The Practice: Regulatory/legal issues

Protecting Clients from Scams with Curiosity and Empathy

August 12, 2022No Comments

Scammers have capitalized on clients' vulnerability and loneliness, especially since the pandemic started, according to RBC Wealth Management's Tara Ambrose.

Clients Unaware that B-D Moved $54M of Securities: SEC

August 12, 2022No Comments

Alpine Securities allegedly deemed accounts worthless and closed them without notifying customers and moved tens of millions of dollars worth of clients’ securities.

Cetera Preps Advisors to Reap Benefits of New SEC Marketing Rule

August 11, 2022No Comments

The firm will be training its advisors on the rule beginning in September, according to director of regulatory affairs Mark Quinn.

Booming Alt Demand Triggers New SEC Reporting Rules

August 11, 2022No Comments

The proposed changes are aimed at making a better assessment of systemic risk among alts managers and giving the commission data to shape regulatory and policy proposals.

Ex-Morgan Stanley FA Ordered to Forfeit $3.2M by Federal Judge

August 11, 2022No Comments

Shawn Good, accused by the SEC of running a $4.8 million Ponzi scheme, was barred from selling securities earlier this month by federal judge in North Carolina.

Finra Raises Alarm Bells Over Forged E-Signatures

August 10, 2022No Comments

The self-regulator says it “has received an increasing number of reports” of digital signature forgery and falsification.

Ex-Morgan Stanley FA Arrested for Shooting Biz Partner Dies

August 10, 2022No Comments

“At the end of Leonard’s long and exemplary life, he unfortunately struggled with mental health issues,” according to the obituary in The Oklahoman.

Wells, Ex-FA Ordered to Pay $732K Over Alleged Churning

August 10, 2022No Comments

A Financial Industry Regulatory Authority arbitration panel has ruled in favor for investors who were seeking well over $7.5 million.

Wealthy Americans Win Out in Dems’ Inflation Reduction Bill

August 9, 2022No Comments

None of the previously proposed tax increases aimed at the richest people in the country made it into the package passed in the Senate on Sunday.

Bill Arms IRS with Billions to Audit Those Making $400K+

August 9, 2022No Comments

The bill passed in the Senate on Sunday would increase the agency’s funding by $79 billion over the next decade, with more than half going toward enforcement.