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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 ÍøÆØ³Ô¹Ïalth 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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SEC Files Charges Against Robert M.Thompson and Financial Freedom Foundation

June 4th, 2024 at 1:13 PM
The U.S. Securities and Exchange Commission (SEC) has taken legal action against Robert M. Thompson and Financial Freedom Foundation (F3 Mastermind), a private entity under his control, for allegedly defrauding investors through three securities offerings.
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Bank Sues Founders of Precedent ÍøÆØ³Ô¹Ïalth

June 3rd, 2024 at 4:08 PM
Cadence Bank has filed a lawsuit against the founders of Precedent ÍøÆØ³Ô¹Ïalth, a San Antonio RIA, accusing them of stealing confidential information and trade secrets in an effort to poach clients from their former firm.
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Advisor Ordered to Pay $2.6 Million in Damages for Breaching Asset Purchase Agreement

May 31st, 2024 at 2:13 PM
A FINRA arbitration panel has ordered Nicole E. Sennett to pay $2,557,000 in compensatory damages to Monocacy ÍøÆØ³Ô¹Ïalth Partners and its founders, Scott A. Brantingson and his son, Scott M. Brantingson.
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FINRA Targets Repeat Offenders and Reg BI Violations in Enforcement Focus

May 29th, 2024 at 1:22 PM
AdvisorHub reports that the Financial Industry Regulatory Authority (FINRA) is advocating more stringent penalties for repeat offenders who fail to comply with FINRA rules or securities laws.
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