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SEC Imposes Fines on Baird and Interactive Brokers in Ongoing Texting Probe

October 26th, 2023 at 11:49 AM
Several Wall Street firms, including prominent brokerages like Interactive Brokers Group Inc. and Robert W. Baird & Co. Inc., have collectively agreed to pay tens ofmillions of dollars in penalties to U.S. regulators due to their employees' use of unmonitored communication channels during work.
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Fidelity Hit with $1.65 Million Fine Over Options Trading Standards

October 25th, 2023 at 11:34 AM
Massachusetts Secretary of the Commonwealth, William F. Galvin, has imposed a $750,000 fine on Fidelity Brokerage Services for their alleged past practice of hasty approval of clients' applications to trade options.
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Exploring Account Fees and Bonuses: Highlights from Cetera and Avantax ÍøÆØ³Ô¹Ïbinar

October 24th, 2023 at 1:27 PM
Cetera Financial Holdings senior management hosted an online seminar with Avantax Inc.'s financial advisors to address concerns raised by 3,100 advisors following Cetera's announcement earlier this month that it is acquiring the tax-specialized broker-dealer for $1.2 billion. 
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Goldman's Aggressive Legal Tactics to Enforce Non-Solicitation Agreements Before Creative Planning Sale

October 23rd, 2023 at 1:25 PM
Two former Goldman Sachs Personal Financial Management advisors based in California have filed a lawsuit challenging the enforceability of their employment agreements following their departures.
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FINRA Takes Steps to Restrict Non-Lawyer Representation in Investor Arbitrations

October 20th, 2023 at 1:22 PM
The Financial Industry Regulatory Authority (FINRA) has proposed a new rule prohibiting individuals who are not lawyers from receiving compensation from representing parties in its arbitration forum.
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FINRA Extends Remote Inspection Provision Through 2024

October 19th, 2023 at 4:19 PM
The Financial Industry Regulatory Authority (FINRA) has informed the Securities and Exchange Commission (SEC) of its intention to continue a temporary program permitting member firms to inspect their brokers' offices remotely.
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Massachusetts RIA Agrees to Settlement with SEC Over Marketing Violations

October 18th, 2023 at 11:36 AM
Massachusetts-based RIA ÍøÆØ³Ô¹Ïllesley Asset Management (WAM) will pay a $1 million civil penalty to resolve allegations of using hypothetical performance information in advertisements without adequate disclosures.
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SEC Files Charges Against Bruderman Asset Management and Principal for Concealing Misuse of Investment Funds

October 17th, 2023 at 1:16 PM
The Securities and Exchange Commission (SEC) has announced that Bruderman Asset Management LLC (BAM), based in New York, and its principal, Matthew J. Bruderman, have agreed to settle charges stemming from their failure to disclose the misuse of proceeds obtained from clients. 
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SEC Intensifies WhatsApp Probe

October 16th, 2023 at 1:13 PM
The Securities and Exchange Commission (SEC) has heightened its investigation into Wall Street's utilization of private messaging applications by gathering thousands of staff messages from over a dozen major investment companies.
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Private Equity Firms Seek $750 Million in Lawsuit Against Morgan Stanley for Alleged Fraud

October 13th, 2023 at 11:51 AM
Private equity firms Certares Management LLC and Knighthead Capital Management LLC have filed a lawsuit against Morgan Stanley, seeking at least $750 million in damages.
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