faces fresh turmoil due to its involvement with Conn’s Inc., a Texas-based home-furnishings chain on the brink of bankruptcy.
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