CCOs Under Fire: When Enforcers Get Burned by Regulators
While chief compliance officers are on the frontlines of catching wrongdoing, they can also become targets of regulators for their own misdeeds.
The Cost of a Fiduciary Standard
A uniform fiduciary standard implemented by the Securities and Exchange Commission would cost brokers a total of $8 million in new compliance costs: $3 million to update their up-front disclosure documents and another $5 million for the initial build-out of compliance systems and training, according to the Securities Industry and...
Brokers Willing to Pay Up for Fiduciary Standard: SIFMA
In a clash of studies, SIFMA put the compliance price tag at $8 million, while the Financial Planning Coalition said fiduciary accounts would be more boon than burden for brokers.
FINRA Slams Three Firms for Anti-Money Laundering Violations
FINRA announced Wednesday that it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions.
Compliance Officers Behaving Badly
The law firm Sutherland found a bevy of violations during its annual look at SEC and FINRA disciplinary actions on chief compliance officers and in-house counsel for BDs and advisory firms.
FINRA Slaps Ameriprise for Rep’s Wire Transfer Fraud
FINRA said Ameriprise and its clearing firm missed several red flags, including transfers to accounts in the broker's name.
SEC, FINRA Enforcement Roundup: Cantor Fitzgerald Hit by FINRA
Among recent SEC and FINRA actions were Cantor Fitzgerald being censured and fined and FINRA imposing a $14 million settlement on a Hong Kong-based firm charged with insider trading.
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.
Playing With Fire: CCOs and Lawyers Who Got Burned by Regulators
After analyzing disciplinary actions taken by the SEC and FINRA against CCOs and in-house counsel from June 2011 through June 2012, Sutherland found a slew of violations.
SEC Enforcement Roundup: Broker Charged With Stealing to Pay for Mortgage, Groceries
Among recent SEC enforcement actions were charges that a broker stole client funds and used them to pay for his own personal expenses, including groceries and a mortgage.