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SEC Charges Crew Capital Group and Estate of Steven Swensen Over Fraudulent Investment Scheme

October 28th, 2022 at 11:38 AM
The Securities and Exchange Commission (SEC) has charged Crew Capital Group and the estate of Stephen Swensen, who was formerly a financial advisor, for orchestrating a fraudulent investment scheme that generated nearly $29 million from at least 50 investors between 2011 and 2022. 
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SEC Probes Financial Advisory Firms’ Use of WhatsApp and Other Messaging Platforms

October 27th, 2022 at 2:51 PM
The Securities and Exchange Commission (SEC) is investing whether financial advisory firms used WhatsApp or other outside messaging platforms to communicate with clients.
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FINRA Imposes First Fine For Reg BI Violation

October 26th, 2022 at 1:53 PM
The Financial Industry Regulatory Authority (FINRA) has issued a six-month suspension and a $5,000 fine to a former financial advisor in the regulator’s first disciplinary action related to Regulation Best Interest (Reg BI). 
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FINRA Fines UBS and Barclays Capital Over Trading Violations

October 25th, 2022 at 1:59 PM
The Financial Industry Regulatory Authority (FINRA) has fined UBS Securities $2.5 million for violating a rule regarding a common problem known as a “failure to deliver”, which could lead to the potential sale of securities that an investor does not own or has not borrowed. 
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SEC Charges Florida Man and French National with $40 Million Securities Fraud

October 24th, 2022 at 12:58 PM
The Securities and Exchange Commission (SEC) has charged a Florida-based real estate agent, Fernando Bastos, and a resident of France, Joao Fonseca, as well as four entities they owned for orchestrating an investment fraud.
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SEC Advised To Alter Plan Addressing Onerous RIA Arbitration Clauses and Other Senior Protection Issues

October 21st, 2022 at 1:21 PM
The Securities and Exchange Commission (SEC) has been urged by several organizations to address investment advisory firms’ use of mandatory arbitration to settle client disputes as well as threats to older investors in its regulatory agenda for the next four years.
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SEC Charges California Advisory Firm with Operating a Ponzi-Style Scheme

October 20th, 2022 at 12:49 PM
The Securities and Exchange Commission (SEC) has charged JMJ Capital Group and its president, Richard Ramirez, with fraudulently raising millions of dollars from California-based investors. 
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SEC Charges Former Chicago LPL Advisor For Stealing $1.3 Million From Elderly Client

October 19th, 2022 at 3:09 PM
The Securities and Exchange Commission (SEC) has charged a former LPL financial advisor for stealing nearly $1.3 million from an elderly client, who suffers from dementia, and utilizing the funds to cover personal and business expenses. 
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FINRA Updates Sanction Guidelines by Eliminating Suggested Fine Cap

October 18th, 2022 at 2:19 PM
The Financial Industry Regulatory Authority (FINRA) has updated its sanction guidelines used to determine the level of fines or penalties to impose on firms and their financial advisors. 
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SEC Charges 16 Financial Advisory Firms Over Recordkeeping Failures

October 17th, 2022 at 1:20 PM
The Securities and Exchange Commission (SEC) has charged 16 financial advisory firms over widespread failures by the firms and their employees to preserve electronic communications. 
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