SEC, FINRA Enforcement: Franklin Resources, Chairman Sued for $150M Over Long-Ago Stock Bequest
In another action, FINRA expelled a firm for stock manipulation and barred its CEO, who looted the firm to pay for tattoos and pet care.
New Hire Roundup: Great-West Financial Names Manello CFO
Also in new hires, Treasury's Office of Financial Research added 11 new members to its financial research advisory committee.
SEC Fines Paradigm Capital in First Whistleblower Retaliation Case
The SEC charged hedge fund advisory firm Paradigm with making prohibited principal transactions and then retaliating against the trader who reported them.
SEC, FINRA Enforcement: StateTrust Investments Fined for Corporate Bond Fraud
Among recent enforcement actions, FINRA ordered StateTrust Investments to pay more than $1.3 million for excessive markups and markdowns in corporate bond transactions.
SEC, FINRA Enforcement Roundup: Allianz, TheStreet Charged
Among recent enforcement actions taken by the SEC were charges against Allianz for violations of the Foreign Corrupt Practices Act that resulted in penalties of more than $12.3 million; against a Connecticut-based advisor for telling clients it was investing in the same collateralized debt obligations it recommended for them; against...
FINRA Suspends David Lerner, Forces $12M Payback on Apple REITs
Lerner, the CEO and president, misled customers, calling the Apple REITs a ‘fabulous cash cow’ and a ‘gold mine,’ FINRA says.
New Hire Roundup: Casares Joins Genworth; Stratos Adds Three
This week in new hires, Rico Casares joined Genworth Wealth Management, and Stratos Wealth Partners welcomed three advisors to two new offices.
FINRA Panel: David Lerner Associates Sold Marked-Up Munis, CMOs
A FINRA hearing panel ruled on Wednesday that Long Island-based David Lerner Associates charged excessive markups on municipal bond and CMO transactions over a two-year period.