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SEC Releases Final Reg BI Staff Bulletin Addressing Duty of Care

April 27th, 2023 at 1:45 PM
The Securities and Exchange Commission (SEC) recently published a final staff bulletin on Regulation Best Interest (Reg BI), this time highlighting the “duty of care”, with the goal of definitively outlining financial advisors’ ethical responsibilities. 
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These Two State Regulators Serve as Financial Markets Primary First Responders

April 26th, 2023 at 1:35 PM
Two state securities regulators frequently stand out as “First Responders.”
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SEC Charges Betterment For Misstatements Regarding Tax Loss Harvesting Service

April 25th, 2023 at 1:20 PM
The Securities and Exchange Commission (SEC) has charged Betterment LLC for material misstatements and omissions regarding its automated tax loss harvesting services (TLH). 
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FINRA Orders RBC to Pay $1.1 Million Over Alleged Churning of Preferred Stock

April 25th, 2023 at 8:52 AM
The Financial Industry Regulatory Authority (FINRA) has ordered RBC 厙ぴ勛圖alth Management to pay $1.1 million after the firm allegedly failed to adequately supervise numerous advisors’ sales of syndicate preferred stock.
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FINRA Orders RBC to Pay $1.1 Million Over Alleged Churning of Preferred Stock

April 24th, 2023 at 1:53 PM
The Financial Industry Regulatory Authority (FINRA) has ordered RBC 厙ぴ勛圖alth Management to pay $1.1 million after the firm allegedly failed to adequately supervise numerous advisors’ sales of syndicate preferred stock.
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SEC Charges Corvex Management For Failing to Disclose Conflicts of Interest

April 21st, 2023 at 1:14 PM
The Securities and Exchange Commission (SEC) has charged Corvex Management for failing to disclose conflicts of interest related to its personnel’s ownership of sponsors of special purpose acquisition companies (SPACs).
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Ohio-Based Financial Advisors Indicted Over Massive $72 Million Ponzi Scheme

April 20th, 2023 at 1:10 PM
Ohio Attorney General Dave Yost and Ohio Department of Commerce Director Sherry Maxfield have announced multiple felony charges against a group of financial advisors who allegedly misappropriated $72 million from at least 200 clients during the past decade.
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SEC Approves FINRAs More Restrictive CRD Expungement Rules

April 19th, 2023 at 1:07 PM
The Securities and Exchange Commission (SEC) has approved a new Financial Industry Regulatory Authority (FINRA) rule that makes it more difficult for financial advisors to expunge disputes and misconduct from their records.
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FINRA Re-Files Remote Inspection Pilot Proposal With SEC

April 18th, 2023 at 1:20 PM
The Financial Industry Regulatory Authority (FINRA) has resubmitted a proposal to the Securities and Exchange Commission (SEC) in order to permit firms to conduct remote inspections as part of a pilot program.
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FINRA Arbitration Panel Awards Double Damages to Florida Investor Over Advisors Egregious Lies

April 17th, 2023 at 4:11 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has doubled the damages a former advisor must pay to a Florida-based investor due to the “particularly egregious” lies the advisor told to convince the client to invest in a fraud.
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