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FINRA Suspends Former LPL Advisor for Unreported Moonlighting as College Professor and Hedge Fund Advisor

July 27th, 2023 at 1:48 PM
The Financial Industry Regulatory Authority (FINRA) finalized a letter of settlement, formally known as an Acceptance, Waiver and Consent (“AWC”), suspending a former LPL Financial advisor, Gregory E. Collins, for six months and imposing a $12,500 fine.
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Potential Downturn Predicted for RIA Mergers and Acquisitions

July 26th, 2023 at 9:44 AM
According to DeVoe & Company's second-quarter RIA Deal Book report, RIA mergers and acquisitions (M&A) are experiencing a decline.
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SEC Proposes Enhanced Examination Resources For RIAs in Light of Industry Growth

July 25th, 2023 at 8:42 AM
The Securities and Exchange Commission's (SEC) Chair, Gary Gensler, has presented a solution to address the challenge of overseeing the growing number of registered investment advisors (RIA) within the Division of Examinations.
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Digital World SPAC Settles SEC Charges for Material Misrepresentations to Investors

July 24th, 2023 at 3:17 PM
Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), settled fraud charges for making material misrepresentations in forms filed with the SEC as part of DWAC’s initial public offering and proposed merger with Trump Media & Technology Group Corp. (TMTG).
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SEC Wants to Add 83 Examiners

July 21st, 2023 at 1:22 PM
The Appropriations Committee appropriated $2.4 billion to the Securities and Exchange Commission (SEC), $194 million more than the fiscal year 2023 enacted level and close to $73 million less than the budget request.
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Oklahoma Adopts Best Interest Annuity Rule

July 20th, 2023 at 1:14 PM
Oklahoma joins 39 other states including Illinois, Georgia, Washington, Florida, Tennessee, Kansas, Oregon, and Wyoming by finalizing a best-interest rule for annuities.
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Silver Star Properties REIT Investigated by SEC

July 19th, 2023 at 1:15 PM
Silver Star Properties REIT Inc. received notice of an investigation by the Securities and Exchange Commission.
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First Republic Deal Adds $151 Billion to JP Morgan’s ÍøÆØ³Ô¹Ïalth Assets

July 18th, 2023 at 3:52 PM
JPMorgan Chase & Co.’s acquisition of First Republic Bank will add $150.9 billion of client assets to JPMorgan’s wealth segment in its Consumer & Community Banking division, according to the company’s earnings report.
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UBS Agrees to Settle Class-Action Municipal Bonds Suit for 2.5 million

July 17th, 2023 at 9:08 AM
In the case Goodman v. UBS Financial Services, 21-cv-18123, U.S. District Court, New Jersey, a federal judge in New Jersey gave preliminary approval to UBS Financial Services’ $2.5 million deal on ÍøÆØ³Ô¹Ïdnesday.
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FINRA Bars Illinois Advisor for Failing to Disclose Private Securities Transactions

July 17th, 2023 at 8:51 AM
The Financial Industry Regulatory Authority (FINRA) has barred an Illinois-based representative, David R. Geake, due to allegations of soliciting an elderly couple to invest in a startup he was involved with.
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