More On Legal & Compliancefrom The Advisor's Professional Library
- Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law. The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
- The New and Improved Form ADV Whether an RIA is describing its investment strategy in advertisements or in the new Form ADV Part 2, it is important the firm articulates material risks faced by advisory clients and avoids language that might be construed as a guarantee.
Spanish police said they arrested a foreign-exchange operator suspected of running a $300 million Ponzi-type fraud that may have affected at least 100,000 investors in Europe, the U.S. and Latin America.
Bloomberg reports the latest "mini-Madoff," a reference to jailed con man Bernard Madoff, offered returns of as much as 10% to 20% monthly for investments in foreign currencies and instead used the money to buy real estate for himself and colleagues, according to a National Police statement today.
The man, German Cardona Soler, is 49 years old and a Spanish citizen, said a police spokeswoman who declined to be named, following agency policy. He was arrested in the Mediterranean city of Valencia. Two more people were apprehended and seven people were accused in relation to the suspected fraud, the statement said.
Accounts in 12 banks have been blocked and the titles frozen for more than 20 properties in Spain, the police said.