FINRA Reviews Cross-Selling by 207 Ex-Advisors at Wells Fargo
As senators press for action, the regulatory group says it is checking documents tied to firing or discharge of bank employees.
Ex-Broker Must Pay $600K for ‘Siphoning Money’ From Older Couple: FINRA
Jerome Krause fraudulently borrowed money from his clients when he was working for First Heartland Capital, FINRA said.
IRS Warns of Obamacare ‘Tax Bill’ Fraud; Names Private Tax Collectors
Agency issues warning on fraudsters sending ACA “fake tax bills” by email; reveals four private tax collectors under FAST Act.
Pressure Intensifies on Wells Fargo’s Stumpf to Claw Back Pay
Lawmakers cite “multiple grounds” for recouping compensation; Senators’ letter calls out former executive Carrie Tolstedt.
FINRA Fines Ameriprise for Rep Who Stole $370K From His Family
Ameriprise was fined for allegedly failing “to exercise reasonable due diligence in supervising” the accounts, the regulator said.
Wells Fargo Drops Product Sales Goals for Retail Bankers
Step taken after CFPB fines bank for creating fake accounts; Treasury Secretary Lew says scandal shows need for CFPB.
Lynn Tilton Asks Supreme Court for Stay on SEC Fraud Charge
Founder of RIA firm Patriarch Partners has asked Justice Ginsburg to stay SEC fraud proceeding, charging Commission's administrative law judge systems is unconstitutional.
Enforcement: SEC Charges Sex Products CEO With Fraud; FINRA Fines Short Seller
SEC charged Empowered Products with promotional fraud; FINRA censured and fined Timber Hill for not closing fail-to-deliver positions.
FINRA Accuses Rep of Fleecing Blind, Elderly Widow
Hank Mark Werner, who is accused of excessive and unsuitable trading, made more than $243,000 in commissions on the account, FINRA said.
Enforcement: Schemers Took Middle-Class Investors’ Money to Casinos and Strip Clubs, SEC Says
Meanwhile, for the first time, the SEC fined a brokerage for failure to file suspicious activity reports.