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SEC Uncovers Massive $500 Million Ponzi Scheme

February 17th, 2023 at 2:30 PM
After Las Vegas investigative reporter Jeff German was killed outside his home in September 2022, The Washington Post and the Las Vegas Review-Journal collaborated to complete one of the stories German had planned to pursue prior to his death. 
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FINRA Suspends Two New York Advisors Over Reg BI Violations

February 16th, 2023 at 4:24 PM
The Financial Industry Regulatory Authority (FINRA) has suspended two New York-based advisors for violating Regulation Best Interest (Reg BI). 
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J.P. Morgan Files Suit Against Two Advisors Who Departed For Merrill Lynch

February 15th, 2023 at 4:21 PM
J.P. Morgan has asked a New York state court to issue a temporary restraining order (TRO) barring two of its former advisors from soliciting their former clients.
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SEC Settles With Moors & Cabot For $1.9 Million Over Disclosure Failures

February 14th, 2023 at 2:00 PM
The Securities and Exchange Commission (SEC) has ordered Moors & Cabot to pay $2 million to settle allegations that the firm breached its fiduciary duty to its clients by failing to disclose payments it received from clearing brokers. 
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FINRA Bars Former UBS Advisor Who Allegedly Misappropriated $7.2 Million

February 13th, 2023 at 2:00 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former UBS financial advisor for allegedly misappropriating millions of dollars from clients. 
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SEC Issues New Warning Regarding Reg BI Compliance Lapses

February 10th, 2023 at 1:54 PM
The Securities and Exchange Commission (SEC) has issued a warning indicating that financial advisory firms are relying on outdated systems to achieve compliance with Regulation Best Interest (Reg BI). 
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Advisor Group Firms Avoid Fines Over Sales Charge Waivers

February 9th, 2023 at 2:28 PM
The Financial Industry Regulatory Authority (FINRA) previously had ordered three Advisor Group financial advisory firms to pay nearly $515,000 in restitution for failing to apply sales charge waivers to certain 529 plan investors during a five-year period. 
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Morgan Stanley Fines Some Advisors $1 Million Over Messaging Lapses

February 8th, 2023 at 1:52 PM
Morgan Stanley has fined some of its own financial advisors more than $1 million each for communicating with clients on WhatsApp and other messaging platforms. 
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SEC Charges Pennsylvania Investment Advisor With Operating Fraudulent Scheme

February 7th, 2023 at 1:48 PM
The Securities and Exchange Commission (SEC) has charged a former investment advisor, Joshua Coleman, with allegedly operating a fraudulent scheme that generated nearly $200 million in ill-gained proceeds. 
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Morgan Stanley Expected To Soon Resolve Due Diligence Backlog

February 6th, 2023 at 12:44 PM
Morgan Stanley is expected to resolve an issue pertaining to financial advisors whose client accounts have been recently entangled in a due diligence backlog. 
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FINRA Warns of Growing Risks From Finfluencers and AI-Driven Investment Content

Financial Industry Regulatory Authority (FINRA) regulators are raising concerns about the increasing influence of social media personalities and artificial intelligence (AI) on retail investors, particularly those managing their own investments without professional guidance.

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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.