SEC Finds Shady Practices in BDs' Structured Product Sales
Examiners found suitability violations including heavy sales to customers who were elderly, didn't speak English or had a conservative investment objective.
Wells Fargo Indie Group Adds 2 Ex-Morgan Stanley Advisors
The team, which has about $190 million in assets, was with LPL Financial before working for the wirehouse.
FinCEN Floats Long-Awaited AML Rule for Advisors
Treasury's enforcement unit proposed Tuesday a rule requiring certain advisors to establish anti-money laundering programs and report suspicious activity under the Bank Secrecy Act.
Schwab Hit With $2M FINRA Fine Over Net Capital Deficiencies
On three occasions in 2014, Schwab was short on net capital by as much as $775 million.
Mercer’s Conaway Replaces Salisbury as EBRI Chief
"EBRI has the capacity to shatter myths and preconceptions" with its "unparalleled reputation, databases and talented research team," Conaway said.
FINRA Enforcement: Sterne Agee Fined Over Lost Laptop
Meanwhile, Capital Guardian was fined for failing to detect suspicious transactions involving Venezuelan bonds.
Arthur Levitt: SEC Deadlocked on Fiduciary, Advisors Need DOL Rule
As the Investment Advisers Act turns 75, ex-SEC Chairman Arthur Levitt, CFA’s Barbara Roper and more discuss why the industry needs a strong fiduciary standard.
Morgan Stanley Tightens Its Overseas Client Service
The wirehouse says 400 U.S.-based reps will be allowed to serve international clients with at least $500,000 in assets.
Citigroup in Hot Water Again With SEC, NY Attorney General
Citigroup Global Markets must pay the SEC a $15 million penalty for failing to supervise trades and repay New York customers for investment fee overcharges.
Citi Overlooked a Few Thousand Illegal Trades
A major job of banking compliance is to keep separate a bank's trading and relationship functions. Citigroup Global Markets sometimes messed up that separation.