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SEC Imposes Fines on Advisors for Regulation best Interest (Reg BI) Violations

January 3rd, 2024 at 11:52 AM
The Securities and Exchange Commission (SEC) has sanctioned two Laidlaw advisors, Richard Michalski and Michael Murray, for violating Regulation Best Interest's care obligation by making recommendations to four retail customers without a reasonable basis.
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Morgan Stanley Agrees to Fine for Failure to Provide Fund Disclosures

January 2nd, 2024 at 1:16 PM
Morgan Stanley has agreed to a censure and a $400,000 fine following a Financial Industry Regulatory Authority (FINRA) investigation, which revealed the failure to deliver prospectuses to approximately 44,000 accounts invested in specific exchange-traded funds (ETFs).
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SEC Unmasks Connecticut-Based Adviser's $5.9 Million Fraud Scheme

January 2nd, 2024 at 11:45 AM
The Securities and Exchange Commission (SEC) has unveiled a case of alleged fraud involving Connecticut-based unregistered investment adviser John A. Masanotti, Jr., and his company, Middlesex Mortgage Group LLC.
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Former Morgan Stanley Advisor Agrees to Settle with FINRA for Unapproved Investments

December 22nd, 2023 at 10:39 AM
Former Morgan Stanley advisor Sara Y. Qazi has agreed to a $15,000 fine and a three-month suspension after the Financial Industry Regulatory Authority (FINRA) had alleged that she aided a client in an unauthorized private investment.
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Industry Advocates Criticize NASAA's Proposed Amendments to Business Practices Rule as Overreach

December 21st, 2023 at 2:30 PM
The North American Securities Administrators Association (NASAA) is facing criticism from the Institute for Portfolio Alternatives (IPA) and the Financial Services Institute (FSI) regarding its proposed updates to the "Dishonest or Unethical Business Practices of Broker-Dealers and Agents”, commonly known as the "Business Practices Rule."
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Cybercrime Vulnerability Among Older Population, $3.1 Billion Loss in 2022

December 20th, 2023 at 1:57 PM
A recent report highlights the vulnerability of the older population in the United States to cybercrimes, leading to a staggering loss of $3.1 billion in 2022.
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SEC Targets Fund Adviser Jonathan Larmore in $35 Million Case

December 19th, 2023 at 1:35 PM
The Securities and Exchange Commission (SEC) has filed fraud charges against ArciTerra Companies LLC, a real estate investment firm based in Phoenix, and its CEO, Jonathan M. Larmore.
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SEC Reports Unprecedented Enforcement Success in 2023

December 18th, 2023 at 1:23 PM
In its report on fiscal year 2023, the Securities and Exchange Commission (SEC) revealed a substantial increase in its enforcement efforts to protect investors and uphold market integrity.
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Mariner ÍøÆØ³Ô¹Ïalth Advisors Request Temporary Halt to Edelman's Poaching and Defamation Lawsuit

December 15th, 2023 at 2:23 PM
Mariner ÍøÆØ³Ô¹Ïalth Advisors has sought a court order to temporarily halt a lawsuit filed by Edelman Financial Engines, alleging that Mariner poached advisors and misappropriated trade secrets.
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Edelman Financial Files Lawsuit Against Mariner Alleging Client Poaching and Defamation

December 14th, 2023 at 11:54 AM
Edelman Financial Engines initiated legal action against Mariner ÍøÆØ³Ô¹Ïalth Advisors, alleging that the Registered Investment Advisor (RIA) engaged in the wrongful recruitment of Edelman's financial advisors.
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LATEST NEWS AND ARTICLES

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FINRA Suspends Former Branch Manager for Supervisory Failures Linked to Excessive Trading and Churning

A former regional branch manager at a broker-dealer has agreed to Financial Industry Regulatory Authority (FINRA) sanctions after the regulator found that he failed to supervise registered representatives who engaged in excessive trading and churning of customer accounts.

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SEC Sanctions David Lerner Associates for Regulation Best Interest Violations

David Lerner Associates has agreed to settle Securities and Exchange (SEC) charges alleging violations of Regulation Best Interest (Reg BI) that resulted in unnecessary costs to retail investors, according to InvestmentNews.

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