Retirees Suffer as 401(k) Rollover Boom Enriches Brokers
A three-month Bloomberg investigation found that former employees at major companies say sales reps lured them into rolling their 401(k)s into unsuitable investments.
The Sad Case of Mark Spangler
The ex-NAPFA chairman, sentenced to 16 years in prison, is not the Spangler I know, but there's a lesson to be learned from his actions.
SEC, FINRA Enforcement Roundup
Broker-dealer Cadaret, Grant fined; alleged $60 million Ponzi scheme targeted; Morgan Stanley in hotseat.
SEC Charges Former NAPFA Chairman in $47M Fraud
The SEC charged Mark Spangler, a former chairman of NAPFA, with defrauding clients by secretly investing their money in two risky startup companies he co-founded.
SEC Fraud Cases: ‘Next Google’ IPO; China Market Manipulation; Florida Ponzi Play
In Silicon Valley, a fake IPO fleeces investors for $7 million, and in Florida, an advisor targeting gays over-promises and under-delivers
Client Commission Practices and Soft Dollars
RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIAs failure to stay within the scope of the Section 28(e) safe harbor may violate the advisors fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients transactions.
SEC Charges Advisor With ‘Soft Dollar’ Fraud
The SEC on Wednesday charged a San Francisco-area investment advisor with fraud for lying to clients about how brokerage commission rebates, or 'soft dollars,' were being used and producing phony documents to cover up the fraud during an SEC exam.