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Proposal to Prohibit Non-Compete Clauses May Impact Mergers and Acquisitions of RIAs

January 18th, 2023 at 3:06 PM
A federal prohibition on noncompete clauses may impact future mergers and acquisitions of investment advisory firms as well as how financial advisors transfer to new firms. 
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SEC Charges Creator of CoinDeal Crypto Scheme and Seven Others Over $45 Million Fraud

January 17th, 2023 at 1:57 PM
The Securities and Exchange Commission (SEC) has changed Neil Chandran, Garry Davidson, Michael Glaspie, Amy Mossel, Linda Knott, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC for their involvement in a fraudulent investment scheme known as CoinDeal, which raised at least $45 million from sales of unregistered securities.
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SEC Charges Former SPAC CFO For Misappropriating Nearly $5 Million

January 16th, 2023 at 2:39 PM
The Securities and Exchange Commission (SEC) has changed the former CFO of African Gold Acquisition Corp., a special purpose acquisition company (SPAC), for misappropriating at least $5 million from the company and investors in two other SPACs that he had incorporated. 
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Coinbase Agrees to $100 Million Settlement With New York Regulators

January 13th, 2023 at 12:27 PM
Coinbase Global Inc., has agreed to a $100 million settlement with New York Regulators over allegations that the cryptocurrency exchange permitted customers to open accounts without conducting adequate background checks. 
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FINRA Proposes Changes To Arbitration Selection Process

January 12th, 2023 at 3:38 PM
The Financial Industry Regulatory Authority (FINRA) has proposed rule changes to “enhance the transparency of the arbitrator selection” and other alterations aimed to improving its dispute resolution services. 
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FINRA Penalizes Center Street Securities Over Improper GPB Private Placement Sales

January 11th, 2023 at 1:41 PM
The Financial Industry Regulatory Authority (FINRA) has imposed a fine on Center Street Securities after the financial advisory firm improperly sold GPB private placements. 
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FINRA Penalizes Morgan Stanley For Shortchanging Clients $800,000 In Fund Fee Rebates

January 10th, 2023 at 1:08 PM
Morgan Stanley has agreed to pay $802,000 in restitution to clients after a Financial Industry Regulatory Authority (FINRA) investigation found that the firm’s supervisory system had shortchanged some clients on mutual fund fee rebates between 2015 and 2021.
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Law Firms Investigate Potential Claims Against Silvergate Capital on Behalf of FTX Customers

January 9th, 2023 at 3:01 PM
Law firms are investigating potential claims against Silvergate Capital on behalf of FTX customers who wired fiat currency to Alameda Research.
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FINRA Settles With Coastal Equities Over Improper GPB Private Placement Sales

January 6th, 2023 at 12:54 PM
The Financial Industry Regulatory Authority (FINRA) has agreed to a $418,000 settlement with Coastal Equities over sales in 2018 of GPB private placements. 
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GWG Bondholders Prepare To File Suit Against Financial Advisory Firms and Executives

January 5th, 2023 at 10:36 AM
A group representing nearly 27,000 retail investors is set to file suit against GWG Holdings’ executives as well as the financial advisory firms that marketed and sold $1.6 billion worth of GWG L bonds, according to a recent bankruptcy court filing in Houston. 
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